Saudi Arabia Power EPC Market Outlook 2031:
The Saudi Arabia power EPC market size was valued at USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 7.5% during the forecast period 2023–2031. The growth of market is attributed to increasing usage of renewable energy, growing number of power plant, massive availability of fossil fuel resources, and tremendous capacity of Saudi Arabia’s energy mix.
Country witness a drastic rise in the demand curve for the renewable energy from the last few years mainly driven by the rising concern towards environment. In 2018 renewable energy capacity installed was 87MW which sky rocketed to 397 MW by the year 2019. One of the major factors for the increasing demand for renewable energy is due to country plans to reduce the usage of gas & oil in power generation.
Privatization of power plant is estimated to offer lucrative opportunities for the market player and if government capitalized its opening large sum of investments can be expected that can help in the renovation of power sector and help the country in providing the virtuosity for renewable power generation at low cost.
The COVID-19 pandemic affected the demand and supply of Saudi Arabia power EPC market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Saudi Arabia Power EPC Market Trends, Drivers, Restraints, and Opportunities
- Increasing diverseness from oil & gas energy towards renewable source of energy is estimated to drive the market during the forecast period.
- Growing number of energy power plant in the country is expected to boost the market in the coming years.
- Rising country’s capacity for the energy mix is anticipated to fuel the market during the projected period.
- Increasing government initiative towards the use of renewable source to its full potential for power generation is estimated to propel the market during the forecast period.
- Unstable geopolitics of the region possesses a major factor that can hamper the growth of the market in the coming years.
- R&D investment and technological advancement in reformation of power sector to produce energy at low cost offers lucrative opportunities for the key players in the market.
Scope of Saudi Arabia Power EPC Market Report
The report on the Saudi Arabia power 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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Saudi Arabia power EPC market – Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Power Generation (Thermal and Renewable), Power Transmission & Distribution
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Country
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Saudi Arabia
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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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Nour Energy (ASTRA Group); Saudi Electric Company (SEC); Power and Water Utility Company (MARFIQ); ACWA Power; Arabian Electrical Transmission Line Construction Company (AETCON)
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Saudi Arabia Power EPC Market Segment Insights
The thermal segment is expected to hold a key share of the market
In the term of production, the market is segregated into power generation and power transmission & distribution. The power generation segment is further bifurcated into thermal and renewable. The thermal segment is expected to hold a key share of the market in the coming years owing to metric tons of crude oil reserves and the main source of thermal is crude oil and natural gas, changing preference towards clean energy source increases the energy production through renewable resources.
On the other hand the power transmission & distributions segment is expected to grow at a steady pace owing to reformation in the power sector is required to generate the renewable energy at low cost for the population.
Segments
Saudi Arabia power EPC market has been segmented on the basis of
Production
- Power Generation
- Power Transmission & Distribution
Country
Key players
- Nour Energy (ASTRA Group)
- Saudi Electric Company (SEC)
- Power and Water Utility Company (MARFIQ)
- ACWA Power
- Arabian Electrical Transmission Line Construction Company (AETCON)
Competitive Landscape
Key players competing in Saudi Arabia power EPC market include Nour Energy (ASTRA Group); Saudi Electric Company (SEC); Power and Water Utility Company (MARFIQ); ACWA Power; Arabian Electrical Transmission Line Construction Company (AETCON) Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
For instanceIn January 2021, ACWA Power announced a financial deal of USD 125 million with APRICORP to supports its future pipeline a five year deal has been signed with ACWA Power to support their renewable projects. In January 2021, L&T power transmission & distribution business unit won two transmission line package worth USD 339 million and USD 135 million the scope of work includes construction of 380 kV double circuit overhead transmission which run over 650 km long.
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