Description

Power plant services represent a growing market that offers steady revenues and solid growth, in contrast with the much more cyclical market for new-build power stations. For the developed regions of Europe and North America, the main drivers are ageing power capacities that need replacing and, linked to this, the growing adoption of gas-fired generation. Key drivers in emerging markets are rapid electricity demand growth, and industry privatisation and liberalisation, which in turn drives outsourcing of services. The fastest growing regions will be China, ASEAN and India, with Europe and Japan expected to have the slowest rate of expansion. Services for gas turbines will grow faster than other equipment.