UAE EPC Power Market is Dominated by Abu Dhabi During the Forecast Period 2024-2028
The gradual transition away from oil and gas towards
renewable energy sources such as solar, wind, and bioenergy would be the
primary driver of the UAE EPC power market during the projected period of 2024-2028.
According to
TechSci Research report, “EPC Power Market - UAE Industry Size,
Share, Trends, Opportunity, and Forecast, 2018–2028”, the country has invested heavily in the
development of renewable energies, such as solar and wind, as well as in other
energy sources. The UAE EPC power market
is a highly competitive market with a variety of companies offering energy
efficiency and power services. These companies offer a range of services,
including solar photovoltaic (PV) systems, wind generation, and distributed
energy sources (DES). Additionally, many of these companies offer services
related to the design, installation, and maintenance of efficient energy
systems. Companies in this sector focus on energy storage and demand-side
management. The UAE EPC power market is
experiencing numerous drivers and trends. First and foremost, UAE is committed
to achieving energy efficiency by promoting the use of renewable energies and
other energy sources. The country is encouraging companies to invest in energy
efficiency initiatives, such as renewable energy and energy storage, and is
providing incentives for businesses that do so. Furthermore, the government has
set aggressive goals for energy efficiency and has put measures in place to
ensure that these goals are met. UAE’s
swift growth in its EPC power market has been due to its diversified sources of
energy. It is focusing on renewable energy sources, such as solar and wind
energy, along with traditional sources such as oil and gas. As a result, the
UAE is increasingly tapping into a variety of energy sources to power its
ever-growing population and develop its economy.
One of the main components of
the UAE’s Energy Strategy 20-year plan is to double the efficiency of its power
sector. This is being achieved through various initiatives such as the
introduction of an independent regulator, the introduction of new EPC policies
and regulations, and the introduction of new technologies and practices.
The UAE’s commitment to
double its energy output makes the EPC market increasingly competitive, as
there is a growing number of players in the market. These players include
international EPC providers, which offer a range of services in project
development. The country's commitment to energy efficiency and the introduction
of new technologies are driving the market forward, and there is increasing
demand for energy services and solutions. This expansion will attract
investments in renewables in the nation, strengthening the UAE EPC power market
throughout the projection period.
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Figures spread through XX Pages and an in-depth TOC on the "UAE EPC Power Market”
UAE EPC Power Market is divided based on technology, end-user,
application, and services. Based on technology, the market is further
bifurcated into thermal, oil & gas, renewable, nuclear, and others. Based
on end-user, the market is divided into residential, commercial, and industrial.
Based on application, the market is divided into grid-connected power system
and off-grid power system. Based on Service, the market is divided into engineering,
procurement, construction, operations, and
maintenance services. The market analysis studies the regional
segmentation to devise regional market segmentation, divided among Dubai, Abu
Dhabi, Sharjah, and rest of UAE.
The UAE is home to one of the world's largest solar power projects, the
Mohammed bin Rashid Al Maktoum Solar Park. This project aims to reach a total
capacity of 5,000 megawatts (MW) by 2030, contributing to the UAE's goal of
increasing the share of renewable energy in its energy mix. UAE has diversified
its energy mix through the development of nuclear power plants. The Barakah
Nuclear Energy Plant, comprising four reactors, is the UAE's first nuclear
power project and is expected to provide a significant contribution to the
country's electricity needs. The UAE aims to enhance energy efficiency and reduce
carbon emissions. EPC companies are expected to incorporate innovative and
sustainable technologies, such as energy-efficient equipment, smart buildings,
and advanced monitoring systems, to achieve these goals.
Key market
players in the UAE EPC power market include:
- Abu
Dhabi National Energy Company (TAQA)
- GE Power and
Water Middle East and Africa
- Abu Dhabi
Future Energy Company (Masdar)
- Siemens LLC
UAE
- Hitachi ABB
Power Grids UAE
- Mitsubishi
Electric Power Products Middle East
- L&T
ELECTRICAL AND AUTOMATION (E&A) – UAE
- SUMITOMO
CORPORATION MIDDLE EAST FZE
- Jinko Solar
Trading (Dubai) Co., Ltd
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“The UAE EPC (Engineering, Procurement,
and Construction) power market has noted its stability and growth potential in
recent years. It cite the country's investment in infrastructure with favorable
laws and regulations, as key factors in the market's development. With an
expected increase in the number of projects and investments, the UAE EPC power market
is expected to continue its positive trajectory in the coming years. During the projection period,
sophisticated and efficient technologies such as supercritical and
ultra-supercritical coal power plants, as well as the government's intention to
increase renewable energy contribution, are likely to provide many chances for
the UAE EPC power market. Increasing power-related projects throughout the
world are likely to boost UAE EPC power market growth over the forecast period,”
said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
UAE EPC Power Market By Technology (Thermal, Oil & Gas, Renewable,
Nuclear, Others), By End-User
(Residential, Commercial, Industrial), By Application (Grid-Connected Power System, Off-Grid Power System), By Service (Engineering, Procurement,
Construction, Operations & Maintenance Services), By Region,
Forecast and Opportunities, 2028 has evaluated the future growth potential of UAE EPC Power Market
and provides statistics & information on market size, structure, and future
market growth. The report's goal is to give current market knowledge and assist
decision makers in making informed investment decisions. Furthermore, the report
identifies and analyses emerging trends, as well as key drivers, challenges,
and opportunities in the UAE EPC Power Market.
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