PRZOOM - /newswire/ -
Mountain View, CA, United States, 2011/03/29 - Utilities have still not shaken off the investment torpor brought on by the downturn, but that is set to change with the country's alarming dependence on other countries for its escalating energy needs.
The government is offering several subsidies and incentives such as soft loans, tax benefits, and feed-in tariffs to attract investors in its energy industry and ensure energy security.
New analysis from Frost & Sullivan (energy.frost.com), North American Electrical Equipment Market for Power Generation, finds that the market earned revenues of $1.16 billion in 2010 and estimates this to increase to $2.16 billion in 2015.
If you are interested in more information on this study, please send an email to Britni Myers, Corporate Communications, at britni.myers[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country.
"Production tax credits have helped wind power producers to reduce energy rates to less than five cents per kilowatt hour (KWh), making it competitive with conventional power generation," said Frost & Sullivan senior consultant Farah Saeed. "Many states have adopted renewable portfolio standards to encourage investments."
The expected growth in power demand has not only catalyzed the market for renewable power generation but also compelled utilities to invest in new and conventional electrical equipment and technology to improve the efficiency and reliability of the plant's operation.
"The government is aiming to harness its natural gas, wind and solar energy, thereby reducing dependence on other countries," said Frost & Sullivan senior research analyst Vignesh Sundaram. "The increasing investments in new natural gas power plants and renewable fuel sources such as wind and solar power generation will boost the need for electrical equipment."
North American Electrical Equipment Market for Power Generation is part of the Energy & Power Growth Partnership Services program, which also includes research in the following markets: North American Electrical Equipment to Power Distribution Market, European Medium Voltage Switchgear Market, and North American Electrical Equipment to Oil & Gas Market. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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