Summary

The power plant EPC market was valued at $128,180.0 million in 2024 and is estimated to reach $179,193.1 million by 2034, exhibiting a CAGR of 3.5% from 2025 to 2034.
Engineering, procurement, and construction (EPC) is a contracting agreement which finds its common usage in large-scale infrastructure projects in the energy and utilities sector. It is responsible for activities such as procurement of equipment, design, commissioning, construction and delivery. An EPC contractor is responsible completely for the completion of the project from start to end, and this includes schedule, budget and performance.
Power plant EPC includes different industries and allows a flexible EPC models, which can be adapted for different applications. Energy plays an important role to help sustain continuous application, and ensure smooth production. This majorly on power supply relies. EPC contractors help design and construct these facilities to enable maximum energy utilization. They integrate waste heat recovery systems and combined heat and power units to help reduce emissions.

Segment Review
The power plant EPC market is segmented into power plant type, project type, fuel source, and region. On the basis of power plant type, the market is divided into thermal power plants, renewable power plants, nuclear power plants, and others. On the basis of project type, the market is classified into greenfield projects, and brownfield projects. Asia-Pacific, and LAMEA.

Key Takeaways
On the basis of power plant type, the renewable power plants segment dominated the power plant EPC market share in 2024.
On the basis of project type, the greenfield projects segment dominated the power plant EPC market in 2024.
On the basis of fuel source, the renewable energy sources segment dominated the power plant EPC market in 2024.
Based on region, Asia-Pacific was the highest revenue contributor in the power plant EPC market in 2024.
There is a rise in emphasis on renewables among individuals, which has increased the demand for EPC contractors. Many firms are focusing on utilizing renewable energy in their projects, which also helps reduce carbon emissions. This increases the demand for power plant EPC. However, fluctuations in raw material cost restrains the growth of power plant EPC market.

Recent Key Development in Power Plant EPC Market
In December 2024, Saudi Power Procurement Company plans to award EPC contracts for three greenfield thermal plants totaling 7.2 GW. SEPco 3 (China) and Doosan Enerbility (South Korea) to handle EPC for PP12 (1.8 GW); Acwa Power to develop Marjan and Hajr projects.
In January 2025, Essar Energy Transition finalized an EPC agreement with ENKA to develop a 350 MW low-carbon hydrogen production facility (HPP1) at Ellesmere Port. The project, backed by UK government support, represents one of the country’s largest hydrogen initiatives. It is designed to accelerate the shift towards cleaner fuels, reduce industrial emissions, and strengthen the UK’s net-zero strategy.
In May 2025, the Atomic Energy Regulatory Board (AERB) granted sitting consent for the proposed Mahi Banswara nuclear power project in Rajasthan, paving the way for its construction. The project will comprise four units of 700 MW each, based on the indigenous IPHWR-700 reactor design.

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Key Market Segments
By Power Plant Type
● Thermal Power Plants
● Renewable Power Plants
● Nuclear Power Plants
● Others

By Project Type
● Greenfield Projects
● Brownfield Projects

By Fuel Source
● Coal
● Natural Gas
● Renewable Energy Sources
● Others

By Region
● North America
○ U.S.
○ Canada
○ Mexico
● Europe
○ Germany
○ France
○ UK
○ Spain
○ Italy
○ Rest of Europe
● Asia-Pacific
○ China
○ India
○ Japan
○ South Korea
○ Australia
○ Rest of Asia-Pacific
● LAMEA
○ Brazil
○ South Africa
○ Saudi Arabia
○ Rest of LAMEA

● Key Market Players
○ Technip Energies N.V.
○ Larsen & Toubro Limited
○ MITSUBISHI HEAVY INDUSTRIES, LTD.
○ General Electric Company
○ Valmet Corporation
○ Siemens Energy
○ Tata Projects Limited
○ Fluor Corporation
○ Hyundai Engineering & Construction Co., Ltd.
○ Bechtel Corporation

