The term EPC stands for ‘Engineer, Procure and Construct.’ The key to this concept is that one organization, namely the contractor, undertakes virtually all aspects of the project and provides a single point of communication and responsibility for the owner.
The use of EPC contracts in the power generation industry has been continuously evolving over the last few years as a result of tremendous changes happening in the business and technology areas of this industry. Almost all power generation projects use EPC contracts.
All projects have to be time-bound to be profitable; however, the market still suffers from inherent delays owing to various reasons, especially for the larger, complex projects that are delayed because of land acquisition complications or environmental clearance issues.
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Countries are becoming more concerned about energy supply and are investing massive capital in the power generation sector. With the increase in economic growth and population, the demand for more power output continues to increase, and as a result, the power generation sector is attracting huge investments globally. The high stakes in the power sector will boom the market for EPC contracts in the power generation industry.
Lack of productive output is a primary restraint for the market. Defects, delays, and failures to meet performance requirements are likely to result in severe consequences for the owner regarding lost income. Some performance failures may even make it impossible to operate the plant, such as failure to meet the required minimum noise or emissions levels.
The remedies/sanctions available to the owner for these failures must be adequate to compensate them for any losses incurred.
The Global Power Generation EPC market report segments the market by type and by geography. By nature, the market can be segmented as Non-renewable and Renewable. Thermal or Coal-based power generation has the maximum market share in EPC projects.
The main reason for the thermal power source dominating the power generation market is the relatively low fuel cost and secure mechanism, the overall system of thermal power generation is cost-effective.
Due to the growing environmental awareness, there have been growing concerns over the use of coal (thermal) as a power source because it produces a considerable amount of Carbon-dioxide which is responsible for greenhouse effects.
Thermal power generation also requires a high amount of water, which is also limiting its use of it. The EPC contracts for Renewable power generation sources are increasing because they are eco-friendly and do not deplete natural resources.
By Geography the market has been segmented as North America, South America, Asia-Pacific, Europe and the Rest of the world. Asia-Pacific leads the global power generation EPC market due to the resources in this region and also the governments in countries like India and China are investing heavily in Power generation EPC projects.
Market Competition Size
The company profiles mentioned in the report are Doosan Groups, Tata Projects, Worley Parsons and SK Engineering & Construction. Many companies are reluctant to enter into the EPC contracts for power generation because of the heavy losses suffered by the contractors in the past due to individual jurisdictions.
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What are the key application segments in this report?
o Thermal power source
o Combined-cycle power source
o Gas Based
o Nuclear power source
• Asia Pacific
• North America
• South America
• Rest of the World
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