Global power engineering, procurement, and construction (EPC) market is anticipated to grow at a moderate CAGR of 4.6% during the forecast period (2023-2030). For EPC companies to handle engineering projects and produce complex production units, they must possess a high degree of engineering competence in addition to sophisticated supply chain and capital management stages. Clients expect tight adherence to quality standards and timeframes, even in the face of backend difficulties. Consequently, skid-mounted plants and technologies, remote plant management and operations, automation, and digitization are becoming more and more commonplace in EPC services.
Browse the full report description of “Power Engineering, Procurement, and Construction (EPC) Market Size, Share & Trends Analysis Report by Power Generation (Thermal, Hydroelectric, Nuclear and Renewables), and by Equipment (Gas Turbines, Steam Turbines, Boilers, Generators, Control System and Others) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/power-engineering-procurement-and-construction-market
Furthermore, Automation makes it possible to predict engineering resources, materials, and labor requirements with an accuracy of up to 95% of the final design. EPC businesses are adopting AI-driven intelligent automation, AR and VR to improve safety and communication, IOT-enabled monitoring and maintenance to provide effective engineering and design services, and these innovations are fueling the market's overall growth.
In September 2022, Frontier Energy narrows EPC selection for 114-MW Aussie solar project. The renewable energy and hydrogen producer made a final EPC selection for its Bristol Springs photovoltaic (PV) scheme. The proposed solar farm, which has the potential to be expanded to 500 MW, are used to generate electricity for a 36.6-MW alkaline electrolyser to produce some 4.4 million of green hydrogen annually.
Further, in May 2022, Alba signed an agreement with Mitsubishi Power & SEPCOIII as EPC contractor for Block 4 in Power Station 5. The contract stated that Mitsubishi Power & SEPCOIII consortium will be responsible to design, engineer, procure, construct and commission a 680.9 megawatts (MW) Combined Cycle Gas Turbine Power Block. Mitsubishi Power suppls a combined cycle power unit, which comprises of M701JAC gas turbine, the J-series gas turbines, which are Mitsubishi Power’s largest and most advanced. It delivers an unmatched combination of 99.6 percent reliability and it has more than 64 percent efficiency. The fleet has logged more than 1.7 million operating hours globally.
Market Coverage
• The market number available for – 2023-203
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Power Generation
o By Equipment
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includesFluor Corp, Hyundai Engineering & Construction, Larsen & Toubro Limited, Wood PLC, Kiewit Corp and McDermott International Inc., among others.
Key questions addressed by the report.
Global Power Engineering, Procurement, and Construction (EPC) Market Report Segment
By Power Generation
By Equipment
Global Power Engineering, Procurement, and Construction (EPC) Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
To learn more about this report request a sample copy @ https://www.omrglobal.com/request-sample/power-engineering-procurement-and-construction-market