According to the new market research report by Technavio, the growth of industrialization and rising standards of living have led to an increasing demand for energy worldwide. The increase in population is another major factor propelling the global demand for energy, which can be met with the help of power boilers.
“The dependency on coal-fired power generation, due to their capability of providing uninterrupted power supply will drive the power boiler market during the forecast period,” says Faisal Ghaus, Vice President of Technavio.
The new report by Technavio also underlines the growing demand from emerging economies such as India, China, and Taiwan, which are experiencing rapid industrialization. The governments in these countries have taken several initiatives to improve their infrastructure by making huge investments in the power industry.
“Additionally, several independent power producers are establishing more electricity generation plants mainly to meet the rising domestic power needs, which will fuel the growing use of power boilers across developing countries,” adds Ghaus.
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Technavio is a leading global technology research and advisory company.
Founded in 2003, Technavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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