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Western European Gas and Steam Turbines Market
Frost & Sullivan, May 2011, Pages: 103
The western European steam and gas turbines market witnessed an all-time low during 2009-2010; however, it is expected to recover in the medium-to-long term despite the uncertainties pertaining to carbon trading, legislations in the electricity sector and imminent rises in commodity prices. Orders placed with manufacturers during the buoyant market conditions of 2007-2008 had sustained them during the difficult times; however, these legacy orders have now been fulfilled. New orders are still low in number, but they are expected to increase from 2012.
This Frost & Sullivan research service titled Western European Gas and Steam Turbines Market provides a detailed overview of and growth outlook for this market. Covering all the major segments of the market, the research presents an analysis of and forecasts for the total market as well as product segments in all major western European regions. It also provides an analysis of market drivers and restraints, revenue forecasts and a full competitive mapping.
Market Overview
Rising Electricity Demand and High Replacement Need Fuel Market Growth
The western European steam and gas turbines market witnessed an all-time low during 2009-2010. However, it is expected to recover in the medium-to-long term despite the uncertainties pertaining to carbon trading, legislations in the electricity sector and imminent rises in commodity prices. Orders placed with manufacturers during the buoyant market conditions of 2007-2008 had sustained them during the difficult times. However, these legacy orders have now been fulfilled. New orders are still low in number, but they are anticipated to increase from 2012.
“Electricity demand from both mature and emerging economies and decommissioning of not only old conventional thermal power plants but also nuclear power facilities are the key factors driving the western European gas and steam turbines market,” notes the analyst of this research. “High replacement needs across the United Kingdom, Germany, France and Italy due to decommissioning capacity and the need to comply with legislation will fuel the demand for both gas and steam turbines in these regions.” The western European market for gas and steam turbines offers a positive outlook, as it will regain momentum between 2012 and 2014. The prospects for both gas and steam turbines are in line with developments within the power generation industry. “The nuclear sector is experiencing a revival, and significant investments are expected across the globe,” explains the analyst. “In addition, other forms of environment-friendly technologies such as co-generation are poised to develop further, contributing to the demand for steam turbines.”
Future Strategies to Focus on Geographic Expansion and Technological Improvements
The recent economic uncertainty and global financial crisis are likely to be the key restraints in the short term. Lack of adequate access to credit finance and concerns regarding economic conditions may result in delays of projects coming live as planned. “Given that Europe commands only 3 per cent of the world's gas reserves, most of its demand is expected to be met by imports, thereby rising the import dependency of western European countries,” cautions the analyst. “However, recent prospects of unconventional gas-fired plants in Europe and the United States are likely to reduce supply pressure for natural gas in the future.”
With increasing competition in the market, it is important to expand geographically. Focus on technological advances and further expansion across vertical applications will sustain the growth momentum among key equipment manufacturers. “Attractive growth opportunities in the emerging regions of the Middle East, Africa and Southeast Asia will support market development,” concludes the analyst. “Moreover, an emphasis on technological improvements such as increased efficiency, syngas, fuel flexibility and carbon capture will drive growth opportunities.”
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following product segments in this research:
- Gas turbines
- Steam turbines
By Application:
- Steam turbines (coal plants, gas plants and nuclear plants)
- Gas turbines (gas plants)
By Geography:
- Benelux
- France
- Germany
- Italy
- Nordic Countries
- Spain
- The United Kingdom
- Rest-of-Western Europe (RoWE) - Austria, Greece, Republic of Ireland, Portugal and Switzerland
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