The power generation EPC market in Europe valued US$ 56,015.09 million in 2019 and is estimated to grow at a CAGR of 2.7% over the forecast period to reach US$ YY million by 2029
EPC contracts evolved as the most common form of agreement in the power industry, particularly in the private sector for the construction of infrastructure in Europe.
The EU’s big 5 economies - Germany, the U.K., Spain, Italy, and France are leading the EPC services market in Europe with a large demand for energy for heating & cooling, electricity, and transport applications.
Also, these countries evolved as the largest consumers of renewable energy in the region. However, countries such as Sweden, Finland, Denmark, and Austria are at the forefront in the share of renewable energy in total energy consumption
The European Union is leading the global energy shift towards carbon-neutral technologies with a large number of renewable energy projects being installed and under construction across the region. Wind and water are the largest sources of renewable power in the region and solar emerged as the lucrative growth category. The prices of PV modules declined by nearly 40% since 2015 in Europe, thereby increasing affordability and growth in solar power generation activities
According to Eurostat numbers, the share of renewable energy in total energy consumption more than doubled in the EU-27 during 2004-2019. In 2019, renewable energy accounted for 19.7% of the total energy consumption in the EU-27, which is close to the proposed 2020 target of 20%
The EPC framework in the Europe power sector is subjected to regulatory guidelines apart from mandatory contractual agreements. Solar Power Europe, a member-led association aimed at promoting solar energy in Europe has launched the EPC best practice guidelines
According to Solar Power Europe, the solar market in the EU increased by 11% in 2020 with the installation of 18.7GW. Solar power is likely to witness the highest growth in EPC services in Europe over the forecast period
The EPC companies in Europe are offering services covering a wide range of power sources including renewable and non-renewable to increase their operating capacity and market foothold. However, the focus is laid on the development of renewable power generation facilities to cater to the shifting focus of governments and power generators in the region
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