UAE EPC Power Market is anticipated to grow at
a steady CAGR during the forecast period of 2024-2028. The UAE EPC Power Market
is a rapidly evolving and growing market for energy efficiency and power
service providers across the UAE. The UAE is committed to achieve an enhanced energy
efficiency and has identified the energy sector as one of its top priorities. Due
to the rapid rise in population and urbanization, as well as the burgeoning
industrial expansion, there has been an ever-increasing need for power,
creating a surge in investments in the UAE power engineering, procurement, and
construction (EPC) market.
An EPC contract is distinct from the
build-to-order units, which are tailor-made to the customer's specifications.
The contractor, upon signing the EPC agreement, is responsible for the entire
project, right from its initiation to the point of its ultimate completion when
the project is transferred to the client. The government has set aggressive
goals for energy efficiency and has put measures in place to ensure that these
goals are met.
In addition, the introduction of new
technologies, such as smart grids and the Internet of Things, is driving the
UAE EPC Power Market forward. These technologies enable businesses to better
understand and manage their energy usage and can help them to reduce their
energy costs. Furthermore, the increasing need for energy security is driving
the market forward, as businesses strive to become more energy resilient.
Finally, the development of energy efficiency standards and codes have an
impact on the market, as these standards are critical for ensuring the safety
and performance of energy systems. In
conclusion, the UAE EPC Power Market is a rapidly evolving and growing market
for energy efficiency and power service providers across UAE.
As a result, 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.
Increasing number of contractual
enterprises to stimulate market expansion.
The UAE EPC power market has been a key
player in the global energy landscape, offering a wide range of services and
solutions for the energy sector. By increasing the number of contractual
enterprises, the EPC market can stimulate market expansion and growth. This can
be attributed to the various advantages that contractual enterprises bring to
the table, such as access to capital, expertise, and resources, as well as
access to global markets. The increasing
number of contractual enterprises can help in providing better access to
financing, as well as reduce the cost of doing business.
This can be beneficial for EPC companies,
as they will be able to access more investment capital at lower rates of
interest. It allows them to diversify their portfolios, which in turn increases
their profitability and reduces their risk. Furthermore, it allows them to
access foreign markets, which can provide them with a wider range of customers
and opportunities. Thus, the increased number of contractual enterprises can
lead to a more efficient and profitable EPC power market. Moreover, contractual enterprises can help to
create a more efficient and cost-effective EPC model as they can provide access
to resources and expertise from other industries leading to increased customer
satisfaction and loyalty. Furthermore, contractual enterprises can also help to
create a more competitive market, as they can bring in new technology, ideas,
and approaches. This can help to provide EPC companies with a competitive edge,
as they can use these to differentiate themselves from their competitors. Also,
the increased number of contractual enterprises can help to create more jobs in
the EPC market, as they can provide additional employment opportunities. This
can be beneficial for both the EPC companies and their employees, as it can
help to provide more economic security and stability. Overall, increasing the number of contractual
enterprises can help to stimulate market expansion and growth in the UAE EPC
power market. It can help to provide access to financing, resources, and
expertise, as well as create a more efficient and cost-effective EPC model.
Furthermore, it can help to create a more competitive market, as well as
provide additional employment opportunities. Thus, the increased number of
contractual enterprises can play a pivotal role in driving the growth and
development of the UAE EPC power market.
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Rapid domestic demand is expected to drive
the market.
UAE is a major player in the EPC
(Engineering, Procurement, and Construction) power market, due to its strong
economic growth, rapid population expansion, and ambitious infrastructure
projects. UAE has seen strong economic
growth over the last decade due to its various industries, such as oil and gas,
finance, tourism, and construction. This growth has been further boosted by
foreign investments and strategic infrastructure developments, such as the
UAE's free-trade zones.
This growing economic activity has allowed
the country to develop rapidly. The
UAE's population is growing, as more people move to the country to take
advantage of the booming economy. This rapid population growth has led to a
greater demand for power, as new businesses and homes need electricity to
function. The government has been working hard to meet this increasing demand
for power by investing in new power plants, upgrading existing infrastructure,
and encouraging the use of renewable energy sources. This increased demand for power has created a
greater number of opportunities in the EPC power market in UAE. As the demand
for power continue to rise, UAE is expected to continue investing in new and
upgraded infrastructure to keep up with the rising demand. This investment in
infrastructure has created a great opportunity for EPC power companies to
participate in the market. In addition,
the UAE's strategic location between Europe, Africa, and Asia makes it an
attractive destination for foreign investors. This has led to increased
competition in the EPC power market, as foreign companies look to capitalize on
the UAE's growing economy. The UAE's
strong economic growth, rapid population expansion, and ambitious
infrastructure projects have created a great opportunity for EPC power
companies to participate in the market. The increased demand for power is
expected to drive UAE EPC power market and create opportunities for businesses
in the sector. UAE is well-positioned to capitalize on the growth of the EPC
power market as it continues to invest in new and upgraded infrastructure.
