The Saudi Arabia EPC Power Market is anticipated to grow at a steady CAGR during the forecast period of 2024-2028. Power Engineering, Procurement, and Construction (EPC) contracts are used in the creation of electricity from a variety of sources, including renewable and non-renewable raw resources. EPC contracts are turnkey contracts in which an external consultant or contractor is responsible for creating the needed units as per client specifications, from the early phase of development through the fabrication of the completed facility, ready for operation. These facilities differ from build-to-order units, which are tailored according to the needs of the client and may be customised.
In EPC contracts, however, the contractor is responsible for the whole project development when the contract is signed, and it is only after the project is done that it is handed over to the customer. Population growth and urbanisation has increased power consumption. Furthermore, global industrial expansion has increased demand for power. As a result, substantial investments are being made in the global power engineering, procurement, and construction (EPC) sector.
Market Players
Major market players of Saudi Arabia EPC Power Market are 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, and Saipem Taqa Al-Rushaid Fabricators Company Ltd.
read more..