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Table of Contents

CHAPTER 1: INTRODUCTION

1.1. Report description


1.2. Key market segments


1.3. Key benefits to the stakeholders


1.4. Research methodology

1.4.1. Primary research


1.4.2. Secondary research


1.4.3. Analyst tools and models


CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO perspective


CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope


3.2. Key findings

3.2.1. Top impacting factors


3.2.2. Top investment pockets


3.3. Porter’s five forces analysis
3.3.1. Moderate bargaining power of suppliers

3.3.2. Moderate threat of new entrants

3.3.3. Moderate threat of substitutes

3.3.4. Moderate intensity of rivalry

3.3.5. Moderate bargaining power of buyers

3.4. Market dynamics

3.4.1. Drivers

3.4.1.1. Surge in demand for renewable energy

3.4.1.2. Increase in Infrastructure and Grid Modernization

3.4.2. Restraints

3.4.2.1. Dependence on Fossil Fuel Economics

3.4.3. Opportunities

3.4.3.1. Increase in Digitization & Smart Power Plants

3.4.3.2. Carbon Capture and Waste-to-Energy Projects

3.5. Value Chain Analysis

3.6. Regulatory Guidelines

CHAPTER 4: POWER PLANT EPC MARKET, BY POWER PLANT TYPE
4.1. Overview

4.1.1. Market size and forecast

4.2. Thermal Power Plants
4.2.1. Key market trends, growth factors and opportunities

4.2.2. Market size and forecast, by region

4.2.3. Market share analysis by country

4.3. Renewable Power Plants
4.3.1. Key market trends, growth factors and opportunities

4.3.2. Market size and forecast, by region

4.3.3. Market share analysis by country

4.4. Nuclear Power Plants
4.4.1. Key market trends, growth factors and opportunities

4.4.2. Market size and forecast, by region

4.4.3. Market share analysis by country

4.5. Others
4.5.1. Key market trends, growth factors and opportunities

4.5.2. Market size and forecast, by region

4.5.3. Market share analysis by country

CHAPTER 5: POWER PLANT EPC MARKET, BY PROJECT TYPE
5.1. Overview

5.1.1. Market size and forecast

5.2. Greenfield Projects
5.2.1. Key market trends, growth factors and opportunities

5.2.2. Market size and forecast, by region

5.2.3. Market share analysis by country

5.3. Brownfield Projects
5.3.1. Key market trends, growth factors and opportunities

5.3.2. Market size and forecast, by region

5.3.3. Market share analysis by country

CHAPTER 6: POWER PLANT EPC MARKET, BY FUEL SOURCE
6.1. Overview

6.1.1. Market size and forecast

6.2. Coal
6.2.1. Key market trends, growth factors and opportunities

6.2.2. Market size and forecast, by region

6.2.3. Market share analysis by country

6.3. Natural Gas
6.3.1. Key market trends, growth factors and opportunities

6.3.2. Market size and forecast, by region

6.3.3. Market share analysis by country

6.4. Renewable Energy Sources
6.4.1. Key market trends, growth factors and opportunities

6.4.2. Market size and forecast, by region

6.4.3. Market share analysis by country

6.5. Others
6.5.1. Key market trends, growth factors and opportunities

6.5.2. Market size and forecast, by region

6.5.3. Market share analysis by country

CHAPTER 7: POWER PLANT EPC MARKET, BY REGION
7.1. Overview

7.1.1. Market size and forecast By Region

7.2. North America
7.2.1. Key market trends, growth factors and opportunities

7.2.2. Market size and forecast, by Power Plant Type

7.2.3. Market size and forecast, by Project Type

7.2.4. Market size and forecast, by Fuel Source

7.2.5. Market size and forecast, by country
7.2.5.1. U.S.

7.2.5.1.1. Market size and forecast, by Power Plant Type
7.2.5.1.2. Market size and forecast, by Project Type
7.2.5.1.3. Market size and forecast, by Fuel Source

