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Demand for Service and Efficiency Drives Western European Power Plant Services Market Finds Frost & Sullivan - Increased stability and expanded market growth are in the immediate reach of the Western European power plant services market
Demand for Service and Efficiency Drives Western European Power Plant Services Market Finds Frost & Sullivan

 

NewswireToday - /newswire/ - London, United Kingdom, 2010/04/12 - Increased stability and expanded market growth are in the immediate reach of the Western European power plant services market.

   
 
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Despite the global economic slowdown, the power plant service sector is experiencing optimistic growth fuelled by rising investments in the power generation industry. The expected climb in revenues is driven by a growing demand for service requirements with the ageing fleet of power plants and a revived customer emphasis on efficiency.

New analysis from Frost & Sullivan (energy.frost.com), Western European Power Plant Services Markets, finds that the market earned revenues of $3,973 million in 2008 and estimates this to reach $5,145 million in 2015. The market is expected to grow at a compound annual growth rate (CAGR) of about 3.8 percent. The Western European countries covered in this research service are Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom.

"Besides Europe's ageing fleet of power plants, the growth in the installed capacity of combined cycle gas turbine (CCGT) (gas fired plants) augurs well for the services market because gas turbine contracts tend to be of higher value," says Frost & Sullivan Energy Industry Director Harald Thaler. "Although the boiler and steam turbine markets are considered relatively mature, the gas turbine market is in a growth phase, with developments in new installed capacity driving the market."

In addition to these developments, some of the key short-term restraints for the western European power plant services market include increasing focus on renewable energy sources such as wind, potential resurgence of nuclear power, capacity constraints or shortage of skilled labour, unwillingness of some utilities to outsource complete operation and maintenance (O&M) contracts and adverse effects of economic slowdown.

"The shortage of experienced and skilled manpower for the servicing business in Western Europe is turning into a major impediment for providing services to customers," explains Harald. "The market also faces the challenge of public opposition to fossil fuel plants, especially coal fired plants."

Despite these underlying problems, there are several opportunities present across the various functional segments of gas turbines, steam turbines and boilers. The market growth is primarily driven by lack of adequate in-house capability, rising trend of services for newly built plants, growth in new installed capacity and customers' focus on improving efficiency and cost.

Western European Power Plant Services Markets is part of the Energy & Power Growth Partnership Services programme, which also includes research in the following markets: centralized power generation, conventional thermal power generation, and power plant services. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.

If you are interested in more information on this study and to know more about our Energy & Power Growth Partnership Services programme, please send an email to Chiara Carella, Corporate Communications, at chiara.carella[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 40 offices on six continents.

Western European Power Plant Services Markets / M49D

Chiara Carella
Corporate Communications – Europe
P: +44 (0) 20 7343 8314
M: +44 (0) 753 3017689
E: chiara.carella[.]frost.com

 
 
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Demand for Service and Efficiency Drives Western European Power Plant Services Market Finds Frost & Sullivan

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Publisher Contact: Chiara Carella 
+44 (0) 20 7343 8314 chiara.carella[.]frost.com
 
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