DUBLIN--(BUSINESS WIRE)--The "China Power EPC Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The China power EPC market is expected to grow at a CAGR of over 4% during the forecast period of 2020-2025.
Factors such as increasing industrialization and urbanization along with the growing manufacturing sector is likely to drive the China power EPC market. However, the less private companies in the power sector create dominance of government companies in the country which is expected to slow down the China power EPC market.
- The conventional thermal segment due to the increasing installation of new coal-based power plants is expected to dominate the market, in 2019.
- China's government has announced to increase its renewable contribution in the power sector to 35% by installing more hydro, solar, and wind power by 2030. This is likely to create several opportunities for the China Power EPC market in the forecast period.
- China, due to its increasing population and energy demand, has several upcoming and ongoing power projects that are likely to drive the China power EPC market.
Key Market Trends
Conventional Thermal to Dominate the Market
- Conventional thermal power is through various sources such as coal, natural gas, and oil. In 2018, approximately more than 69% of the electricity generated in China was from conventional thermal power.
- Out of the various sources of generating conventional thermal power, the majority of energy came from coal, in 2018. Coal contributed approximately 95% to the conventional thermal power electricity generation, producing 4732 terawatt-hours (TWh) of electricity in 2018.
- Shandong Shenglu Coal-Fired Power Project in China can produce 4000 megawatts (MW) of energy. Its first phase was completed in 2019, and the second phase expected to start, in 2020. Shenglu Power Company is building the project as part of the Shanghai Temple Coal Power Support Base Demonstration Project.
- As per 2019, under construction Leizhou Thermal Power Project in China has a power installed capacity of 6000 megawatts (MW) and is expected to complete by 2022. The coal-fired power plant consists of six ultra-supercritical coal-fired units rated at 1,000 megawatts (MW) each.
- Therefore, from the above points, conventional thermal power is likely to dominate the China power EPC market in the forecast period.
Upcoming and Ongoing Power Projects Likely to Drive the Market
- - In 2018, the total electricity generation from the various sources in the power sector in China was 7111.8 terawatt-hours (TWh). Energy sources contributing to the country's energy generation include coal, natural gas, nuclear, wind, hydro, biofuels, and solar energy. Since China has the largest population in the world, the energy demand in the country rises continuously.
- As of 2019, China had 45 nuclear power reactors that are operational and 12 that are either under construction or in the development phase. Due to the excessive use of coal-fired power plants and the pollution it causes, China government has a long term target to use more of closed-cycle nuclear power to satisfy its energy demand.
- The Baihetan hydropower project is under construction on the Jinsha River, China. China Yangtze Power Corporation is developing the project, while Dongfang Electric Machinery supplied the turbine generators in a joint venture with China Three Gorges Corporation (CTG). The megaproject features the world's first 1000 megawatts (MW) turbine generator rotor, which was installed at the site in January 2019. The project is expected to be completely functional by December 2022.
- Hence, owing to the above points, upcoming and ongoing projects are likely to drive the China power EPC market during the forecast period.
The China power EPC market is moderately consolidated. Some of key players in this market include China National Electric Wire & Cable I/E Corp, Datang International Power Generation Company Limited, ShanDong Energy Group CO.Ltd, China Energy Engineering Corporation (CECC), and China Three Gorges Corporation.
Key Company Profiles
- China National Electric Wire & Cable I/E Corp.
- Datang International Power Generation Company Limited
- ShanDong Energy Group CO.,LTD.
- China Energy Engineering Corporation (CECC)
- Snc-Lavalin Group Inc
- China Three Gorges Corporation
- China National Electric Engineering Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/rey9ti