Study finds developing nations prefer domestic power-generation equipment
The study, "A Changing Global Landscape for the Power Equipment and Construction Market," by Frost & Sullivan, tracks the coal, hydro and natural gas power plant markets in key regions, and explains the changing power equipment, construction and regulatory landscapes.
Government support in the form of investments in the power sector has gone a long way in powering the domestic power equipment market in emerging markets such as China, India and South Korea. China, in particular, has been financing overseas power projects in resource-rich nations, driving emerging players’ goods and services to newer geographies such as Africa and South America.
The U.S., Europe, Russia and Japan -- which have been ruling the power-plant engineering, procurement and construction contracting and critical equipment manufacturing segment -- are recognizing the power shift from the West to the East.
“Acknowledging the long-term benefits of quality equipment and the importance of having local service facilities, the governments of emerging nations have begun to make technology transfers and local facilities a must for market participation,” Manoj Shankar, a Frost & Sullivan Energy & Environmental Research analyst, said.