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The Romania - Power Engineering, Procurement, and Construction (EPC) Market size is forecast to increase by USD 155.89 million, at a CAGR of 3.84% between 2023 and 2028. The market growth analysis depends on several factors, including the growing investments in solar power projects, the rising government support for clean power projects, and the increasing demand for electricity in Romania.
The report includes a comprehensive outlook on the Romania - Power Engineering, Procurement, and Construction Market, offering forecasts for the industry segmented by Application, which comprises non-renewable and renewable. Additionally, it categorizes End-user into private and government, and covers Technology, including thermal, hydroelectric, renewables, and nuclear. The market research report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
EPC in the power industry refers to engineering, procurement, and construction. It is a term widely used by companies that provide end-to-end energy services, including power generation system designs, providing procurement details about the system, and installing it.
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Our market analysis and report analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Growing investments in solar power projects is the key factor driving market growth. Romania's solar capacity is expected to grow to 4.25 GW by 2030 from 1.39 GW in 2020. This growth can be attributed to the increasing investments in solar power projects in the country. In recent years, various EPC contracts have been awarded to Romania - power EPC market players for solar power projects in the country. For instance, in March 2022, Ruserio Solar srl (Ruserio Solar), a Romanian solar project development company, launched a tender to seek interested EPC contractors for a solar power project with up to 134 MW DC/113 MW AC capacity to be stationed in the country's Bucsani-Ogrezeni region's Giurgiu County.
Thus, such collaborations will help establish the solar power industry in Romania. The investors, developers, and operators in renewable energy projects in Romania can benefit from the advanced technologies offered by regional as well as global EPC service providers. These latest partnerships serve as a driving force for the Hence, the growing investments in solar power projects in the country will augment the growth of the power EPC market in Romania during the forecast period.
An increase in acquisition and collaboration by companies is the primary trend shaping market growth. The Romania - power EPC market is fragmented, with multiple market players. In line with current market trends and analysis, regional participants in the Romania - power engineering, procurement, and construction (EPC) market find themselves under pressure to sustain revenue amidst fierce competition. Consequently, regional players are resorting to consolidating with big players through partnership and acquisition.
For example, in May 2022, market player INTEC Energy Solutions and Chinese company CHINT Solar announced on Tuesday they are partnering to develop a 154 MWp solar power plant, the largest in Romania, after signing an EPC contract with Israeli renewable energy projects developer Econergy. Thus, such developments are expected to have a positive influence on the power EPC market in Romania during the forecast period.
Lack of communication between teams for power EPC is a challenge that affects market growth. A single power EPC project may be divided among numerous teams by the EPC contractor company, ranging from the engineering team to general contractors. A lot of teamwork is required for such construction projects, as it calls for extensive cross-team contact and collaboration. However, these teams are frequently dispersed across different locations, and the lack of cross-team collaboration can lead to each team operating in a silo, which poses a major challenge.
Additionally, inefficient communications may turn out to be expensive. For example, paper-based documentation makes it tough for different teams to follow up and much harder to find out any background information about the current project. Hence, the lack of communication between different teams of the EPC contractor will hamper the successful execution of the project, which, in turn, will impede the growth of the market during the forecast period.
The market share growth by the non-renewable segment will be significant during the forecast period. The non-renewable segment mainly includes conventional thermal power plants that generate energy from fossil fuel combustion, such as coal, oil, and natural gas. In 2023, non-renewable energy sources such as oil, gas, nuclear, and coal held the largest share of the total primary energy supply in the country. The country has the third-lowest energy import dependency rate in Europe. This can be attributed to its vast natural gas and oil reserves and an oversized power generation sector.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Market Segmentation by Technology
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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