Power Generation EPC Market

1. Power Generation EPC Market - Vietnam Industry Analysis, Growth, Share, Size, Trends, and Forecast The Vietnam power generation EPC market size is expected to expand at a CAGR of 3% during the forecast period, 2021-2028. The growth of the market is attributed to the increasing power generation capacity. EPC refers to engineering, procurement, and construction. The key concept of EPC is that one organization that is the contractor supports every aspect of the project and provides a single point of communication and responsibility of the project. The use of EPC contracts in the power generation sector in the country has evolved constantly in recent years due to the tremendous changes that are taking place in the business and technology areas of the country. Most of the power generation projects use EPC contracts. All projects must be time-bound to be profitable; however, the market still suffers inherent delays for a variety of reasons, especially for larger and more complex projects, which are delayed due to land acquisition complications or environmental remediation issues. Rising electric vehicle and heat pump demand and increasing requirement for interconnectors have resulted in increased installation of transmission and distributions (T & D) lines, creating several opportunities for the major power EPC companies in the Vietnam market. Market Trends, Drivers, Restraints, and Opportunities  Increasing renewable energy capacity of the country is expected to drive the Vietnam power EPC generation market during the forecast period.

2.  Rising investments in the power sector by the government state bodies and private players is expected to drive the market growth. The Government of Vietnam has planned to meet 10% of its energy demand from renewable sources by 2030. This is expected to create remunerative opportunities for the Vietnam power generation EPC market in the coming years. The upgradation of the power generation plants is difficult and costly, which is expected to restrain the market growth. Defects, delays, and failure to meet performance requirements can have serious consequences in terms of lost income, which can restrain market growth. The COVID-19 pandemic disrupted the growth of the market owing to disruption in supply chain across the globe. However, the market is anticipated to recover soon. Rising foreign investments owing to implementation of favorable government policies is expectedto create lucrative opportunities for the industry players in the projected timeline.      Sample - https://growthmarketreports.com/request-sample/1469 Market Segment Insights Conventional thermal segment to account a large market share Based on sources, the market is divided as conventional thermal, hydro, and non-hydro renewables. The conventional thermal segment is projected to account for a large market share during the forecast period. Conventional thermal power is generated through various sources, such as coal, natural gas, nuclear, and oil. Coal contributed approximately 65% to the conventional thermal power electricity generation, producing 86.6 terawatt-hours (TWh) of electricity. The AES Corporation was awarded by the Government of Vietnam for constructing a combined cycle gas power plant, which is going to be located in the province of Binh Thuan, Vietnam. The plant is expected to have a total capacity of 2200 megawatts (MW). The company is expected to start the construction of this combined cycle gas power plant by 2021 and is expected to by complete 2024. The hydro segment is expected to grow at a robust rate during the forecast period. Hydro energy is one of the prominent sources of renewable energy in the country, followed by solar energy. On the other hand, the non-hydro renewables segment is anticipated to exhibit a high CAGR during the forecast period. Increasing number of foreign investors in the solar and wind energy segment is propelling the segment growth. Inquiry- https://growthmarketreports.com/enquiry-before-buying/1469 Competitive Landscape The Vietnam power generation EPC market is moderately consolidated. All the key players occupy a good amount of market share. Some of key players in this market include JGC Holdings Corporation, LILAMA Corporation, Doosan Heavy Industries Construction Co Ltd, Toshiba Corp, and IHI Corp. About Growth Market Reports:

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