Power Generation Construction Project Insights and Analytics (Q4 2023)
All the vital news, analysis, and commentary curated by our industry experts.
Power Generation Construction Projects Overview
The power generation construction projects pipeline is worth $6.47 trillion in 2023. Major projects have faced large cost hikes in recent quarters owing to the impact of the Russia-Ukraine conflict on global energy markets. Heightened risk stemming from the ongoing uncertainty surrounding geopolitical escalation and volatility in energy markets is expected to keep investor confidence relatively low in the short term. However, the conflict in Ukraine has emphasized the need to diversify energy supply and develop independent supply chains in many markets, particularly in Europe which has tended to rely heavily on Russian energy imports in recent decades. In addition, the growing global political will to decarbonize the economy is also driving power generation construction away from carbon-based energy sources to renewable energy sources such as wind, solar, and nuclear power, which account for the largest share of the pipeline’s value.
|Market Size (2023)
|· Western Europe
· North America
· Middle East and North Africa (MENA)
· Northeast Asia
· South Asia
· Southeast Asia
· Eastern Europe
· Latin America
· Sub-Saharan Africa
|· Wind Energy
· Solar PV
|Key Funding Mode
|• Electroingenieria SA
• MerweOord BV
• ASE Engineering Co
• Shanghai Electric (Group) Corporation
• Power Construction Corporation of China
|Leading Designers and Consultants
|• Fugro NV
• UJV Rez AS
• Bechtel Group Inc
• Vietsovpetro JVC
• State Power Investment Corp
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Power Generation Construction Projects Segmentation by Sectors
The key sectors of the power generation construction projects are wind energy, hydroelectric, nuclear, solar PV, gas, coal, and others. In terms of energy generation per sector, wind farm projects account for the largest share of over 40%, followed by hydro and solar power.
Power Generation Construction Projects Analysis, by Sectors, 2023 (%)
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Power Generation Construction Projects Regional Segmentation
The key regions in the power generation construction projects are Northeast Asia, Western Europe, South Asia, North America, Southeast Asia, Latin America, Eastern Europe, Australasia, the Middle East and North Africa (MENA), and Sub-Saharan Africa. The largest region in terms of power generation pipeline value is Western Europe. It has a large share of wind energy projects at 72%, marking considerable efforts to increase the share of renewable energy in its energy mix. North-East Asia closely follows with major contributions from China. Efforts are being made to phase out coal and develop cleaner energy sources, reflected in its sizable share of hydroelectric, wind, and nuclear projects.
Western Europe: The United Kingdom dominates the project pipeline in Western Europe. Energy policy has changed dramatically in the UK over the past ten years, beefing up investment in renewable energy significantly. The government intends to generate all electricity from clean energy sources, primarily wind and solar, by 2035. As part of the Autumn Budget 2023, the government set out plans for the creation of a new nuclear power plant – Sizewell C. The project will be the first state-backed nuclear project that the country has undertaken in over 30 years.
North America: The shift to renewable energy sources will define the power generation project pipeline in North America, with a small percentage of carbon-based power plants in the project pipeline. A concerted effort by the US and Canada to heavily reduce carbon emissions by increasing public investment and subsidies in renewable energy production, setting emission targets, and increasing regulation and taxes on high-emission industries. The US government plans to achieve a 100% clean energy economy by 2035, as well as net-zero emissions by 2050. In addition, the Biden administration is eager to invest heavily in renewable energy projects; after signing the Infrastructure and Jobs Act into law in November 2021, the government allocated a budget to upgrade the nation’s electricity grid through the construction of renewable energy projects and new transmission lines.
Power Generation Construction Projects Analysis, by Regions, 2023 (%)
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Power Generation Construction Projects Segmentation by Funding Modes
The key funding modes in power generation construction projects are public, public/private, and private. In terms of project funding, private investment accounts for the largest share of the pipeline value at 56%, followed by public funding, and joint public-private funding.
Power Generation Construction Projects Analysis, by Funding Modes, 2023 (%)
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Power Generation Construction Projects – Competitive Landscape
Some of the leading contractors involved in power generation construction projects are:
- Electroingenieria SA
- MerweOord BV
- ASE Engineering Co
- Shanghai Electric (Group) Corporation
- Power Construction Corporation of China
Some of the leading designers and consultants involved in power generation construction projects are:
- Fugro NV
- UJV Rez AS
- Bechtel Group Inc
- Vietsovpetro JVC
- State Power Investment Corp
Power Generation Construction Projects Analysis, by Companies, 2023 (%)
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Power Generation Construction Projects – Latest Developments
- Renantis has announced the signing of a 10-year Power Purchase Agreement (PPA) with Merck, a leading science and technology company. Merck will be the corporate off-taker for the energy from two of Renantis’ onshore wind farms under development in Spain upon their completion.
- US-based Westinghouse Electric, France’s EDF, and South Korea’s KHNP have placed final bids with Czech utility CEZ for a new nuclear unit at the Dukovany Power Plant II facility. The suppliers submitted bids for Dukovany Unit 5 and non-binding bids for another three nuclear reactors.
Power Generation Construction Projects Segmentation
Power Generation Construction Projects Regional Outlook (Value, $ Trillion)
- North America
- Northeast Asia
- South Asia
- Middle East and North Africa (MENA)
- Southeast Asia
- Western Europe
- Eastern Europe
- Latin America
- Sub-Saharan Africa
Power Generation Construction Projects Funding Mode Outlook (Value, $ Trillion)
- The report provides analysis based on GlobalData’s construction projects showing total project values and analysis by stage and funding for all regions.
- The top 20 projects per region are listed giving the country, stage, and value of the projects. Ranked listings of the key operators for the sector are also provided showing the leading contractors, consulting engineers, and project owners.
Reasons to Buy
- Gain insight into the development of the power generation construction sector.
- Assess all major projects by value, start date, scope, and stage of development globally, for the regions to support business development activities.
- Plan campaigns by country based on specific project opportunities and align resources to the most attractive markets.
Table of Contents
Global – Power Generation Construction Projects
Global – Top 20 Power Generation Construction Projects
Middle East and North Africa
Frequently asked questions
What is the power generation construction project pipeline value in 2023?
The power generation construction project pipeline is worth $6.47 trillion in 2023.
What are the key regions in the power generation construction projects?
In 2023, the largest region in terms of power generation pipeline value is Western Europe.
Which is the leading funding mode for the power generation pipeline projects?
In terms of project funding, private investment accounts for the largest share of the pipeline value.
Who are the leading contractors in the power generation construction projects?
Some of the leading contractors involved in the power generation construction projects are Electroingenieria SA, MerweOord BV, ASE Engineering Co, Shanghai Electric (Group) Corporation, and Power Construction Corporation of China among others.
Who are the leading designers and consultants in power generation construction Projects?
Some of the leading designers and consultants involved in the power generation construction projects are Fugro NV, UJV Rez AS, Bechtel Group Inc, Vietsovpetro JVC, and State Power Investment Corp among others.
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