Strong economic growth, youthful demographics and diversification away from oil are underlining the escalating demand for power in the Middle East and North Africa (MENA) finds a new study from Frost & Sullivan.
As generation markets expand to meet increasing demand, the steam and gas turbines markets in the region should receive a resultant fillip, the report says. Soaring demand for electricity, estimated to be growing as high as 8-9 % annually in some countries, is providing major impetus to the markets. Economic liberalisation and privatisation initiatives further reinforce such positive trends with Middle East and North Africa steam and gas turbines markets set to expand from $2.53 billion in 2005 to $3.25 billion in 2011. Of the total MW addition of 100,409 MW over the period 2005-2011, gas turbines are expected to account for 77.1%, with steam turbines capturing the remainder. In terms of the total revenue addition of $20,738.6 million during this period, gas turbines are projected to contribute 87.2%, with the remainder accounted for by steam turbines.