Aging power plants generate high revenues for the power plant servicing market The power plant services market is growing rapidly as new generating capacities are being added to plants to cope with the rising demand for electricity. The US is the biggest market in this segment and is expected to retain this position until 2030 due to the presence of numerous old and maintenance-intensive power plants in the country. In the meantime, the markets of China, India and the Association of Southeast Asian Nations (ASEAN) are expanding rapidly, fuelled by escalating energy needs. This demand has spurred a massive expansion drive in the Asia-Pacific power sector, especially in China, which is investing heavily in gas-fired power plants. As these power plants require frequent maintenance, there will be substantial opportunities in the power plant services market in the coming years. Furthermore, with the growth of independent power producers (IPPS), the Chinese power industry has become extremely competitive which will, in turn, drive the power plant services market. Increased gas-fired power generation to boost the power plant services market in Europe Though, currently not a significant contributor to the power plant services market because of the on-going financial downturn, Europe is anticipated to bridge the gap with the main regional markets by 2017. Central and Eastern European countries are making large-scale investments in gas-fired power plants, which will greatly contribute to the market share of the services sector. Meanwhile, the global market has benefitted from the lull in nuclear power production in the wake of the Fukushima nuclear disaster. Japan, in particular, has started utilizing coal and gas plants in recent years as a result of the complete stoppage of nuclear power production following the incident. With more countries setting up gas power plants, the global gas turbines market is expected to do well after 2020 and this will enhance the revenue prospects of the services market. Although the shift back to conventional power plants has stoked the demand for power plant services, the dissimilarities in market scope in different regions could hinder the market expansion efforts of global participants. For instance, power plant operators in the US outsource a large portion of their servicing owing to the shortage of skilled labour, while operators in ASEAN prefer in-house maintenance for their lower costs. Therefore, to break into regional markets and broaden their service offerings, global original equipment manufacturers (OEMs) are likely to acquire or merge with local and regional service providers. --BEGIN PROMO--