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ASEAN Power EPC Market Size (2024 - 2029)

The ASEAN power EPC market is poised for growth, driven by factors such as a rapidly increasing population and rising power consumption, which are expanding the market size. The market is further supported by the construction and planning of numerous new projects, alongside a growing emphasis on renewable energy adoption and government initiatives. Despite challenges like low domestic investments and slow tender processing, the market is expected to benefit from significant opportunities, particularly in the renewables segment, as the region aims to reduce carbon emissions. Indonesia, as the largest economy in Southeast Asia, is anticipated to lead the market in power generation EPC activities.

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Market Size of ASEAN Power EPC Industry

ASEAN Power EPC - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 6.00 %
Market Concentration Low

Major Players

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*Disclaimer: Major Players sorted in no particular order

ASEAN Power EPC Market Analysis

The ASEAN power EPC market is expected to register a CAGR of more than 6% during the forecast period, 2022-2027. The Covid-19 pandemic had a moderate impact on the power EPC market across the region, leading to delays in multiple power projects. Still, all the operations were resumed, augmenting the market size. Factors such as the rapidly growing population and increasing power consumption are the key factors resulting in the growth of the power market. With soaring power demand, numerous new projects are under construction and planning stages, which, in turn, is expected to boost the power EPC market. In addition, the surging adoption of renewable energy sources and the supportive initiatives by the government are expected to drive the EPC market across the region. However, low domestic investments and slow processing of tenders are likely to restrain the market growth during the forecast period.

  • The renewables power segment is likely to see significant growth during the forecast period due to the rising focus on adopting renewable energy sources in a bid to reduce carbon emissions across the region.
  • The energy demand in the ASEAN is expected to grow by approximately two-thirds between 2019 and 2040, thereby leading to massive investment in new energy generation, distribution, and transmission, creating surplus market opportunities for the EPC market players in the coming years.
  • Indonesia, the largest economy in Southeast Asia, witnessed the highest power generation in 2021. The country is expected to dominate the power generation EPC market during the forecast period.

ASEAN Power EPC Industry Segmentation

The ASEAN power EPC market report includes:

Source
Conventional Thermal Power
Renewables Power
Nuclear Power
Geography
Indonesia
Thailand
Malaysia
Vietnam
Philippines
Rest of the ASEAN Countries
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ASEAN Power EPC Market Size Summary

The ASEAN power EPC market is poised for significant growth, driven by increasing electricity demand and a shift towards renewable energy sources. The region's rapidly growing population and rising power consumption are key factors propelling the market forward. Despite the moderate impact of the Covid-19 pandemic, which caused delays in some projects, operations have resumed, contributing to market expansion. The government's supportive initiatives and the surging adoption of renewable energy are expected to further drive the market. However, challenges such as low domestic investments and slow tender processing may hinder growth. The renewable power segment is anticipated to experience substantial growth, with countries like Vietnam and Thailand making significant strides in wind and solar energy capacity, respectively.

Indonesia, as the largest economy in Southeast Asia, is expected to dominate the power generation EPC market. The country's electricity sector, primarily reliant on fossil fuels, is undergoing a transformation with plans to increase renewable energy capacity significantly. The Indonesian government's ambitious Electricity Procurement Plan aims to boost solar power capacity and reduce reliance on coal, aligning with regional goals for cleaner energy. This shift, along with substantial investments in renewable energy, is set to enhance the power EPC market in Indonesia. The market is moderately fragmented, with major players like Mitsubishi Heavy Industries and Hyundai Engineering Co. Ltd. actively participating in the region's development projects.

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ASEAN Power EPC Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Electricity Generation in Terawatt-hours, by Major Countries, till 2020

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies, Targets and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 Porter's Five Forces Analysis

      1. 1.8.1 Bargaining Power of Suppliers

      2. 1.8.2 Bargaining Power of Consumers

      3. 1.8.3 Threat of New Entrants

      4. 1.8.4 Threat of Substitutes Products and Services

      5. 1.8.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Source

      1. 2.1.1 Conventional Thermal Power

      2. 2.1.2 Renewables Power

      3. 2.1.3 Nuclear Power

    2. 2.2 Geography

      1. 2.2.1 Indonesia

      2. 2.2.2 Thailand

      3. 2.2.3 Malaysia

      4. 2.2.4 Vietnam

      5. 2.2.5 Philippines

      6. 2.2.6 Rest of the ASEAN Countries

ASEAN Power EPC Market Size FAQs

The ASEAN Power EPC Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

Mitsubishi Heavy Industries Ltd., Hyundai Engineering Co. Ltd., Sumitomo Corporation, Doosan Heavy Industries & Construction Co., Ltd. and Toshiba Corporation are the major companies operating in the ASEAN Power EPC Market.

ASEAN Power EPC Report Snapshots

ASEAN Power EPC Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)