Burnaby, BC /PRNewswire/ - Rising demand for power in Brazil due to increasing urbanization and industrialization is resulting in development of new power plants
Growing power demand due to increasing industrialization, urbanization and infrastructural growth are some of the major reasons boosting the boilers, turbines and generators market in Brazil. The country is highly dependent on hydropower to meet its overall power requirements. In 2012, about 75% of electricity in Brazil was generated from hydropower, and to reduce the dependency on hydropower plants, the country is increasingly focusing on exploiting other resources for power generation such as wind power, solar power, biogas, nuclear energy, etc. The country is also involved in exporting power to neighboring countries such as Uruguay, Paraguay, and Chile.
Brazil will be hosting mega international sporting events such as FIFA 2014 World Cup and Summer Olympics 2016. This is expected to further increase the demand for energy in the coming years. According to recently published report by TechSci Research "Brazil Boilers, Turbines & Generators for Power Generation Market Forecast & Opportunities 2018", the country's market for boilers is expected to shrink due to anticipated decline in natural gas and thermal power projects, whereas the turbines and generators market is expected to grow at a CAGR of 11.5% during 2014-18 due to ongoing and upcoming developments in wind and hydro power projects.
Brazil's market for turbines/generators is highly fragmented, with majority share being held by the unorganized/small players. However, the share of organized/major players is expected to increase by 2018, as a result of increasing preference for quality products by power generation companies as well as growing market penetration of wind power plants.
"Healthy growth in turbines/generators market in Brazil is expected on account of the country's huge potential for wind and hydro power generation. Enormous wind energy potential in the northeast region and vast potential for hydro power generation in north and southeast region is expected to positively drive the market for turbines and generators in coming years. In addition, the planned capacity additions in wind, biomass and hydro power by the government would continue to drive the market", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Brazil Boilers, Turbines & Generators for Power Generation Market Forecast & Opportunities, 2018" has analyzed the potential of the boilers, turbines & generators market in Brazil and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.
SOURCE: Techsci ResearchCopyright 2014 PR Newswire. All Rights Reserved