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 |
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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.
