India Power EPC Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India Power EPC Market Analysis
The India power EPC market is expected to rise at a CAGR of more than 3% during the forecast period of 2020-2025. Factors such as the increase in industrial operations and several government initiatives to provide electricity to all people in the country are likely to drive the India power EPC market. However, the low domestic investments and slow processing of projects are expected to restrain the India power EPC market.
- The conventional thermal segment, which comprises of power from coal, natural gas, and oil and contributes about 62.2% of the country's total energy generation capacity, is likely to dominate the India power EPC market during the forecast period.
- New and efficient technologies like supercritical and ultra-supercritical coal power plants, along with the government initiative to increase renewable energy share is likely going to create several opportunities for the India power EPC market in the future.
- The increasing power-related projects in the country are expected to drive the India power EPC market during the forecast period.
India Power EPC Market Trends
This section covers the major market trends shaping the India Power EPC Market according to our research experts:
Conventional Thermal Segment Expected to Dominate the Market
- Conventional thermal power plants generate energy from fossil fuels' combustion, such as coal, oil, and natural gas. In 2019, about 78.05% of the total electricity produced in the country was from the above sources.
- The country's significant share of energy, i.e., 72.97% comes from coal-fired power plants, and factors such as rapidly increasing industrialization and urbanization are expected to drive the conventional thermal power in the country during the forecast period. Moreover, different government schemes such as "Power For All" are expected to increase the country's power surge and likely to drive the country's power EPC market.
- As of July 2020, the total power generation installed capacityin India was 371.97 Gigawatts (GW), out of which 231.45 GW is conventional thermal power capacity, which is about 62.2% of the total capacity in the country's power generation mix.
- In 2019, India's state-owned National Thermal Power Corporation (NTPC) commissioned unit-1 of Khargone Super Thermal Power Station in Madhya Pradesh. Khargone thermal power station is India's first coal-fired ultra-supercritical plant that operates at an efficiency of 41.5% and an installed capacity of 660 megawatts (MW). The principal contractors of the projects include Larsen & Toubro Limited (L&T) and Sterlite Power Grid Ventures Limited.
- Patratu Super Thermal Power Project, Jharkhand in India, started in 2018 and is expected to be complete in 2022. The project is expected to have the capacity of 4000 megawatts (MW) of power and is coal-fired. In 2018, Bharat Heavy Electricals Limited (BHEL) won an INR 11,700 crore order for setting up phase 1(3x800 MW) of a supercritical thermal power plant in Jharkhand. For India, coal has been a significant energy source in the past and still holds a considerable share in the country's energy generation sources. This is expected to have a positive impact on the power EPC market in the country.
- Hence, owing to the above points, the conventional thermal segment is likely going to dominate the India power EPC market during the forecast period.
Increasing Power Related Projects Expected to Drive the Market
- India's power sector is undergoing a wide-scale transformation, owing to the country facing steep electricity demand growth rates. Several parts of India witness high power cuts due to the growing demand for electricity and the supply gap. To address the issue of electricity reliability, the government has implemented policies to increase electricity generation, transmission, and distribution.
- India has the second-largest population, because of which there is a constant increase in the energy demand that requires an increasing number of industrial operations and continually growing demand for power supply in the residential regions of the country are expected to drive the power EPC market.
- In June 2020, Adani Green Energy Limited (AGEL, NSE: ADANIGREEN) has won the first of its kind manufacturing linked solar agreement from the Solar Energy Corporation of India (SECI). Based on the award agreement, the 8 GW of solar development projects is going to be implemented over the next five years. The first 2 GW of generation capacity is expected to come online by 2022, and the subsequent 6 GW capacity is likely to be added in 2 GW annual increments by 2025.
- In 2019, the total electricity generated in India was 1558.7 Terawatt-Hours (TWh), higher than the electricity production of 2018, 1551.4 TWh. In 2019, the country saw a significant increase in renewable and nuclear energy generation.
- As of 2019, a nuclear power station Gorakhpur Haryana Anu Vidyut Pariyojana (GHAVP) Units -1&2 (2X700 MW), was in the advanced stage. Orders were placed last year for long delivery equipment like end-shields and steam generators. The main plant civil work and several other packages are at various stages of tendering. The first phase of the project comprising of two units, GHAVP-1&2 (2X700 MW), is expected to be completed in 2025.
