DUBLIN--(BUSINESS WIRE)--Dublin - Research and Markets (http://www.researchandmarkets.com/research/mp38nf/world_power_plant) has announced the addition of Frost & Sullivan's new report "World Power Plant Services Markets" to their offering.
World Power Plant Services Markets offers a comprehensive overview of the markets. It provides revenue forecasts and identifies key trends that are defining the markets. In this research, Frost & Sullivan's expert analysts thoroughly examine the following geographical regions - Western Europe, Central and Eastern Europe, Russia, Middle East, Africa, North America, Latin America, China, India, Association of Southeast Asian Nations (ASEAN), Australia and New Zealand, Japan and the Rest-of-World.
Market Overview
Surging Demand for Electricity is a Key Driver of Global Power Plant Services Market
Power plant services represent a growing market that offers steady revenues and solid growth, in contrast with the much more cyclical market for new-build power stations. In the developed regions of Europe and North America, the main drivers are ageing power capacities that need replacing and, linked to this, the growing adoption of gas-fired generation. Key drivers in emerging markets are rapid electricity demand growth, and industry privatisation and liberalisation which, in turn, push outsourcing of services. In the developed world, meanwhile, utilities struggling with skills shortages are also increasingly relying on outsourced services.
Global growth in electricity demand is a key driver behind the growth of the power plant services market, notes the analyst of this research. As electricity demand rises, new generating capacities are added to the system, which in turn, require servicing. The services market is, however, forecast to grow somewhat more rapidly than electricity demand. The global correlation, comparing forecast growth for both indicators, is 1.55. Whilst the services market is forecast to grow by 4.2 per cent between 2010 and 2017, world electricity demand growth will be 2.7 per cent over that same period. Greater outsourcing and the increasing proliferation of gas-fired technology, where reliance on the equipment providers for servicing is high, are major contributory factors.
Balance of Power will Gradually Shift to Emerging Economies
Geographically, the balance of power in the power plant services market will gradually shift towards the emerging economies, as they progressively liberalise not only their power but also their gas markets, remarks the analyst. Such trends will allow for a much greater penetration of modern gas-fired plants which attract higher outsourced maintenance spend. The fastest-growing regions will be the emerging Asian giants of China, India and the Association of Southeast Asian Nations (ASEAN). Their combined share will rise from 18.1per cent in 2010 to 23.4 per cent in 2017.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following geographical regions in this research:
By Equipment
- Steam turbines
- Gas turbines
- Boilers and heat recovery steam generator (HRSG)
By Plant Type
- Coal plants
- Gas plants
- Oil and other plants
By End-user
- Utilities and independent power producers (IPPs)
- Industrial power plants
Key Questions This Study Will Answer
- Is the market growing, how long will it continue to grow, and at what rate?
- What regions will show the highest growth potential going forward?
- How deeply has the global economic and financial downturn affected the services market?
- Where will there be the greatest shift towards more gas-fired generation?
- What will be the growth rates of gas turbine services around the world? And how about steam turbine services?
- Will China overtake North America as the globe's largest power plant services market?
For more information visit http://www.researchandmarkets.com/research/mp38nf/world_power_plant
Source: Frost & Sullivan