Iraq Power EPC Market Size, Industry & Opportunities [2031]

Segments - Iraq Power EPC Market by Sectors (Thermal, Renewables, and Others), Transmission and Distribution, and Country - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023–2031

Author : Raksha Sharma

Fact-checked by : Vineet Pandey

Editor : Swapnil Hedau

Report Description

The Iraq power EPC market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 5% during the forecast period, 2023–2031. 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 EPC projects are driving the growth of the market.

Iraq Power EPC Market Drivers, Restraints, Trends, and Opportunities

Rising number of solar energy projects is anticipated to proliferate the market growth.
Growing population is one of the major factors driving the market growth.
The ongoing COVID-19 pandemic had disrupted the supply chain in the country. This, in turn, has hampered the growth of the market.
The US sanctions on Iraq is impeding the market growth.
Rapid industrialization owing to implementation of government policies and plans is speculated to proliferate the growth of the market.
In April 2020, the Government of Iraq decided to reduce gas and electricity imports by 75%. This is expected to create lucrative opportunities for new entrants and emerging players in the country.

Scope of Iraq Power EPC Market Report

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	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Sectors (Thermal, Renewables, and Others), 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

Iraq Power EPC Market Segment Insights

Renewables segment to exhibit a high CAGR

Based on sectors, the power EPC 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.

Transmission and distribution segment to grow at a rapid rate

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

Sectors

Thermal
Renewables
Others

Transmission

Distribution

Country

Iraq

Key players

North Power Company Ltd
General Electric Company
Shamara Holding Group
Unitech EPC Solutions
Siemens AG

Competitive Landscape

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 MW of clean electricity by 2030.

Iraq Power EPC Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Power EPC Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Power EPC Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Power EPC Market - Supply Chain
  4.5. Global Power EPC Market Forecast
     4.5.1. Power EPC Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Power EPC Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Power EPC Market Absolute $ Opportunity
5. Global Power EPC Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Power EPC Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Power EPC Demand Share Forecast, 2019-2026
6. North America Power EPC Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Power EPC Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Power EPC Demand Share Forecast, 2019-2026
7. Latin America Power EPC Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Power EPC Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Power EPC Demand Share Forecast, 2019-2026
8. Europe Power EPC Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Power EPC Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Power EPC Demand Share Forecast, 2019-2026
9. Asia Pacific Power EPC Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Power EPC Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Power EPC Demand Share Forecast, 2019-2026
10. Middle East & Africa Power EPC Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Power EPC Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Power EPC Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Power EPC Market: Market Share Analysis
  11.2. Power EPC Distributors and Customers
  11.3. Power EPC Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. North Power Company Ltd
     11.4.2. Shamara Holding Group
     11.4.3. Unitech EPC Solutions
     11.4.4. General Electric Company
     11.4.5. Siemens AG