The phase-out of coal-based electricity
will limit market growth.
The phase-out of coal-based electricity will have
an effect on the UAE EPC power market growth. The UAE has been a frontrunner in
the mission to reduce emissions in the region and has set a goal to become one
of the most sustainable energy markets in the world. This shift has seen the
reduction of reliance on coal-based electricity and a move towards other
renewable sources such as solar, wind, and gas.
The UAE government has invested heavily in the
renewable energy sector, with almost USD 13 billion allocated to research and
development and the construction of renewable energy projects. The UAE is
aiming to produce 44% of their electricity from renewable sources by 2050. This has resulted in
a decrease in coal-based electricity as well as the need for new plants that
use this type of fuel. The phase-out of
coal-based electricity has direct repercussions on the UAE EPC power market.
The decrease in the demand for coal-based electricity will mean that the market
for the construction of such plants is likely to decrease in the coming years.
Furthermore, the investment in renewable sources such as solar, wind, and gas
has been such that there is less of a need for new coal-based plants. This decrease in demand means that the UAE
EPC power market growth is likely to be affected in the short to medium term
future. The lack of demand for coal-based electricity will lead to a decrease
in the number of EPC projects that are based on this type of energy. This
decrease in demand will have a direct effect on the number of jobs created and
economic growth that is associated with the construction of these plants.
The need to reduce emissions has been the driving
force behind the phase-out of coal-based electricity in UAE. This shift has
been driven by UAE’s commitment to reduce their carbon footprint and promote
clean energy. Although this will have a negative effect on UAE EPC power market
in the short term, it is likely to benefit the market in the long term, as the
shift to renewable sources will create more job opportunities. Overall, the phase-out of coal-based
electricity in the UAE is likely to slow down the growth of the UAE EPC power
market in the short term. However, it is important to note that this shift is
necessary to reduce emissions and promote sustainable energy sources that are
beneficial for the environment. In the long term, the shift to renewable energy
sources is likely to create more job opportunities and economic growth in the
country.
Recent Developments
- In January 2023, Abu
Dhabi National Energy Company, TAQA has successfully concluded the
acquisition of BTU Power Company's entire interest in the Taweelah B IWPP,
located in the Emirate of Abu Dhabi.
- In February 2023, Brooge
Energy announced the launch of a UAE-based Green Hydrogen and Green Ammonia
project, which will be powered by a 650-megawatt Solar Photovoltaic (PV)
project in Phase I. This project is poised to make a major contribution to the
shift to cleaner energy sources in UAE and wider region.
Market Segments
UAE EPC power
market is divided based on Technology, end-user, application, services, and
region. 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 construct. 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 among Dubai, Abu Dhabi, Sharjah, and rest of UAE.
Market Players
Major
market players of the UAE EPC Power Market
are 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, Jinko Solar Trading (Dubai) Co., Ltd, Sumitomo Corporation
Middle East FZE, and L&T Electrical and Automation (E&A) – UAE.
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Attribute
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Details
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Base Year
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2022
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Historic
Data
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2018 –
2021
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Estimated Year
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2023
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Forecast
Period
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2024 – 2028
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Quantitative Units
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Revenue in USD Million, and CAGR for
2018-2022 and 2023-2028
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Report
coverage
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Revenue
forecast, company share, growth factors, and trends
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Segments covered
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Technology
End-User
Application
Service
Region
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Regional
scope
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Dubai, Abu
Dhabi, Sharjah, Rest of UAE
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Key companies profiled
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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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Customization
scope
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10% free report
customization with purchase. Addition or alteration to country, regional
& segment scope.
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Pricing and purchase options
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Avail customized purchase options to
meet your exact research needs. Explore purchase options
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Delivery
Format
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PDF and Excel through Email
(We can also provide the editable version of the report in PPT/Word format on
special request)
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Report Scope:
In this report, UAE EPC Power Market has been segmented into
following categories, in addition to the industry trends which have also been
detailed below:·
UAE EPC Power Market, By Technology:
o Thermal
o Oil & Gas,
o Renewable
o Nuclear
o Others
·
UAE EPC Power Market, By End-User:
o Residential
o Commercial
o Construct
·
UAE EPC Power Market, By Application:
o Grid-Connected Power System
o Off-Grid Power System
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UAE EPC Power Market, By Service:
o Engineering
o Procurement
o Construction
o Operations & Maintenance
Services
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UAE EPC Power Market, By Region:
o Dubai
o Abu Dhabi
o Sharjah
o Rest of UAE
Competitive Landscape
Company Profiles: Detailed analysis of
the major companies present in UAE EPC Power Market.
Available Customizations:
UAE EPC Power with the given market data, Tech
Sci Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
UAE EPC Power Market is an upcoming report to be released soon. If you
wish an early delivery of this report or want to confirm the date of release,
please contact us at [email protected]