Rising dependency on coal-fired
power generation, due to growing electricity demand, will drive the power
boiler market, which is forecast to increase from $17.35 billion in 2013 to
$30.62 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 6%.
According to the company’s latest
report*, China will demonstrate the largest need for power boilers during the
forecast period, with its market value expected to grow from $10 billion in
2013 to $21.51 billion by 2020. Since the power boiler industry in North
America and Europe is maturing, manufacturers are increasingly looking to the
Asia-Pacific, Middle East and African regions to expand their businesses, claims
report.
Analyst of this report says:
“China’s rapid industrialization has created more space for electricity demand
in the country, which has resulted in many new power plant developments. The
low cost of power boilers in China is another reason for the high sales across
the country.”
Besides increasing electricity
demand and reliance upon thermal power generation, another market driver is the
liberalization and privatization of the electricity industry.
“Privatization is regarded by
governments as a method for developing national infrastructure. Governments are
also seeking strategic partnerships and investments from foreign Original
Equipment Manufacturers (OEMs) in order to develop their domestic power
markets,” analyst added.
However, increasing price
competition could restrain future growth for the boiler industry.
Analyst continues: “In the utility
sector, price is the major factor in the decision to award contracts for boiler
installations. This is forcing manufacturers to compete based on price, which
in turn has a negative effect on market growth and innovation.
“Another major trend is the installation
of multiple boilers, whereby utility companies install several smaller and more
economical boiler units as opposed to fewer, larger and more powerful units.
This subsequently forces large boiler manufacturers to sell at constant prices
due to the level of competition,” concludes the analyst.
This report provides in-depth
analysis of the power boiler market in the US, Germany, Russia, China, India,
Indonesia, Saudi Arabia and South Africa. It covers average volume (in terms of
units and MW), average price, and market value for the 2006–2020 period at
different capacity segments.
For more information please
visit: http://www.marketresearchreports.com/globaldata/power-boilers-2013-update-%E2%80%93-global-market-size-average-pricing-equipment-market-share-and
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