The Philippines power generation EPC market size is anticipated to expand at a robust CAGR during the forecast period, 2021-2028. The growth of the market is attributed to growing electricity generation coupled with increasing energy demand Moreover, changing power generation industry dynamics is expected to further drive the market growth.
The term EPC stands for ‘Engineer, Procure and Construct.’ The key to this concept is that one organization, namely the contractor, undertakes development of all the aspects of the project and provides a single point of communication and responsibility for the owner.
The use of EPC contracts in the power generation industry has been continuously evolving over the last few years owing to tremendous changes in the business and technology areas of the industry. Almost all power generation projects use EPC contracts to reduce the time taken to complete the project and reduce the cost.
All projects have to be time bound to be profitable; however, the market still suffers from inherent delays owing to various reasons, especially for the large and complex projects that are delayed due to land acquisition complications or environmental clearance issues. The power industry has progressed significantly in terms of transitioning from a complete government-controlled entity to evolution of public-private sector companies.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing industrial operations is one of the major drivers that is contributing to the growth of the Philippines power generation EPC market.
- Several government initiatives to provide electricity to rural areas is expected to augment the market growth.
- Complexity and expensive nature of coal-fired and natural-gas-fired power plants can restrain the growth of the market.
- Defects, delays, and failures to meet performance requirements can hinder the market growth.
- The COVID-19 pandemic had halted the construction activities of the power plants. This, in turn, had plummeted the growth of the market. However, the declining cases of the virus and government’s plan to gradually unlock the states for business are speculated to positively influence the market growth in the projected timeline.
- Rising concerns about energy supply and investing massive capital in the power EPC generation sector are creating challenges for the market.
- Continuous economic growth and rising population are anticipated to spur the market growth during the forecast period.
Scope of the Report
The report on the Philippines power generation Epc market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Philippines Power Generation Epc Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Conventional Thermal Power, Hydro Power, and Non-Hydro Renewables)
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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AYALA CORP/ADR (AC Energy), MANILA ELEC CO/ADR (Meralco), Daelim Industrial Co Ltd, Siemens AG, and SMC Global Power Holdings Corp.
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Philippines Power Generation Epc Market Segment Insights:
Based on types, the market is divided into conventional thermal power, hydro power, and non-hydro renewables. The conventional thermal power segment is anticipated to account for a key market share and is anticipated to grow at a steady rate during the forecast period. Conventional thermal power is the power that is generated through fossil-fuel sources, such as coal, natural gas, and oil.
In 2018, conventional thermal power generated approximately more than 75% of electricity in Philippines. Out of the various sources of generating conventional thermal power, the majority of energy came from coal in the same year. Coal contributed approximately 68% to the conventional thermal power electricity generation, producing 51932 gigawatt-hours (GWh) of electricity in 2018. It is evident that conventional thermal power is expected to grow substantially during the forecast period.
The non-hydro renewables segment is anticipated to exhibit a high CAGR during the forecast period. Rising depletion of fossil reserves and growing environmental concerns are driving the segment growth. On the other hand, increasing number of companies venturing into the renewable energy industry is further propelling the growth of the segment. Moreover, government state bodies are implementing policies and providing subsidies for solar energy manufacturers to increase the reliance on the renewable energy.
Segments
Segments Covered in the Report
The Philippines Power Generation Epc has been segmented on the basis of
Types
- Conventional Thermal Power
- Hydro Power
- Non-Hydro Renewables
Country
Key Players
- AYALA CORP/ADR (AC Energy)
- MANILA ELEC CO/ADR (Meralco)
- Daelim Industrial Co Ltd
- Siemens AG
- SMC Global Power Holdings Corp.
Competitive Landscape
The major players of the market are AYALA CORP/ADR (AC Energy), MANILA ELEC CO/ADR (Meralco), Daelim Industrial Co Ltd, Siemens AG, and SMC Global Power Holdings Corp.
Companies are engaging in partnerships with government agencies, mergers, and acquisitions to expand their market share.
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