The growing focus on renewable energy and the increasing demand for electricity are driving the Saudi Arabia EPC Power Market during the forecast period of 2024-2028.

According to TechSci Research report, Saudi Arabia EPC Power Market by Type (Thermal,Oil & Gas, Renewable, Nuclear, andOthers), By Component (Engineering Design, Procurement, and Construct), By Region, Forecast and Opportunities, 2028. The growth in Saudi Arabia's power EPC market share by the private sector will be significant for acquiring resources. The growing number of industrial activities and rising need for power supply in the country's residential areas are likely to boost the EPC Power Market. Saudi Arabia is getting increasingly worried about energy supply and is spending heavily in the power generating industry.

The entire cost of generating power from renewables is greater than the traditional sources. Renewable technology, on the other hand, is evolving and competing with fossil-fuel-based power facilities. With more government assistance and improved economics, the industry has grown more appealing to investors. This expansion will attract investments in renewable sources in the nation, strengthening the Saudi Arabia EPC Power market throughout the projection period.

Saudi Arabia's energy mix has altered drastically during the previous two decades. Improving energy efficiency was crucial to balancing energy supply and demand. ICT stands for information and communication technology (IEA). The total cost of generating electricity from renewables is higher than 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 because of increased government aid and improving economic conditions. The Kingdom's goal of satisfying its energy demand is expected to be reached by 2030, with renewable energy playing an important role. This growth will attract renewable investments in the country, bolstering the Saudi electricity EPC market over the forecast period.

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The market is segmented into Type and Components. Based on Type, the Saudi Arabia EPC Power Market is further bifurcated into Thermal, Oil & Gas, Renewable, Nuclear, and Others. Based on Components, the Saudi Arabia EPC Power Market is segmented into Engineering Design, Procurement, and Construct.

Key market players in the Saudi Arabia EPC Power Market include: 

• Doosan Heavy Industries Construction Co Ltd
• National Contracting Company Limited
• Power Construction Corporation of Chn Ltd
• Larsen & Toubro Limited
• Electrical & Power Contracting Co. Ltd
• Mahindra Group
• IVRCL Infrastructures & Projects Ltd
• Ammico International Contracting Co. Ltd
• Abdulrahman Alrabiah & Sons Group
• Saipem Taqa Al-Rushaid Fabricators Company Ltd.

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“The Saudi government has introduced several initiatives to support the growth of the power sector, including the privatization of the Saudi Electricity Company, which has attracted significant investment from both local and international companies. This has created a favorable environment for EPC contractors and service providers to enter the market and offer their expertise and services. Overall, the Saudi EPC power market is expected to experience significant growth in the coming years, driven by the government's commitment to renewable energy, the development of mega-projects, and the favorable regulatory environment.

As the market continues to grow, it will offer significant opportunities for companies in the power sector, both in traditional and renewable energy, to enter and expand their presence in Saudi Arabia. Increasing power-related projects throughout the world are likely to boost Saudi Arabia EPC market growth over the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Saudi Arabia EPC Power Market by Type (Thermal,Oil & Gas, Renewable, Nuclear, andOthers), By Component (Engineering Design, Procurement, and Construct), By Region, Forecast and Opportunities, 2028 has evaluated the future growth potential of Saudi Arabia 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 Saudi Arabia EPC Power Market.

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