7.2.5.2. Canada

7.2.5.2.1. Market size and forecast, by Power Plant Type
7.2.5.2.2. Market size and forecast, by Project Type
7.2.5.2.3. Market size and forecast, by Fuel Source

7.2.5.3. Mexico

7.2.5.3.1. Market size and forecast, by Power Plant Type
7.2.5.3.2. Market size and forecast, by Project Type
7.2.5.3.3. Market size and forecast, by Fuel Source

7.3. Europe
7.3.1. Key market trends, growth factors and opportunities

7.3.2. Market size and forecast, by Power Plant Type

7.3.3. Market size and forecast, by Project Type

7.3.4. Market size and forecast, by Fuel Source

7.3.5. Market size and forecast, by country
7.3.5.1. Germany

7.3.5.1.1. Market size and forecast, by Power Plant Type
7.3.5.1.2. Market size and forecast, by Project Type
7.3.5.1.3. Market size and forecast, by Fuel Source

7.3.5.2. France

7.3.5.2.1. Market size and forecast, by Power Plant Type
7.3.5.2.2. Market size and forecast, by Project Type
7.3.5.2.3. Market size and forecast, by Fuel Source

7.3.5.3. UK

7.3.5.3.1. Market size and forecast, by Power Plant Type
7.3.5.3.2. Market size and forecast, by Project Type
7.3.5.3.3. Market size and forecast, by Fuel Source

7.3.5.4. Spain

7.3.5.4.1. Market size and forecast, by Power Plant Type
7.3.5.4.2. Market size and forecast, by Project Type
7.3.5.4.3. Market size and forecast, by Fuel Source

7.3.5.5. Italy

7.3.5.5.1. Market size and forecast, by Power Plant Type
7.3.5.5.2. Market size and forecast, by Project Type
7.3.5.5.3. Market size and forecast, by Fuel Source

7.3.5.6. Rest of Europe

7.3.5.6.1. Market size and forecast, by Power Plant Type
7.3.5.6.2. Market size and forecast, by Project Type
7.3.5.6.3. Market size and forecast, by Fuel Source

7.4. Asia-Pacific
7.4.1. Key market trends, growth factors and opportunities

7.4.2. Market size and forecast, by Power Plant Type

7.4.3. Market size and forecast, by Project Type

7.4.4. Market size and forecast, by Fuel Source

7.4.5. Market size and forecast, by country
7.4.5.1. China

7.4.5.1.1. Market size and forecast, by Power Plant Type
7.4.5.1.2. Market size and forecast, by Project Type
7.4.5.1.3. Market size and forecast, by Fuel Source

7.4.5.2. India

7.4.5.2.1. Market size and forecast, by Power Plant Type
7.4.5.2.2. Market size and forecast, by Project Type
7.4.5.2.3. Market size and forecast, by Fuel Source

7.4.5.3. Japan

7.4.5.3.1. Market size and forecast, by Power Plant Type
7.4.5.3.2. Market size and forecast, by Project Type
7.4.5.3.3. Market size and forecast, by Fuel Source

7.4.5.4. South Korea

7.4.5.4.1. Market size and forecast, by Power Plant Type
7.4.5.4.2. Market size and forecast, by Project Type
7.4.5.4.3. Market size and forecast, by Fuel Source

7.4.5.5. Australia

7.4.5.5.1. Market size and forecast, by Power Plant Type
7.4.5.5.2. Market size and forecast, by Project Type
7.4.5.5.3. Market size and forecast, by Fuel Source

7.4.5.6. Rest of Asia-Pacific

7.4.5.6.1. Market size and forecast, by Power Plant Type
7.4.5.6.2. Market size and forecast, by Project Type
7.4.5.6.3. Market size and forecast, by Fuel Source

