The Brunei power market size is estimated to register a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increase in investment in the energy sector
EPC is a term that stands for solar engineering, procurement, and construction. The core to this model is that the contractor covers practically every component of the project and serves as the owner's single point of contact and accountability. The huge changes that are occurring in the business and technical aspects of this industry has increased the utilization of EPC contracts in the power generating sector. EPC agreements are used in almost every power production projects. All initiatives must be completed on time to be successful. However, the market still experiences delays owing to a variety of factors, particularly for larger and more complicated projects that are delayed due to land purchase challenges or environmental remediation concerns.
Additionally, investments in the power production industry is increasing to meet the country's expanding energy demand, which is expected to enhance the power market during the projected period. For instance, in 2015, the government of Brunei announced that it aims to increase renewable energy's contribution of electricity generation more than 8% by 2035, with a concentration on PV and waste-to-energy production. The COVID-19 pandemic has caused power businesses to struggle due to economy crisis. However, the relaxation in restrictions is estimated to positively influence the market growth.
Market Trends, Drivers, Restraints, and Opportunities
- Advancements in gas turbines, digital solutions, and renewable energy are some of the factors anticipated to propel the power market in the country during the forecast period.
- Rising demand for energy is driving the market during the forecast period.
- Growing urbanization and industrialization is anticipated to boost the power market in coming year.
- High capital cost and maintenance costs of power plants can hinder market growth during the projection period.
- R&D investment and technical improvement are expected to generate lubricative opportunities for market participants.
Scope of the Report
The report on the Brunei power 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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Brunei power 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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Generation (Thermal, Renewable, and Others) and Distributions and Transmissions
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Country
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Brunei
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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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Department of Electrical Services; General Electric Company; Toshiba Corp; Berakas Power Management Company Sdn Bhd; and Brunei LNG Sdn. Bhd.
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Brunei Power Market Segment Insights
Renewable segment is expected to grow at a rapid pace
Based on generation, the market is divided into thermal, renewable, and others. The renewable segment is expected to grow at a rapid pace during the forecast period owing to increasing renewable energy installation and falling power generating costs due to advancement in technology. Moreover, various government state bodies’ determination to reduce their dependency on fossil fuel-based power generation is spurring the segment growth. Renewable energy constitutes more than 1.02% of primary energy consumption in the country. However, the hydro segment is anticipated to hold a key share of the market in the coming years due to investing in modest scale hydro and solar projects.
Distributions and transmissions segment is projected to expand at a considerable CAGR
The distributions and transmissions segment is projected to expand at a considerable CAGR during the forecast period due to rising prices for transmission and distribution boundaries, which in turn, has resulted in the increasing closure of oil and gas generation, expansion of wind, renewable power, small-hydro, and other renewable sources power generation. Moreover, increasing electric motor and heat pump demand and increasing export requirements for interconnectors, are estimated to create several opportunities for the major power EPC companies.
Segments
Segments Covered in the Report
The Brunei power market has been segmented on the basis of
Distributions and Transmissions
Country
Key Players
Competitive Landscape
Key players competing in the Ecuador power EPC market are Department of Electrical Services; General Electric Company; Toshiba Corp; and Berakas Power Management Company Sdn Bhd; and Brunei LNG Sdn. Bhd.
In August 2019 - Brunei Shell Petroleum announced plans to invest millions in the construction of 3 MW solar parks near to its headquarters, changing it from gas to solar power, which might be a step toward renewable energy in the projection term.
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