The Iraq power EPC market size is expected to expand at a CAGR of 5% during the forecast period 2021-2028. The growth of the market is attributed to the increasing power consumption and demand for various energy sources in the country.
Power EPC refers to engineering, procurement, and construction of power plants. Government agencies provide contracts to the industry players to complete the entire project instead of conferring fragments of the projects to different companies.
Iraq has a large reserve of hydrocarbons and it is highly dependent on thermal energy for power generation. The thermal energy is expected to dominate the power EPC market during the forecast period owing to increasing number of projects in the pipeline. Rising number of power generation projects are driving the growth of the market.
The report on the Iraq power EPC includes an assessment of the market, trends, segments and regional markets. Overview and dynamics have also been included in the report.
Attributes | Details |
Report Title | Iraq Power EPC Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year | 2020 |
Historic Data | 2018–2019 |
Forecast Period | 2021–2028 |
Segmentation | Sectors (Thermal, Renewables, and Others) and Transmission and Distribution |
Geographic Zone | Iraq |
Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report | North Power Company Ltd, Shamara Holding Group, Unitech EPC Solutions, General Electric Company, Siemens AG |
Based on sectors, the market is segregated into thermal, renewables, and others. The renewables segment is anticipated to exhibit a high CAGR during the forecast period. Declining semiconductor prices and rapid industrialization in the country are driving the growth of the market segment. Solar energy is one of the major sources of energy in the country. Despite a stagnant market of renewable energy with an installed capacity of 2311 MW, Iraq has a huge potential for solar energy. With upcoming projects and calculated goals, the renewable energy sector is projected to have significant opportunities that can drive the renewables segment.
The thermal segment is projected to dominate the market during the forecast period. In 2020, Shamara Group started the second phase of the 3,000 (mega-watts) MW independent power project (IPP) near Basra in southern Iraq. It is a combined-cycle power plant with 12 gas and six steam turbines. The third and fourth phases are expected to be completed by 2022.
In 2020, GE Gas Power completed services on four 9F.03 gas turbines, two steam turbines, and six generators at Iraq's Besmaya Power Plant, enabling the plant to reliably supply up to 3 gigawatts (GW) of electricity to the national grid.
The transmission and distribution segment is anticipated to account for a major market share during the forecast period. Rising revamping of existing electrical infrastructure to suffice the demand for increasing energy demand is driving the growth of the market segment.
Segments Covered in the Report
Sectors
Transmission
Distribution
Country
Key players
Some of the major companies in the market include North Power Company Ltd, Shamara Holding Group, Unitech EPC Solutions, General Electric Company, and Siemens AG.
Many companies are undertaking various different initiatives to drive the power EPC market in the country. They are engaging in partnerships with government state bodies and are investing in R&D activities to expand their market share.
Siemens GAMESA Renewable Energy has planned a wind atlas for Iraq along with the deployment of a 400 MWp wind farm. In 2020, the United Nations Development Program (UNDP) signed an agreement with the Governorate of Duhok to establish a pilot solar park that will provide a minimum of 2MW of electricity within a time period of two years. Duhok is planning the installation and functioning of solar parks to offer up to 40 MWof clean electricity by 2030.
Segments Covered in the Report
Sectors
Transmission
Distribution
Country
Key players
Some of the major companies in the market include North Power Company Ltd, Shamara Holding Group, Unitech EPC Solutions, General Electric Company, and Siemens AG.
Many companies are undertaking various different initiatives to drive the power EPC market in the country. They are engaging in partnerships with government state bodies and are investing in R&D activities to expand their market share.
Siemens GAMESA Renewable Energy has planned a wind atlas for Iraq along with the deployment of a 400 MWp wind farm. In 2020, the United Nations Development Program (UNDP) signed an agreement with the Governorate of Duhok to establish a pilot solar park that will provide a minimum of 2MW of electricity within a time period of two years. Duhok is planning the installation and functioning of solar parks to offer up to 40 MWof clean electricity by 2030.
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