Myanmar Power Generation EPC Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Myanmar Power Generation EPC Market Analysis
The Burmese power generation EPC market is expected to record a CAGR of approximately 3.5% during the forecast period of 2020-2027. The COVID-19 pandemic had a significant negative impact on the market, with delays in projects like the 151.54 MW gas power plant project in Alone Township in Yangon. However, all the operations were resumed in no time, thus, augmenting the market size. Factors such as the increased industrial developments that are promoting foreign investments across the sectors and several government initiatives to provide electricity to all people in the country are likely to drive the Burmese power generation EPC market during the forecast period. However, the high inflation rate, environmental awareness, and slow processing of projects are expected to restrain the Burmese power generation EPC market.
On account of the upcoming projects, the hydropower sector is expected to see significant growth in the Burmese market during the forecast period.
The electrification rate in Myanmar is growing, and the government's goal is to increase capacity to 20,000 MW by 2030 from the current installed capacity of only 4,000 MW. This is expected to create opportunities for the market's growth during the forecast period.
Myanmar has a high potential for renewable energy. Increasing investment in the sector is expected to aid the growth in the market during the forecast period.
Myanmar Power Generation EPC Market Trends
This section covers the major market trends shaping the Myanmar Power Generation EPC Market according to our research experts:
Hydropower Segment Expected to Witness Significant Market Growth
In 2020, the renewable generation capacity in Myanmar was 3448 MW, of which 3304 MW was hydro/marine capacity, which amounted to about 96% of the total renewable generation capacity in the country, followed by solar with 84 MW, and bioenergy with 59 MW.
In Myanmar, hydropower has a potential of more than 100GW, however, only 3% was utilized till 2020. There are nearly 27 hydropower stations in Myanmar connected to the national grid for power supply within the country.
The country has several upcoming projects, which are expected to support the growth of the segments. Among the most prominent are Yeywva hydropower projects. In November 2021, Aboitiz Power and SN Power Company signed an agreement to construct 735 MW of hydropower technology projects. The project is likely to get completed by 2027 and is expected to have an installed capacity of 735 MW.
Further, the Government of Myanmar has adopted numerous strategies to develop hydropower electricity generation in the country. For instance, dam construction had a substantial economic impact on individuals residing near the dams. The government plans on compensating individuals who have been or might be impacted by the construction of such dams. This is expected to have a positive impact on the power EPC market in the country.
Hence, owing to the above factors, the hydropower segment is likely to see significant growth in the power generation EPC market during the forecast period.
Increasing Investments in Renewable Energy Expected to Drive the Market
According to statistical data from the Government of Myanmar, by the end of 2021, approximately 62% of the population in Myanmar had access to electricity, which was an increase from 49% in 2010. The electricity demand is expected to witness substantial growth during the forecast period in line with the Burmese government's plan of providing 100% access to electricity to the country's population by 2030.
The government of Myanmar has signed contracts with companies like TTCL Public Co. Ltd and Sojitz Corporation to fulfill the national energy needs, which are expected to register significant growth during the forecast period and support the market's growth.
In May 2020, the World Bank gave a fund of USD 350 million to Myanmar to increase the output and efficiency of power generation. Myanmar is expected to upgrade the Ywama gas-fired power plant to improve the availability and reliability of energy services to consumers in Yangon.
Moreover, the Government of Myanmar has set a goal of securing 12% of its primary energy from renewable sources by 2025 as energy demand in the region is expected to grow by 50%. This, in turn, is expected to provide a significant edge to the Burmese power generation EPC market.
Considering such developments in the renewable sector, the market is expected to witness substantial growth during the forecast period.
Myanmar Power Generation EPC Industry Overview
The power generation EPC market is moderately fragmented. Some of the key players in this market are EAM Myanmar, TTCL Public Company Limited, Zeya & Associates Power Systems, Parami Energy, and SMEC Holdings, among others.
Myanmar Power Generation EPC Market Leaders
TTCL Public Company Limited
Snowy Mountains Engineering Corporation Holdings Limited
EAM Myanmar Ltd.
Zeya & Associates Co. Ltd.
Parami Energy Group of Companies
*Disclaimer: Major Players sorted in no particular order
Myanmar Power Generation EPC Market News
In December 2020, Parami Energy connected a solar mini-grid in Yesago Island, which has 288 KW peak capacity and is connected to 1422 households in Myanmar.
In December 2021, a 388 MW gas-fired power project was planned in Yangon, Myanmar. The power generated from the project is likely to be sold to Myanmar Electric Power Enterprise. The project construction is expected to commence in 2022 and is estimated to enter commercial operation by June 2024. TTCL Public Co. Ltd, Sojitz Corporation, Shikoku Electric Power Co. Inc., and Inpex Corporation are involved in this project.
Myanmar Power Generation EPC Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Source
5.1.1 Conventional Thermal Power (Diesel, Gas, Coal)
5.1.2 Hydropower
5.1.3 Other Sources (Solar and Wind)
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Collaborations, and Joint Ventures
6.2 Strategies Adopted by Key Players
6.3 Company Profiles
6.3.1 EAM Myanmar
6.3.2 Snowy Mountains Engineering Corporation Holdings Limited
6.3.3 TTCL Public Company Limited
6.3.4 Marubeni Corporation
6.3.5 Sumitomo Corporation
6.3.6 Mitsui & Corporation Limited
6.3.7 Zeya & Associates Power Systems
6.3.8 Hyundai Engineering and Construction Corporation Limited
6.3.9 Parami Energy
6.3.10 Mitsubishi Heavy Industries Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Myanmar Power Generation EPC Industry Segmentation
The Burmese power generation EPC market report includes:
| Source | |
| Conventional Thermal Power (Diesel, Gas, Coal) | |
| Hydropower | |
| Other Sources (Solar and Wind) |
Myanmar Power Generation EPC Market Research FAQs
What is the current Myanmar Power Generation EPC Market size?
The Myanmar Power Generation EPC Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in Myanmar Power Generation EPC Market?
TTCL Public Company Limited, Snowy Mountains Engineering Corporation Holdings Limited, EAM Myanmar Ltd., Zeya & Associates Co. Ltd. and Parami Energy Group of Companies are the major companies operating in the Myanmar Power Generation EPC Market.
What years does this Myanmar Power Generation EPC Market cover?
The report covers the Myanmar Power Generation EPC Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Myanmar Power Generation EPC Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Myanmar Power Generation EPC Industry Report
Statistics for the 2024 Myanmar Power Generation EPC market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Myanmar Power Generation EPC analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
