Market Trends of Equatorial Guinea Power EPC Industry
This section covers the major market trends shaping the Equatorial Guinea Power EPC Market according to our research experts:
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.
Understand The Key Trends Shaping This Market
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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.
