Market Research Reports, Inc. (www.marketresearchreports.com): MarketResearchReports.com: The global power boiler market is expected to reach $30.62 billion by 2020
(M2 PressWIRE Via Acquire Media NewsEdge) 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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