New analysis from Frost & Sullivan shows that manufacturers from emerging economies are set to claim a bigger share of the power plant equipment market by 2030. The study – ‘A Changing Global Landscape for the Power Equipment and Construction Market’ – tracks the coal, hydro and gas power plant markets in key regions and explains the changing power equipment, construction and regulatory landscapes.
Government support for domestic manufacturers has helped to power the power equipment market in emerging markets, such as China, India and South Korea. China has also been active in financing overseas power projects in resource-rich nations, helping to drive demand for its manufacturers’ equipment into newer geographies, such as Africa and South America.
“Acknowledging the long-term benefits of quality equipment and the importance of having local service facilities, the government of emerging nations have begin to make technology transfers and local facilities a must for market participation,” said Manoj Shankar, Energy & Environmental Research Analyst. “Traditional players are intensifying focus on partnerships, mergers and acquisitions to access the booming emerging markets, while such joint ventures are allowing local manufacturers and service providers to cater to global markets.”
The coal and hydro markets have seen particular influence from emerging market manufacturers, as the prevalence of these power projects in emerging countries has provided plenty of experience in building coal and hydro power plants. In contract, the gas market remains dominated by traditional participants as greater gas power installations in the West and superior technology have helped traditional equipment makers gain larger market shares in the segment.
Written by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/power/13082015/a-shifting-power-plant-equipment-market-2728/