Latest News- Power EPC Market in India: Non-renewable is expected to lead the Application segment during 2024-2028
The Power EPC Market in India is being driven by Increasing investments in renewable energy
The Power EPC Market in India is expected to grow at a CAGR of 29.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 20276.2 million. The Smart City Mission, launched in 2015 under the Ministry of Housing and Urban Affairs in India, is a government initiative aimed at transforming select cities into urban areas that leverage Information and Communication Technologies (ICT) to enhance operational efficiency, reduce costs, and improve the quality of life for citizens. This mission aligns with the global trend towards sustainable smart city developments, which focus on optimizing infrastructure in sectors such as transportation, energy, and utilities. By implementing ICT solutions, India aims to reduce wastage, improve resource consumption, and ultimately, create cities that offer enhanced living standards for their residents.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (Non-renewable, Renewable) End-user (Private, Government) Geography (APAC).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Power EPC Market in India Research Report
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The Power EPC (Engineering, Procurement, and Construction) market in India is witnessing significant growth due to increasing energy demand and the shift towards renewable energy sources. This market encompasses power generation technologies like turbines, AI in project planning and design, construction, commissioning, and the reduction of carbon emissions. Power Engineering firms provide services for coal-based power plants as well as electricity generation from renewable sources. Crude oil prices and client requests influence this sector, which focuses on electricity generation, energy consumption, and the procurement of technology for power projects.
The Power Engineering, Procurement, and Construction (EPC) market in India is experiencing robust growth, driven by the expanding energy demand and the resulting need for increased power generation capacity. Key components of this market include turbines, technology, project planning, design, and construction. The Indian power sector is undergoing significant transformation, with a focus on modernizing existing infrastructure and integrating advanced technologies such as Artificial Intelligence (AI) to optimize operations. This technological shift, coupled with the government's commitment to renewable energy and infrastructure development, presents substantial opportunities for market participants. The Indian EPC market is poised to grow significantly in the coming years, fueled by the burgeoning demand for reliable and efficient power generation solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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