Increasing power-related projects especially in Asia-Pacific
The Solar Energy Corporation (SECI) of India was awarded Adani Green Energy Limited, the first manufacturing-linked solar agreement in June 2020. The 8 GW of solar development projects will be introduced over the next five years, according to the award agreement. The first 2 GW of generation capacity is projected to be operational by 2022, with the remaining 6 GW capacity coming online in 2 GW annual increments by 2025.
Since India has the world's second-largest population, there is a constant rise in energy demand, which necessitates a rising number of industrial operations. Additionally, the country's residential regions are expected to drive the power generation EPC sector. For example, the 4,000 MW coal-fired Patratu power project in Jharkhand, India, has been under construction since 2018 and is expected to be completed in 2022.
As of 2019, a nuclear power station Gorakhpur Haryana Anu Vidyut Pariyojana (GHAVP) Units -1&2 (2X700 MW), was in the advanced stage. The first phase of the project, consisting of two units, GHAVP-1&2 (2X700 MW), is expected to be completed in 2025. Van Phong Power Company Limited has won an EPC contract with a four-party consortium of Toshiba ESS, IHI Corporation, CTCI Corporation, and Doosan Heavy Industries & Construction in 2019. The power plant's construction has already begun in 2019. The plant is scheduled to be operational in Vietnam by 2023, with a total capacity of 1320 megawatts (MW). Furthermore, commitments such as the commitment to reduce carbon emissions to zero by 2050, government policies such as the establishment of a Carbon Tax on thermal power plants and the establishment of a Contracts for Difference (CFD) process in the United Kingdom, as well as declining equipment and energy storage system costs, are expected to further supplement the demand for renewable energy globally, in turn driving the power generation EPC market.
Competitive Scenario
The global power generation EPC market is fragmented, with the top 7 players accounting for a 50.88% share.
The key players operating in the global power generation EPC market are Doosan Groups, Tata Projects, Worley Parsons, Fluor Corporation, and KBR Inc, among others.
The companies are competing within themselves in terms of partnership, cooperation, agreements for expansion purposes, and project acquisition. The Companies are mainly activated within their own country and are focusing on local market share. For instance, in terms of geographic market share, Tata projects have more than 90% share in India. But international companies such as Doosan corporation and Fluor corporation compete in terms of international market share. The major competing factor in this sector is to acquire infrastructure projects in various locations. For instance, SK E&C acquired a SOFC EPC by Equinix, a data center operating enterprise, in 2020.
Some companies are trying to expand into other regions due to the limited amount of infrastructure development created within a particular region at a time. For instance, On November 12, 2020, Doosan Heavy Industries & Construction signed a cooperation agreement with Korea Midland Power (KOMIPO) to enter the overseas hydropower markets.
One of the key players in the Power Generation EPC Market
DOOSAN CORPORATION is a multinational corporation in South Korea. It was placed in Fortune Global 500 index in 2009 and is the parent company of Bobcat and Skoda Power.
Doosan's core businesses are mainly related to ISB (Infrastructure Support Business) as well as robotics and fuel cells. The power generation EPC portfolio comes under Doosan heavy industries, a subsidiary of DOOSAN CORPORATION. The company’s business includes manufacturing nuclear power plants, desalination plants, turbines and generators, thermal power stations, casting, and forging.
It is an established company in thermal and combined cycle EPC power plant fields and performs several projects of high quality, including nuclear power plants, LNG, and transmission lines.
About Us:
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within less than a year, we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at DataM Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