7.5. LAMEA
7.5.1. Key market trends, growth factors and opportunities

7.5.2. Market size and forecast, by Power Plant Type

7.5.3. Market size and forecast, by Project Type

7.5.4. Market size and forecast, by Fuel Source

7.5.5. Market size and forecast, by country
7.5.5.1. Brazil

7.5.5.1.1. Market size and forecast, by Power Plant Type
7.5.5.1.2. Market size and forecast, by Project Type
7.5.5.1.3. Market size and forecast, by Fuel Source

7.5.5.2. South Africa

7.5.5.2.1. Market size and forecast, by Power Plant Type
7.5.5.2.2. Market size and forecast, by Project Type
7.5.5.2.3. Market size and forecast, by Fuel Source

7.5.5.3. Saudi Arabia

7.5.5.3.1. Market size and forecast, by Power Plant Type
7.5.5.3.2. Market size and forecast, by Project Type
7.5.5.3.3. Market size and forecast, by Fuel Source

7.5.5.4. Rest of LAMEA

7.5.5.4.1. Market size and forecast, by Power Plant Type
7.5.5.4.2. Market size and forecast, by Project Type
7.5.5.4.3. Market size and forecast, by Fuel Source

CHAPTER 8: COMPETITIVE LANDSCAPE
8.1. Introduction

8.2. Top winning strategies

8.3. Product mapping of top 10 player

8.4. Competitive dashboard

8.5. Competitive heatmap

8.6. Top player positioning, 2024

CHAPTER 9: COMPANY PROFILES
9.1. Bechtel Corporation
9.1.1. Company overview

9.1.2. Key executives

9.1.3. Company snapshot

9.1.4. Operating business segments

9.1.5. Product portfolio

9.1.6. Business performance

9.1.7. Key strategic moves and developments

9.2. Siemens Energy
9.2.1. Company overview

9.2.2. Key executives

9.2.3. Company snapshot

9.2.4. Operating business segments

9.2.5. Product portfolio

9.2.6. Business performance

9.2.7. Key strategic moves and developments

9.3. General Electric Company
9.3.1. Company overview

9.3.2. Key executives

9.3.3. Company snapshot

9.3.4. Operating business segments

9.3.5. Product portfolio

9.3.6. Business performance

9.3.7. Key strategic moves and developments

9.4. Larsen & Toubro Limited
9.4.1. Company overview

9.4.2. Key executives

9.4.3. Company snapshot

9.4.4. Operating business segments

9.4.5. Product portfolio

9.4.6. Business performance

9.5. Tata Projects Limited
9.5.1. Company overview

9.5.2. Key executives

9.5.3. Company snapshot

9.5.4. Operating business segments

9.5.5. Product portfolio

9.5.6. Business performance

9.5.7. Key strategic moves and developments

9.6. Hyundai Engineering & Construction Co., Ltd
9.6.1. Company overview

9.6.2. Key executives

9.6.3. Company snapshot

9.6.4. Operating business segments

9.6.5. Product portfolio

9.6.6. Business performance

9.6.7. Key strategic moves and developments

9.7. MITSUBISHI HEAVY INDUSTRIES, LTD.
9.7.1. Company overview

9.7.2. Key executives

9.7.3. Company snapshot

9.7.4. Operating business segments

9.7.5. Product portfolio

9.7.6. Business performance

9.7.7. Key strategic moves and developments

9.8. Valmet Corporation
9.8.1. Company overview

9.8.2. Key executives

9.8.3. Company snapshot

9.8.4. Operating business segments

9.8.5. Product portfolio

9.8.6. Business performance

9.8.7. Key strategic moves and developments

9.9. Fluor Corporation
9.9.1. Company overview

9.9.2. Key executives

9.9.3. Company snapshot

9.9.4. Operating business segments

9.9.5. Product portfolio

9.9.6. Business performance

9.9.7. Key strategic moves and developments

9.10. Technip Energies N.V.
9.10.1. Company overview

9.10.2. Key executives

9.10.3. Company snapshot

9.10.4. Operating business segments

9.10.5. Product portfolio

9.10.6. Business performance