North America Power EPC Market Report and Forecast 2024-2032

North America Power EPC Market Outlook

The North America power EPC market size was valued at USD 145.73 billion in 2023. The market is further projected to grow at a CAGR of 3.6% between 2024 and 2032, reaching a value of USD 201.85 billion by 2032.

Key Takeaways

• The North America power EPC market share is expected to increase due to increasing demand for renewable energy sources and the need for efficient and reliable power infrastructure.

• As per industry reports, the focus of market players is on capitalising on the growing demand for electricity, increasing investments in the renewable energy sector, and the need for modernising the existing power infrastructure.

• Prominent players in the market are Doosan Heavy Industries and Construction, TATA Project, Thermax Global, Worley Ltd., China Energy Engineering Corporation, and Bharat Heavy Electricals Ltd.

The demand for renewable energy is increasing in North America, driven by the need to reduce carbon emissions and address climate change. This trend is expected to drive the North America power EPC market growth, as companies are investing in renewable energy projects such as wind and solar farms. ABB secured orders over USD 150 million for the Hornsea Project Two, a 1,400 MW project in the North Sea, will provide clean electricity for over 1.3 million homes annually, supporting the UK's renewable energy goals.

The existing power infrastructure in North America is ageing, and there is a need to modernise it to ensure reliable and efficient power supply. In the power EPC market, companies are investing in upgrading and expanding the existing power infrastructure.

The transmission and distribution networks are critical components of the power infrastructure, and there is a growing need to invest in these networks to ensure reliable and efficient power supply. Companies, such as Siemens AG has been involved in several transmission and distribution network projects in North America, including investment of USD 150 million in February 2024 to address the national shortage of power transformers across the U.S. This investment  will increase domestic U.S. transformer production, enabling the reliable transmission of electricity over long distances and helping stabilise electrical transmission across regions.

As per North America power EPC market analysis, digital solutions such as advanced analytics, artificial intelligence, and machine learning are becoming increasingly important in the power EPC market. These solutions can help improve the efficiency and reliability of power generation and distribution and reduce costs. Companies are investing in digital solutions to improve their operations. Sterling and Wilson Private Limited has developed an AI-based predictive maintenance solution for power generation and distribution, which can help reduce downtime and maintenance costs.

Market Segmentation

North America Power EPC Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments

Market Breakup by Type

• Thermal

• Oil and Gas

• Renewable

• Nuclear

• Others

Market Breakup by Region

• United States of America

• Canada

Competitive Landscape

Market players are actively involved in expanding their market reach through strategic agreements and offerings of additional services like energy storage integration and O&M solutions.

• Mitsubishi Heavy Industries, Ltd.

• McDermott International Ltd.

• Fluor Corporation

• Bechtel Corporation

• DEPCOM Power, Inc.

• Blue Ridge Power

• Blattner Energy Inc.

• Quanta Services, Inc.

• The Shaw Group Inc.

• Sentry Electrical Group, Inc.

• Others

Key Highlights of the Report