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Increasing energy needs driving power plant service market

The global market for the servicing of power plants, worth $27.4 billion in 2011, is growing with the rise in electricity demand as new power facilities are added worldwide.

According to an analysis from Frost & Sullivan, power plant services represent a growing activity that could reach up to $35.41 billion in 2017.

"As electricity demand rises, new generating capacities are added to the system, which in turn, require servicing," said Frost & Sullivan industry director Harald Thaler.

In developed regions, such as Europe and North America, aging power capacities that need replacing or refurbishing will drive the power plant services sector.

Emerging markets countries, on the other hand, will require more utilities that will increasingly rely on outsourced services.

The analysis sees the services market growing by 4.2 percent between 2010 and 2017, with world electricity demand growth at 2.7 percent over the same period.

The fastest-growing regions will be the emerging Asian markets of China, India and the Association of Southeast Asian Nations.

Key drivers in these markets are rapid electricity demand growth and industry privatization and liberalization which will in turn push outsourcing.

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