Saudi Arabia EPC Power Market by Type (Thermal, Oil & Gas, Renewable, Nuclear, and Others), By Component (Engineering Design, Procurement, and Construct), By Region, Forecast and Opportunities, 2028

The Saudi Arabia EPC Power Market

Saudi Arabia's government is promoting private enterprises and international investment to help it reduce its economic shortfalls. If the government works to liberalise the power industry, local and foreign private investors will be allowed to invest in the country, relieving pressure on government-owned power companies. The Saudi Arabia power EPC market is expected to profit in the near future as a result of the privatisation of the power industry..

Expanding contractual firms to drive market expansion.

The Global Power EPC Market is expected to expand due to increased investment in creating facilities that use renewable sources of energy and the continuous need for non-renewable sources of energy, which were previously solely responsible for a large part of power generating. Growing digitization and increased reliance on power-powered gadgets in healthcare, building construction, food and textiles, and other critical industries are driving the demand for consistent energy supply. The rising population of almost 7 billion people is a key factor to the growth in energy consumption

Increasing focus on renewable energy

Saudi Arabia has set ambitious targets for renewable energy, with the goal of generating 50% of its electricity from renewable sources by 2030. This has led to a significant increase in investment in renewable energy projects, such as solar and wind power, which are being developed through EPC contracts.

Government support and initiatives

The Saudi government has launched several initiatives to support the growth of the power sector, including the National Transformation Plan, which aims to increase the share of renewable energy in the country's power mix. The government is also providing incentives for private sector investment in the power sector, such as tax exemptions and subsidies.

Market Segments

Market Players

Major market players of

Recent Developments

In April 2021, Larsen & Toubro's (L&T) Power Transmission & Distribution Business has announced that it has secured a turnkey EPC Contract for the Sudair Solar PV Project from a consortium of ACWA Power and the Water and Electricity Holding Company (a subsidiary of the Public Investments Fund of Saudi Arabia (PIF)).