Economic and population growth accelerate demand
A new report from Frost and Sullivan has suggested that sluggish gen-set sales in Europe are motivating companies to focus attention on the Middle East and Africa, where the market is experiencing substantial growth.
Economic growth in the Middle East and Africa are set to create opportunities for gen-sets in stand-by applications in addition to rising demand at least partly associated with rapidly expanding population. United Arab Emirates, Saudi Arabia, and Nigeria are identified as key growth markets in the report, with an anticipated increased per capita demand and global demand for oil and minerals prompting increased investment. Iraq emerged as the largest market in the region during 2003. Turkey, helped by strong infrastructure investment, is set to emerge as the second largest market at the end of the decade, the report says, while Nigeria, driven by its significant oil and gas sector, is expected to account for the largest share of revenues in the overall market in 2010.
More information may be found by emailing: magdalena.oberland@frost.com