Qatar Power EPC Market to be Driven by the Growing Adoption of Vertical Power EPC Services by 2028
Growing energy consumption, increasing digitalization,
and reliance on power-operated equipment will boost the adoption of the Power
EPC market in Qatar between 2024 and 2028.
According to
TechSci Research report, “Qatar Power EPC Market - By Region,
Competition Forecast & Opportunities, 2018-2028F”, the Qatar Power EPC Market is
expected to register robust growth during the forecast period 2024-2028. The power sector in Qatar
has seen tremendous growth in recent years, with a focus on expanding the
country's energy infrastructure to meet the demands of its rapidly developing
economy. As a result, the Engineering, Procurement, and Construction (EPC)
market for power projects in Qatar has experienced substantial growth.
Qatar's energy sector is
heavily dependent on natural gas, which accounts for nearly all the country's
electricity generation. However, the government has set a goal to increase the
share of renewables in the country's energy mix to 20% by 2030. To achieve
this, Qatar has launched several initiatives aimed at increasing the use of
solar and wind power in the country. The government's focus on diversifying its energy mix has
opened up opportunities for EPC companies to bid for renewable energy projects
in Qatar. Major projects in the pipeline include the 800 MW solar power plant,
the first of its kind in the country, and the 800 MW Al Kharsaah Solar PV Power
Plant, which is set to become one of the largest solar power plants in the
world.
The Qatar power EPC market is
expected to see robust growth in the coming years, driven by the government's
focus on diversifying its energy mix and increasing the use of renewable energy
sources. This presents an opportunity for EPC companies to expand their
operations in Qatar and contribute to the country's energy transition efforts. Power
demand in the country
Qatar has placed an emphasis on the use of renewable energy sources as a means
of attaining its sustainability goals. To this effect, it has established an
objective of producing twenty percent of its electricity from renewable sources
by the year 2030. This has allowed Power EPC companies to take advantage of numerous
prospects for participating in the fabrication of solar and wind power systems,
as well as associated transmission and distribution infrastructure is expanding at a rapid
pace. In tandem with this expansion, the power generating industry has seen major
capacity expansions. As the power production industry has developed, so has the
need for expansion and upgrading of transmission infrastructure, resulting in
increased investment in this sector. According to the International Renewable
Energy Agency (IRENA), global renewable energy capacity reached 3,372 gigawatts
(GW) by the end of 2022, with an increase of 9.6% compared to the previous
year. The following variables are driving the expansion of transmission and
distribution infrastructure.
The total cost of generating
electricity from renewables is higher than that from traditional sources.
Renewable energy, on the other hand, is developing and competing with
fossil-fuel-based power plants. The sector has become more enticing to
investors as a result of increased government aid and improving economic
conditions. The Qatar Power EPC market is expected to witness significant
growth in the coming years. The country's focus on sustainable development and
the diversification of its energy mix will continue to drive investments in
power generation, transmission, and distribution projects. Additionally, the
government's commitment to hosting major international events and the
development of new infrastructure will create substantial opportunities for EPC
companies.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Qatar Power EPC Market"
Key market
players in the Qatar Power EPC Market include:
- Sewedy Electric Co SAE
- Siemens AG
- Samsung C&T Corp.
- Yokogawa Electric Corporation
- LARSEN & TOUBRO LIMITED
- Mott Macdonald Group Ltd
- Mitsubishi Electric Corporation
- ABB LTD
- QatarEnergy Renewable Solutions
- POWERCHINA Guizhou Engineering Co., Ltd
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“Qatar's energy industry is primarily reliant on natural
gas, which generates nearly all the country's power. Yet, the government's
objective of expanding renewables' contribution of the country's energy mix to
20% by 2030, creates considerable potential for EPC firms to bid on renewable
energy projects in Qatar. Generally, analysts are positive about the Qatar
power EPC market's development potential and see it as a chance for EPC firms
to expand their operations in Qatar, collectively contributing to the country's
energy transformation initiatives.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
Qatar Power EPC Market by Type (Thermal, Oil & Gas, Renewable,
Nuclear, Others), By Component (Engineering Design, Procurement, Construct), By
Region, Competition Forecast & Opportunities, 2028F has assessed the Qatar Power
EPC market's future development potential and provides data and information on
market size, structure, and projected market growth. The report's goal is to
give current market knowledge and assist decision makers in making informed
investment decisions. Furthermore, the study identifies and analyses emerging
trends, as well as key drivers, constraints, and opportunities in the Qatar Power
EPC market.
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