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Russian Federation Power EPC Market Size (2024 - 2029)

The Russian Federation power EPC market is poised for growth, driven by increasing power demand and the expansion of renewable energy projects. The market size is influenced by the construction of new projects, particularly in the renewable sector, despite the high investment costs that may pose challenges. The thermal energy sector currently holds a significant share, but the anticipated growth in onshore wind, solar PV, and bioenergy presents substantial opportunities for expansion in the EPC market.

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Market Size of Russian Federation Power EPC Industry

Russian Federation Power EPC Market Forecast
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 2.00 %

Major Players

Russian Federation Power EPC Market Key Players

*Disclaimer: Major Players sorted in no particular order

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.

Russian Federation Power EPC Industry Segmentation

The Russian Federation power EPC market report include:

Power Generation
Thermal
Renewable
Others
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Russian Federation Power EPC Market Size Summary

The Russian Federation power EPC market is poised for growth, driven by increasing population and power consumption, which are fueling the demand for new power projects. The market is experiencing a significant push from the rapidly expanding renewable energy sector, despite the high investment costs associated with these projects. Thermal energy continues to dominate the market, but renewable energy projects are expected to create substantial opportunities. The government's approval of modernization projects and the construction of nuclear reactors, including the world's first floating nuclear power plant, further underscore the potential for market expansion. The electricity generation capacity is on the rise, paving the way for new power plant constructions and enhancing the market's growth prospects.

The share of renewable energy in Russia's power generation is steadily increasing, supported by multiple upcoming projects and government investments in solar, wind, and hydropower plants. Despite a slow initial acceptance of renewable energy, the sector is anticipated to offer significant opportunities for the EPC market. Major companies like Siemens AG, OJSC Power Machines, and Enka İnşaat ve Sanayi AS are key players in this moderately fragmented market. The ongoing tenders and government allocations for renewable projects are expected to drive further growth in the EPC market, aligning with Russia's ambitious energy policies and goals.

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Russian Federation Power EPC Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Power Generation

      1. 2.1.1 Thermal

      2. 2.1.2 Renewable

      3. 2.1.3 Others

    2. 2.2 Power Transmission and Distribution

Russian Federation Power EPC Market Size FAQs

The Russian Federation Power EPC Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)

JSC Atomenergoprom , OJSC Power Machines , Enka İnşaat ve Sanayi AS , Inter Rao Ues OJSC and Siemens AG are the major companies operating in the Russian Federation Power EPC Market.

Russian Federation Power EPC Report Snapshots

Russian Federation Power EPC Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)