United Kingdom Power EPC Market

United Kingdom Power EPC Market Overview:

The United Kingdom power EPC market is projected to exhibit a growth rate (CAGR) of 5.30% during 2024-2032. The rising shift toward renewable energy sources, government policies supporting green energy initiatives, the increasing energy demand, the growing need for modernizing aging infrastructure, and the rising investments in wind, solar, and nuclear projects are some of the major factors propelling the growth of the market.

United Kingdom Power EPC Market Trends:

Rising Shift Toward Renewable Energy

The UK's commitment to reducing carbon emissions and promoting sustainable energy sources is leading to significant investments in renewable energy projects, including wind, solar, and biomass, which is boosting the EPC market. For instance, the UK government has law measures that are aimed at ensuring the nation is carbon neutral by 2050. Under the Climate Change Act, an independent, statutory body called the Climate Change Committee (CCC) was formed, whose job is to report and inform on the progress that the UK is making in making the energy transition and fulfilling its environmental targets. The government responded by adopting the findings and reviewing its climate efforts, including all the UK’s electricity to come from clean sources by 2035, a commitment to install 600,000 heat pumps a year by 2028, no petrol or diesel cars will be sold in the UK from 2030, and plant 30,000 hectares of trees a year by 2025.

Growing Government Policies and Incentives

Supportive government policies, subsidies, and incentives aimed at encouraging the adoption of green energy technologies are driving the growth of the power EPC market. Regulatory frameworks and targets for renewable energy generation further support this trend. For instance, in July 2024 Britain's new Labour government launched its flagship green energy infrastructure plan, announcing a multi-billion-pound partnership with the business arm of the royal family to develop offshore wind farms. The government is establishing a publicly owned body called Great British Energy to spearhead funding in domestic renewable energy projects as the UK weans itself off fossil fuels. It has allocated £8.3 billion ($10 billion) of public money over the next five years as Labour aims to meet Britain's climate change targets. It also wants to bring down the price of energy by reducing reliance on imports of oil and gas. GB Energy will also seek to attract private investment, and the government announced a first tie-up with the monarchy's land and property holdings company that aims to leverage private investment of £60 billion.

United Kingdom Power EPC Market News:

• In January 2024, UK solar and storage specialist, Ethical Power, secured a contract to provide engineering, procurement, and construction (EPC) services for a pair of solar projects totaling 9 MW in southern Spain. The contract was awarded by Finnish renewables investor Korkia, which acquired the projects at the ready-to-build stage from UK developer Hive Energy in October 2023.
• In October 2023, MYTILINEOS Energy & Metals announced the signing of an EPC contract for a 373MW solar park in the United Kingdom (UK) with Quinbrook Infrastructure Partners, a specialist investment manager focused exclusively on lower carbon and renewable energy infrastructure investment and operational asset management in the US, UK, and Australia.

United Kingdom Power EPC Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on type.

Type Insights:

• Thermal
• Gas
• Renewable
• Nuclear
• Others
   

The report has provided a detailed breakup and analysis of the market based on the type. This includes thermal, gas, renewable, nuclear, and others.

Region Insights: 

• London
• South East
• North West
• East of England
• South West
• Scotland
• West Midlands
• Yorkshire and The Humber
• East Midlands
• Others 
   

The report has also provided a comprehensive analysis of all the major regional markets, which include London, South East, North West, East of England, South West, Scotland, West Midlands, Yorkshire and The Humber, East Midlands and Others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

United Kingdom Power EPC Market Report Coverage:

Key Questions Answered in This Report:

• How has the United Kingdom power EPC market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the United Kingdom power EPC market?
• What is the breakup of the United Kingdom power EPC market on the basis of type?
• What are the various stages in the value chain of the United Kingdom power EPC market? 
• What are the key driving factors and challenges in the United Kingdom power EPC?
• What is the structure of the United Kingdom power EPC market and who are the key players?
• What is the degree of competition in the United Kingdom power EPC market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the United Kingdom power EPC market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the United Kingdom power EPC market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the United Kingdom power EPC industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.