Equatorial Guinea Power EPC Market - Growth, Trends, and Forecasts (2020 - 2025)
The market is segmented by Power Generation (Thermal, Hydro, and Others) and Transmission and Distribution
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Scope of the report
Key Market Trends
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The Equatorial Guinea power EPC market is expected to grow at a CAGR of over 4.5% in the forecast period of 2020-2025. Factor such as increasing investment is likely to drive the Equatorial Guinea power market in the forecast period. However, low transmission infrastructure, accounting for electricity access to only 67% of the population (in 2018), is expected to impede growth in the sector.
The hydropower segment is the fastest-growing segment and is likely to dominate the market in the forecast period. Increasing investment into the sector and increasing the power generation by hydropower plants is expected to aid the growth in the market.
The country is investing in small scale hydro and solar projects. An increase in renewable projects with decreasing dependence upon fossil fuel can become an opportunity for the players in the power market.
The increasing installation of different power projects, with a heavy focus on the hydro projects in the country, is likely to drive the Equatorial Guinea power market in the forecast period.
Scope of the report
The Equatorial Guinea power EPC market report include:
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Key Market Trends
Hydro Power to Dominate the Market
Hydro Power is the power that is generated from the flow of water and converted into electrical energy. As of 2019, It constitutes around 32.5% of power generation capacity in the country. With the addition of new hydropower projects, it is expected to assume the highest share of power generation in the nation.
In 2019, the 200 MW Sendje project is being constructed on the Wele river in Equatorial Guinea. When completed, the project is expected to be the largest among all the country’s generating installations, and its 63 m-high concrete dams will be among the highest in Africa.
In 2018, The completion of the Djibloho hydropower plant by Power Construction Corporation of China in Equatorial Guinea is expected to create a capacity of approximately 120-MW in the country. It is the largest hydropower plant of its kind in the country.New projects like this are expected to aid the growth of the EPC market in the country.
Therefore, it is likely that hydropower is expected to dominate the Equatorial Guinea power EPC market in the forecast period.
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Increasing Investments to Drive the Market
An increase in investment and rising consumption in the country are expected to provide growth in the market. Although the country heavily relies on the oil and gas sector, many new renewable power projects are underway.
In 2018, Wärtsilä Oyj Abp was awarded a 38-megawatt (M.W.) power plant project in Equatorial Guinea. The project is financially sponsored by the Ministry of Hydrocarbons with the intention to boost the development of the local industry.
A 24 MW Wärtsilä Oyj Abp power plant located in Bata, the country’s largest city, in 2019, provides thermal production of energy for continental Equatorial Guinea. The plant is based on thermal energy and uses gas as the primary fuel.
The access to electricity to the populace of Equatorial Guinea increased by 0.344%, to 67.03%, in 2018 from 66.77% in 2017. Access to power is expected to increase in the forecast period due to governmental support and may act as a driver to the market.
Hence, investments in the industry are expected to drive the Equatorial Guinea power EPC market in the forecast period.
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The Equatorial Guinea power EPC market is consolidated. Some of the key players in this market include Duglas Alliance Ltd., Wärtsilä Oyj Abp, and Power Construction Corporation of China.