India Power EPC Market is Expected to Register High CAGR in the Forecast Period
Growing
demand for electricity and rising investment in power projects are fueling the
India Power EPC Market growth in the forecast period.
According to
TechSci Research report, “India Power EPC Market - By Region, Competition
Forecast & Opportunities, 2028,” the India power EPC market is expected
to grow in the forecast period due to development of new and efficient
technologies like supercritical and ultra supercritical coal power plants,
as well as the government's plan to boost the proportion of renewable energy.
For example, NTPC’s (National Thermal Power Corporation Private Ltd) 80 MW
solar power-generation capacity in Jetsar (Rajasthan), began
commercial operations from October 22, 2021. The project has a
160 MW overall capacity.
The entire cost
of generating power from renewables is greater than from traditional sources.
Renewable technology, on the other hand, is evolving and competing with
fossil-fuel-based power facilities. With more government assistance and
improved economics, the industry has become more appealing to investors. This
expansion will attract investments in renewables in the nation, strengthening
the India Power EPC market throughout the projected period. For instance, In
FY22, investment in India's renewable energy sector increased by more than 125%
YoY to a record high of USD 14.5 billion.
Additionally,
due to population growth, urbanization, and increased industrial expansion, the
demand for power has risen, resulting in significant investments being made in
the power engineering, procurement, and construction (EPC) sector. The growth
of the power EPC market in India is primarily being driven by rising
investments in renewable energy, while factors including the drop in crude oil
prices could restrain industry expansion.
Moreover, coal,
oil, and natural gas are utilized to generate energy in conventional thermal
power plants. Around 78.05% of the nation's total electricity production in
2019 came from the aforementioned sources. The majority of the nation's energy,
or 72.97%, is produced by coal-fired power plants, and during the projected
period, factors including the country's fast accelerating industrialization and
urbanization are anticipated to fuel the use of conventional steam power.
Additionally, several government initiatives like "Power for
Everyone" are anticipated to boost the nation's power surge and are likely
to propel the nation's power EPC market.
Growing
recent developments in India EPC Market are propelling the market growth in the
forecast period. Some of them are following: -
- An construction agreement for the
500 MW Dugar Hydroelectric Project in the Himachal Pradesh district of
Chamba was signed in August 2022 between NHPC Ltd and the state of
Himachal Pradesh.
- The newly
established Norwegian Climate Investment Fund, run by KLP and Norfund
and KLP in Norway, , have agreed to pay USD 35 million) for a 49% stake in
a 420 MW solar power facility in Rajasthan.
- A 225MW hybrid power project in
Rajasthan was launched in August 2022 by Tata Power Green Energy Ltd
(TPGEL), a completely owned subsidiary of Tata Power.
- For collaboration in the field of
renewable energy, NTPC and MASEN (the Moroccan Agency for Sustainable
Energy) signed a Memorandum of Understanding in July 2022.
- SJVN announced a partnership with
the Assam government in June 2022 to construct hydroelectric and renewable
energy projects in the state.
- in June 2022. (Phase-II), the
interests of establishing a 600 MW solar project under the Central Public
Sector Undertaking program NHPC and Adani Infra Limited entered into an
engineering, procurement, and construction (EPC) contract in June 2022.
The India Power
EPC Market is divided into Type, Component, Region and Competitive Landscape.
Based on Type, the market is further segmented into Thermal, Oil & Gas,
Renewable, Nuclear, and Others. Based on Component, the market is divided into
Engineering Design, Procurement, and Construct.
Key market
players in the India Power EPC Market include:
- Bharat Heavy
Electricals Limited
- Larsen &
Toubro Limited
- Tata Group
- Sterlite Power
Transmission Limited
- Doosan
Corporation
- BGR Energy
Systems Ltd
- Alstom SA
- Sterling and
Wilson Solar Ltd
- Reliance
Infrastructure Ltd (Reliance Group)
- MECON Limited.
Customers
can also request for 10% free customization on this report.
“India energy
industry is primarily reliant on natural gas, yet, the government's objective
of expanding renewables' contribution of the country's energy mix to 20% by
2030 creates considerable potential for EPC firms to bid on renewable energy
projects in India. Generally, analysts are positive about the India power EPC
market's development potential and see it as a chance for EPC firms to expand
their operations in India and contribute to the country's energy transformation
initiatives ,” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based global management consulting firm.
“India Power
EPC Market By Type (Thermal, Oil & Gas, Renewable, Nuclear Others), By
Component (Engineering Design, Procurement, Construct), By Region, Competition
Forecast and Opportunities, 2029,” has
evaluated the future growth potential of India Power EPC Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision-makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the India Power EPC Market.
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