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The Australia Power EPC Market is expected to witness a CAGR of around 6.56% during the forecast period of 2022-2027. The country was hit hard by the COVID-19 outbreak. Power EPC contractors in Australia faced disruption in the procurement of the necessary equipment for projects like Neoen solar projects currently in the development phase due to the lockdown, which affected the scheduled commercial operations of the projects. Factors like favorable government schemes for small-scale solar power generation and upcoming large-scale solar power projects are expected to drive the market. Despite the presence of driving factors, the increasing share of alternative clean energy sources, hydro and wind power, and an expected delay in large-scale solar power projects are expected to restraint the growth of the market.
- Due to its high installations share, increasing renewable energy installations are expected to dominate the Australia Power EPC market during the forecast period.
- According to the Australian Energy Market Operator, regions like Queensland and New South Wales are expected to witness significant growth in energy demand, in the long run, creating opportunities in the energy market.
- Increase in the thermal based Generation is expected to drive the growth of the Australia Power EPC Market during the forecast period.
Scope of the report
The Australian Power EPC market report includes:
Key Market Trends
Increasing Renewable Energy Installations are Expected to Dominate the Market
- Australia has one of the highest average solar radiation per square meter, one of the highest per capita consumption of residential rooftop solar, and leading solar PV technology in the world, but still lags behind the rest of the world in terms of mid-scale and large-scale solar development.
- In 2020, Australia's renewable energy installed capacity stood at 6,710 MW. The share of solar stood at around 35.8% in the total renewable electricity generation. Therefore, the country is expected to witness the increasing deployment of solar PV which leads to increase in Power EPC contracts in the region.
- In May 2021, Vestas has won a 157 MW order from Neoen to deliver the engineering, procurement and construction (EPC) of Kaban Green Power Hub in Far North Queensland, Australia.The wind power project will feature 28 of Vestas V162-5.6 MW turbines from the EnVentus platform
- Moreover, In May 2020, Sterling and Wilson Solar (SWSL) along with its Australian subsidiary has secured an engineering, procurement and construction (EPC) contract valued at USD 525 million the contract is to build renewable energy park in Australia.
- The country has seen significant growth in renewable energy installations installations due to the above points. This further culminates in the improvement of the Australian Power EPC market.
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Increase in Thermal based Generation to Drive the Market
- Power generation in Australia is dominated by fossil fuels, including oil, gas, and coal. In 2020, coal was dominating power generation. However, the country is continuously decreasing the share of coal in power generation.
- Additionally, coal plants, which are the primary source of electricity generation in Australia account for around 54% of electricity generation in 2020.
- In 2020, the government announced 12 new power projects, including natural gas, pumped hydropower, and one coal-fired plant, to increase power supply and bring down energy prices. The projects are expected to boost the EPC contracts in the future significantly.
- In January 2020, the government announced to underwrite two gas power plants: APA Group’s proposed 220MW generator in Dandenong, Victoria, and Quinbrook’s proposed 132MW facility in Gatton, Queensland.
- Moreover, Energy Australia is planning to construct a gas-fired power station, Marulan Power Station, at Marulan near Goulburn in New South Wales. The project is likely to increase EPC contracts in the coming period.
- Owing to the above points, increase in thermal based power generation will lead to growth of Australia Power Market in the forecast period
The Australian Power EPC market is moderately consolidated. Some of the major companies include Origin Energy Ltd, Stanwell Corporation Limited, InterGen Services Inc, EnergyAustralia Holdings Ltd, and AGL Energy Limited among others.
- In January 2022, Australia’s UGL, part of CIMIC Group Ltd has secured three contracts worth over AUD 296 million on renewable energy and transmission projects in Queensland and South Australia. One of the order includes Vena Energy to cover engineering, procurement and construction (EPC) of an 87-MW solar farm and substation upgrade at Tailem Bend in South Australia.
- In June 2021, Elecnor has signed the contract, through a 50/50 joint venture with Australian group Clough, to build the Energy Connect project, which includes 700 kilometres of high voltage lines and 4 substations, worth a total of EUR 917 million.
Table of Contents
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, until 2027
4.3 Government Policies and Regulations
4.4 Recent Trends and Developments
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Power Generation
5.2 Power Transmission & Distribution (T&D)
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Origin Energy Ltd
6.3.2 Stanwell Corporation Limited
6.3.3 InterGen Services, Inc
6.3.4 EnergyAustralia Holdings Ltd
6.3.5 AGL Energy Limited
6.3.6 Rio Tinto Limited
6.3.7 NRG Energy, Inc
6.3.8 Sumitomo Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Australia Power EPC Market market is studied from 2019 - 2027.
What is the growth rate of Australia Power EPC Market?
The Australia Power EPC Market is growing at a CAGR of >6.56% over the next 5 years.
Who are the key players in Australia Power EPC Market?
Origin Energy Ltd, Stanwell Corporation Limited, InterGen Services Inc, EnergyAustralia Holdings Ltd, AGL Energy Limited. are the major companies operating in Australia Power EPC Market.