share of the demand. OEM emphasis has been focused on improving efficiency to reduce the cost of gas-fired power as the world switches to renewable energy. Gas may be needed as a backup fuel for generating electricity to renewables, but other technologies are also viable. European manufacturers look to China for opportunities, as the country switches from coal to much cleaner natural gas. Growth will depend in part on climate policies worldwide, and the ability of renewables to cope with the rising demand for electricity.
In the coming years, global demand
for power is expected to increase by nearly one-third of the current demand. Major gas producing regions such as the Middle East, U.S., and Russia are witnessing a major revamp in their electricity generation infrastructure to aggressively pursue gas-based power generation. These changes, along with the need for reducing carbon emissions, will drive the market for gas turbines.
Among all the regions, the Asia-
Pacific region is the leading market for gas turbines across the globe. This growth is credited to the rapid urbanization and industrialization, coupled with the fast- economic growth in economies such as China and India. China is likely to gain prominence in this region due to the development of large-scale gas-fired power generating stations.
Realignment of strategies within
the main manufacturers in combination with the increased use of renewables plus the climate policies are redefining the sector. In 2020, slight recovery is expected by the second half of the year. The demand for service spares will continue to be steady.
Automotive New passenger
car registrations in
Europe declined by 3.9% during the first half of 2019, with demand falling
Continued January 2020 ❘ 17 ®
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