Ultra Mega Power Projects (UMPP) Construction Market Growth2015- 2023
Ultra mega power projects (UMPP) are large power stations with a capacity of 4,000 MW. UMPP was an initiative planned by Government of India in 2005 to build series of ambitious power stations. The aim of the initiative is to create an additional capacity of minimum 100,000 MW power by 2022. The UMPPs are perceived as an extension of the MPP (Mega Power Projects) projects that the Government of India initiated in the 1990s. The projects are awarded to developers on the basis of competitive bidding. In countries such as Brazil, China, Poland, Indonesia, Saudi Arabia, Japan, Russia, UAE, Canada, Venezuela and the U.S, ultra mega power projects exist with different names and different initiatives. Generally, these UMPPs are coal powered, hydro powered, nuclear powered, wind powered and oil & gas powered.
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The global UMPP construction market has been growing substantially since the first ultra mega power project was started in Labrador, Newfoundland and Labrador, Canada in 1971. This power plant has an installed capacity of 5,428 MW and is owned and operated by the Churchill Falls Labrador Corporation Limited.Many other ultra-mega power projects such as the Itaipu hydroelectric dam, Xiluodu hydroelectric dam, and Guri hydroelectric dam have been constructed in various regions of the world. North America, Asia Pacific and Latin America are the major markets for UMPP construction industry.
The drivers for UMPP construction market include rising demand for electricity across the globe. The rising population, industrialization and modernization have led to an increase in demand of electricity. UMPPs provide electricity to consumers at much lower rates. As the size of the power plants is very huge, the cost of the electricity is much lower due to the economies of scale. However, initial high capital costs, negative environmental impacts and infeasibility to relocate large number of residents could hamper the growth of UMPP construction market.UMPPs are beneficial for low cost electricity generation and rising demand of electricity could be satisfied with help of UMPPs. Many governments such as Government of India and Government of China among others have provided subsidies,financial assistance, public clearances and approvals, and plug and play model to encourage UMPP construction projects. These positive attributes are likely to help the UMPP construction market to grow during the forecast period.
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The global UMPP constructionmarket for can be segmented on the basis of technology and geography. Various types of UMPPs are constructed across the globe using different renewable and non-renewable energy sources. UMPPs are constructed using various energy sources such as coal, nuclear energy, oil & gas, wind power and hydro power. Asia Pacific held largest market share of the global UMPP construction market in 2014. China is one of the leader in UMPP construction market followed by India, Japan, South Korea and Indonesia. North America, Latin America and Europe including countries such as the U.S, Canada, Brazil, Venezuela, Russia and Poland have a large market for UMPP construction. Middle East has also started construction of UMPP in recent years. Countries such as Saudi Arabia and UAE are major players in this region for UMPP construction market.Asia Pacific including countries such as China and India have a huge potential market for UMPP construction in the coming years.
Some of the key players in the global UMPP construction market include China Three Gorges Corporation, Centrais Elétricas Brasileiras SA, CVG Electrificación Del Caroní CA, Chubu Electric PowerCo. Inc., Itaipu Binacional, LongTan Hydropower Development Co. Ltd., Ontario Power Generation Inc.,PGE Polska Grupa Energetyczna SA, Reliance Power Ltd., RusHydro JSC, Saudi Consolidated Electric Company, Taiwan Power Company , Tata Power Co. Ltd, and Tokyo Electric Power Co. Inc. among others.
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