The power plant EPC Market has been valued at USD 129.2 billion in the year 2021 and it is estimated to reach USD 158.6 billion by the year 2027, with a CAGR of 3.4% from 2022 to 2027. Power Plant EPC is an 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; these are the main factors that have considerably increased the demand for the Power Plant EPC in the market, thereby driving the huge growth of the Power Plant EPC market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for the Power Plant EPC in the market are mainly the Growing population and urbanization has augmented the demand for power. Also, the rise in industrial development all over the globe has boosted the demand for power. As a result, the global power plant engineering, procurement, and construction (EPC) market is witnessing high investments; these are the main factors that have considerably increased the demand for Power Plant EPC in the market, thereby driving the huge growth of the Power Plant EPC market in the upcoming years

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The report is segmented as:

Power Plant EPC Market is segmented on the basis of:

By Type (Thermal Power Source, Combined Cycle Power Source, Gas based, Nuclear Power Source, Renewable, and Others),

By Equipment (Gas Turbines, Steam Turbines, Boilers, Generators, Control Systems, and Others)

Geographical Segmentation:

The power plant EPC Market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa and the rest of the world. North America has the dominant share in the Power Plant EPC due to the rise in the demand for power worldwide. Growth in urbanization and industrialization worldwide has augmented the demand for electricity generation these are the main factors that have considerably increased the demand for the Power Plant EPC in North America, followed by Europe, Asia Pacific, Latin America, and Middle East & Africa will register a slower increase in the Power Plant EPC Market

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Impact of COVID-19 on the Market

Covid -19 pandemic has created huge losses in every sector across the world, and a temporary lack of growth in export and import activities, which has impacted the raise of Power Plant EPC market growth. Due to covid-19 many companies have shut down and stopped their production which has decreased the availability of Power Plant EPC. Due to the government restrictions like lockdowns, many countries have stopped the production of products by manufacturing companies. In recent days relaxation in restrictions by the government and people getting vaccinated to stop the spread of coronavirus are expected to raise the Power Plant EPC market growth.

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