- In 2019, Sterlite Power received a letter of award for two key inter-state projects worth over INR 3000 crore for Udupi-Kasargode and WRSS 21 (Part B) involving lines and GIS substations. The Udupi-Kasargode project is required to decongest the ISTS transmission corridor and to facilitate smoother power flow within the Southern Region States of Karnataka to Kerala. The GEC project of Lakadia-Vadodara (WRSS 21 - Part B) located in Gujarat, on the other hand, is likely to connect the wind energy zones of the Bhuj region to the load centers of Gujarat and Maharashtra.
- Hence, owing to the above points, increasing power-related projects are expected to drive the India power EPC market during the forecast period.
India Power EPC Industry Overview
The India power EPC market is fragmented. Some of the key players in this market include Bharat Heavy Electricals Limited, Larsen & Toubro Limited, Tata Group, Sterlite Power Transmission Limited, and Doosan Corporation.
India Power EPC Market Leaders
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Bharat Heavy Electricals Limited
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Larsen & Toubro Limited
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Tata Group
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Sterlite Power Transmission Limited
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Doosan Corporation
*Disclaimer: Major Players sorted in no particular order
India Power EPC Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of the Study
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1.2 Market Definition
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1.3 Study Assumptions
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2. EXECUTIVE SUMMARY
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3. RESEARCH METHODOLOGY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Market Size and Demand Forecast in USD Billion, till 2025
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4.3 Recent Trends and Developments
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4.4 Government Policies and Regulations
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4.5 Market Dynamics
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4.5.1 Drivers
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4.5.2 Restraints
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4.6 Supply Chain Analysis
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4.7 PESTLE Analysis
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5. MARKET SEGMENTATION
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5.1 Power Generation
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5.1.1 Thermal
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5.1.2 Hydro
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5.1.3 Nuclear
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5.1.4 Non-Hydro Renewables
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5.2 Power Transmission and Distribution
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
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6.2 Strategies Adopted by Key Players
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6.3 Company Profiles
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6.3.1 Bharat Heavy Electricals Limited
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6.3.2 Larsen & Toubro Limited
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6.3.3 Tata Group
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6.3.4 Sterlite Power Transmission Limited
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6.3.5 Doosan Corporation
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6.3.6 BGR Energy Systems Ltd
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6.3.7 Alstom SA
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6.3.8 Sterling and Wilson Solar Ltd
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6.3.9 Reliance Infrastructure Ltd (Reliance Group)
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6.3.10 MECON Limited
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
India Power EPC Industry Segmentation
The India power EPC market report include:
| Power Generation | |
| Thermal | |
| Hydro | |
| Nuclear | |
| Non-Hydro Renewables |
India Power EPC Market Research FAQs
What is the current India Power EPC Market size?
The India Power EPC Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in India Power EPC Market?
Bharat Heavy Electricals Limited, Larsen & Toubro Limited, Tata Group, Sterlite Power Transmission Limited and Doosan Corporation are the major companies operating in the India Power EPC Market.
What years does this India Power EPC Market cover?
The report covers the India Power EPC Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the India Power EPC Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
India Power EPC Industry Report
The Market Report Covers Power EPC Companies in India and is Segmented by Power Generation (Thermal, Hydro, Nuclear, and Non-Hydro Renewables) and Power Transmission and Distribution Statistics for the India Power EPC market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Power EPC analysis includes a market forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download.
The market size and market share of the Power EPC sector in India are crucial components of the industry report. This industry analysis provides a comprehensive view of the market trends and market growth, highlighting the key market leaders. The report offers an industry overview and market analysis, giving insights into the market forecast and market research.
The industry outlook includes detailed industry information and industry statistics, covering the industry size and industry sales. The market data and market value are essential for understanding the market segmentation and market predictions.
The report example and report pdf are available for further industry research. The market review and industry trends are critical for understanding the market outlook. This report is a valuable resource for research companies looking to gain insights into the Power EPC market in India.
