China's continuing reliance on thermal energy will prove the key driver in the global Boiler, Turbine and Generator (BTG) market in the near future. BTG market revenue in China will increase steadily from a expected total of US$20.9 billion in 2013 to US$30.1 billion in 2020, boosting the nation's share of the global market from 32% to 48%.
China's surging industrialization makes reliance on alternative power generation impractical, creating a favourable environment for a BTG industry currently struggling with the global rise of energy diversification and a move away from fossil fuels upon which the sector relies. Developed economies such as the US, UK and Japan are all expected to demonstrate minimal revenue growth in the BTG market during the same period.
China's ongoing dependence on coal is expected to be a substantial boon for the country's BTG market. Despite the rising price of coal, the commercialization of renewable energy continues to be the more expensive option for utility companies. As a result, revenue for coal-based generation technologies is expected to climb over the forecast period.
Furthermore, the gas power market in China – although small when compared to the coal sector – is expected to expand considerably in the near future. Between 2013 and 2020, we predict the country's gas turbine and Heat Recovery Steam Generators (HRSG) markets to grow at respective Compound Annual Growth Rates (CAGRs) of 9.4% and 8.8%.
For more information on the Global thermal power generator market, please click here: Global thermal power generator market
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