Market Size of Russian Federation Power EPC Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Russian Federation Power EPC Market Analysis
The Russian Federation EPC power market is expected to grow at a CAGR of more than 2% in the forecast period of 2020-2025. Factors such as increasing population and power consumption are resulting in the growth of the power market. With growing power demand, new projects are under construction, which is driving the market significantly. The rapidly increasing renewable market is likely to drive the EPC market in the forecast period. However, installing new projects, especially renewable projects, are investment extensive, which can restrain the growth rate significantly.
- In 2019, thermal energy dominated the Russian power market. During the forecast period, with several projects, the thermal sector is expected to dominate the market
- According to IRENA, in Russia, onshore wind capacity is expected to reach 23 GW, solar PV to 5 GW, and bioenergy to 26 GW by 2030. With this anticipated growth, multiple opportunities are expected in the power EPC market.
- Russian Federation has witnessed continuous growth in the EPC market of renewable projects. With 55,190 MW renewable capacity in 2019, the Russian Federation can see a significant increase in the EPC market with upcoming renewable projects.
