European Power Plant Services Market
Growth in Fossil-fired Generation to Translate into Improved Growth in the Power Plant Services Market
NEW YORK, Oct. 16, 2014 /PRNewswire/ -- The power generation market in Europe has witnessed a challenging period over the past 3 years following the global financial crisis. It continues to face a very stagnant and difficult period. Power producers are still running their coal-fired plants rather than immediately investing in gas-fired generation. Therefore, the European power plant services market for steam turbine registered a higher growth rate as compared to gas turbine equipment services in 2013. While the market growth is expected to remain weak, electricity demand from both mature and emerging European economies and decommissioning of old conventional thermal power plants and nuclear power facilities are some of the key factors driving the power plant services market.
Key Findings
-Companies struggling to grow in this market need to innovate with new strategies. Overall growth in the European power plant services market will remain weak, growing at a compound annual growth rate (CAGR) of 2.1%. Growth will be limited for the remainder of the decade.
-The market will primarily be driven by refurbishment and service need from ageing plants.
-OEMs are desperate for business and will need to invest in new technologies such as improving operational flexibility, remote condition monitoring, and reverse engineering, to stay profitable.
-Demand in Europe will come primarily from Germany, the United Kingdom, Turkey, and eastern Europe.
-Service providers are restructuring their business through industry consolidations to invest in emerging markets and drive revenue growth.
-The power generation market in Europe has witnessed a challenging period over the past 3 years following the global financial crisis, and it continues to face a stagnant and difficult period. During 2013, the European economy registered gradual signs of recovery in Germany, the United Kingdom, and France. Austerity measures proved beneficial and the region is gradually looking more optimistic to future growth.
-The European power plant services market revenue increased by about 1.8% in 2013, compared to the previous year. The total revenue is estimated to reach €4.14 billion in 2020, growing at a CAGR of 2.1%. The market is expected to follow a positive growth curve through the forecast period.
-As a result of the recent shale revolution in the United States and the necessity to curb green house gas emissions, there was an increasing trend towards more gas-fired generation. However, there is uncertainty over its actual reserves and quantity that can be recovered.
-A lot of investments during the 2000s was because of the adoption of combined cycle technology and a relatively low gas price as compared to coal. However, gas prices have been increasing recently and this has impacted investment decisions by financers in the power sector.
Read the full report: http://www.reportlinker.com/p02403759-summary/view-report.html
About Reportlinker
ReportLinker is an award-winning market research solution that finds, filters and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article