Turbine, generator and boiler markets set to decline

6 December 2016

The global market for boilers, turbines, and generators is set to decrease from a cumulative $318 billion during the period 2010-2015, to $241 billion during 2016-2020, as capacity installation from thermal fuels continues to decline owing to an increased focus on renewable energy sources and environmental issues associated with fossil fuel-fired power plants, according to research and consulting firm GlobalData.
The company’s latest report ‘Boilers, Turbines and Generators (BTG) for Thermal Power’ states that to meet growing demand for electricity, countries worldwide have focused on increasing installed capacity, primarily in the nuclear and renewables sectors. Aside from a transition towards cleaner sources of power generation, the other factors affecting the global BTG market are environmental concerns, tough economic conditions, and fluctuations in fossil fuel prices.
Swati Gupta, GlobalData’s analyst covering Power, commented, “China will be the leader in the BTG market, although its market is forecast to decline from around $17.7 billion in 2015 to $14.9 billion by 2020. Indeed, the gas power equipment market, although small when compared to the coal market, will register considerable growth over the forecast period, as China moves towards cleaner sources of power generation. As a means to achieve this, in its 12th Five-Year-Plan (FYP), China has set a target to increase the share of natural gas in its energy mix to 10% by 2020. The government also plans to replace conventional coal power plants with advanced technology large capacity power plants, which will represent new opportunities for market players.”
Although the BTG market will continue to be dominated by China, with an expected 31% share of this $47.8 billion market in 2020, challenges will remain. The market’s poor outlook in other regions will ensure China remains dominant. In Europe, for example, declining electricity consumption coupled with increased emphasis on green energies will drive the BTG market down.

 



Linkedin Linkedin   
Privacy Policy
We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.