Abstract
The heavy electrical industry is undergoing an unprecedented period of change. The world market for power station equipment is shifting from the protected home markets of the largest developed countries to the developing world where competition is often more open. Within the traditional markets, pressures such as structural change in the electricity supply industry and the impact of trade liberalization threaten to increase competitive pressures on suppliers. The heavy electrical industry has responded to these and other changes by embarking on a restructuring which may lead to the concentration of the world's industry into three or four conglomerates
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