Market Size of Iraq Power EPC Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Iraq Power EPC Market Analysis
The Iraqi power EPC market is expected to grow at a CAGR of more than 5% during the forecast period.
In 2020, COVID-19 had a detrimental effect on the market. Presently, the market has reached pre-pandemic levels.
- Over the medium term, with the growth in power consumption in the region, there has been an increase in the number of power generation projects, thus enabling a considerable market for the EPC industry in the power generation sector. Upcoming solar projects are also likely to drive the EPC market in the forecast period.
- On the other hand, imposed sanctions from the United States are some significant factors that can restrain the growth rate significantly.
- Nevertheless, the Iraqi government decided to reduce Iranian gas and also plans to generate between 2.24 and 7.5 GW of electricity from renewable energy by 2025. With this, Iraq is expected to create opportunities for new power projects to meet the energy deficiency.
Iraq Power EPC Industry Segmentation
Power EPC is a form of contract used to undertake the construction of power generation, transmission, and distribution projects on large-scale and complex energy infrastructure projects. EPC stands for engineering, procurement, and commissioning. Engineering and procurement involve the detailed engineering design of a project and procuring all the equipment and raw materials necessary. Construction is related to delivering a functional facility to the client.
The Iraqi power EPC market is segmented by power generation source, transmission, and distribution. By power generation source, the market is segmented into thermal, renewables, and others. For each segment, market sizing and forecasts have been done based on revenue (USD billion).
| Power Generation Source | |
| Thermal | |
| Renewable | |
| Other Power Generation Sources |
Iraq Power EPC Market Size Summary
The Iraqi power EPC market is poised for growth, driven by an increase in power consumption and a surge in power generation projects. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The government's initiatives to reduce reliance on Iranian gas and the ambitious plans to generate significant electricity from renewable sources by 2025 are expected to create new opportunities in the sector. Despite challenges such as U.S. sanctions, the market is set to benefit from upcoming solar projects and the dominance of thermal energy, which remains a critical component of Iraq's power generation strategy. The restoration and maintenance of thermal power plants, such as the Hartha Thermal Power Plant, alongside new projects in regions like Nineveh, underscore the ongoing investment in thermal energy infrastructure.
Iraq's approach to expanding its renewable energy sector, particularly solar power, is characterized by a free-market strategy that encourages foreign investment through competitive bidding. This strategy is expected to facilitate the development of substantial solar projects, contributing to the country's goal of achieving significant renewable energy capacity by 2030. The government's financial support, including substantial funds approved by the central bank for renewable energy projects, highlights its commitment to diversifying the energy mix and addressing power shortages. The market is moderately fragmented, with key players like Siemens AG and General Electric Company actively participating. As Iraq continues to pursue its energy goals, the EPC market is anticipated to experience growth, driven by both thermal and renewable energy projects.
Iraq Power EPC Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Energy Mix, 2019
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1.3 Market Size and Demand Forecast in USD billion, till 2028
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1.4 Installed Power Generation Capacity in GW, till 2022
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1.5 Recent Trends and Developments
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1.6 Government Policies and Regulations
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1.7 Market Dynamics
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1.7.1 Drivers
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1.7.2 Restraints
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1.8 Supply Chain Analysis
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1.9 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Power Generation Source
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2.1.1 Thermal
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2.1.2 Renewable
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2.1.3 Other Power Generation Sources
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2.2 Power Transmission and Distribution (T&D) - (Qualitative Analysis Only)
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Iraq Power EPC Market Size FAQs
What is the current Iraq Power EPC Market size?
The Iraq Power EPC Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Iraq Power EPC Market?
North Power Company Ltd , Shamara Holding Group , Unitech EPC Solutions , General Electric Company and Siemens AG are the major companies operating in the Iraq Power EPC Market.
