According to the company’s latest report, boiler, turbine and generator (BTG) sector revenue in China will increase steadily from an expected total of $20.9bn this year to $30.1bn in 2020, taking the country’s slice of the global market from 32 per cent to 48 per cent.
GlobalData says China’s “surging industrialisation makes reliance on alternative power generation impractical, creating a favorable 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”.
It adds that during the same 2013-2020 period, the US, UK and Japan are all expected to shoe “minimal revenue growth in the BTG market”.
The report states that 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 commercialisation 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.