The potential growth difference for the power EPC market in India between 2021 and 2026 is USD 13.30 billion. To get the exact yearly growth variance and the Y-O-Y growth rate, Talk to our analyst.
Key Market Dynamics: Drivers & Challenges
- Market Driver - The key factor driving growth in the power EPC market in India is the increasing investments in renewable energy. The global energy mix has changed significantly over the past two decades. Improvement in energy efficiency played a vital role in balancing the energy supply and demand. According to Information and communication technologies (IEA), the share of renewables in global electricity production was 23.9% in 2017 and is expected to reach 29.4% by 2023. The total cost of generating power using renewables is relatively higher than conventional sources. However, renewable technology is evolving and is competing with fossil fuel-based power plants. Renewable power generation capacity has increased over the past few years, posting a CAGR of 17.33% between FY 2016-2020. With the increased support of the government and improved economics, the sector has become attractive for investors. As India looks to meet its energy demand on its own, it is expected to reach 15,820 TWh by 2040, and renewable energy is set to play an important role. This growth will attract investments in renewables in the country, thereby boosting the power EPC market in India during the forecast period.
- Market Challenges - The decline in crude oil prices will be a major challenge for the power EPC market in India during the forecast period. Biomass is a sustainable replacement for fossil fuels for the generation of power. The abundance of biomass feedstocks makes biomass a preferred energy source over many other energy sources. However, the increase in the prices of feedstocks will slow down the growth of the global biomass power generation market. In addition, crude oil prices witnessed a steady decline since 2015. As crude oil accounts for a larger share in power generation, a decline in crude oil prices will impact the adoption of biomass power EPC in India.
To learn about additional key drivers, trends, and challenges -. Read our FREE Sample Report right now!
The power EPC market in India report is segmented by End-user (private and government) and Application (non-renewable and renewable). Technavio report provides an accurate prediction of the contribution of all the segments to the growth of the power EPC market size in India and actionable market insights on each segment.
View our sample report for additional insights into the contribution of all the segments in the report.
Some Companies Mentioned
- Bajaj Electricals Ltd.
- Bharat Heavy Electricals Ltd.
- Doosan Corp.
- Hindustan Construction Co. Ltd.
- Intec Energy Solutions
- IVRCL
- Larsen and Toubro Ltd.
- Sterlite Power Transmission Ltd.
- Tata Sons Pvt. Ltd.
- UPCEM Engineering and Consultancy Pvt Ltd
- To gain access to more vendor profiles with their key offerings available with Technavio, Click Here
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Power EPC Market In India Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 22.74% |
Market growth 2022-2026 |
USD 13.30 billion |
Market structure |
Fragmented |
YoY growth (%) |
24.35 |
Regional analysis |
India |
Performing market contribution |
India at 100% |
Key consumer countries |
India |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Bajaj Electricals Ltd., Bharat Heavy Electricals Ltd., Doosan Corp., Hindustan Construction Co. Ltd., Intec Energy Solutions, IVRCL, Larsen and Toubro Ltd., Sterlite Power Transmission Ltd., Tata Sons Pvt. Ltd., and UPCEM Engineering and Consultancy Pvt Ltd |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Key Topics Covered:
- Executive Summary
- Market Landscape
- Market Sizing
- Five Forces Analysis
- Market Segmentation
- Customer landscape
- Geographic Landscape
- Vendor Landscape
- Vendor Analysis
- Appendix
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SOURCE Technavio
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