Power Plant Boiler Market: Market Segments: By Type (Pulverized fuel combustion, Fluidized bed combustion and Others); By Technology (Subcritical, Supercritical and Ultra-critical); By Fuel type (Petroleum, Nuclear, Natural gas, Coal and Renewables); By Capacity (<400 MW, 400–800 MW and ≥800 MW); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030
Power Plant Boiler is a type of machine used to produce heat through the generation of electricity using water heat energy. The boiler is built into a furnace that combusts fossil fuels and creates heat to form steam that is passed into the water. Over the years, the efficiency of these boilers has improved dramatically, with some systems having up to 90 percent fuel-to-steam efficiency.
Power Plant Boiler Market is expected to project a notable CAGR of 4.5% in 2030.
Power Plant Boiler Market to surpass USD 24.3 Billion by 2030 from USD 19.5 Billion in terms of value growing at a CAGR of 4.5% throughout the forecast period, i.e., 2020-30. Due to the rapidly growing demand for industrialization and urbanization around the world, the Power Plant Boiler Market is experiencing major growth.
Power Plant Boiler Market: Segments
Fluidized bed combustion segment to grow with the highest CAGR of 13.2% during 2020-30
Power Plant Boiler Market is segmented by Type as Pulverized fuel combustion, Fluidized bed combustion and Others. The pulverized fuel combustion segment is estimated to lead the market with a share of over 54.2% in 2019 which as this is universally adopted for large-scale power plants. The method of pulverized fuel combustion requires powdered coal, which is used to increase the area of combustion exposure.
Power Plant Boiler Market: Market Dynamics
Rapid Industrialization in Developing Countries
Market growth is boosted by factors such as rising urbanization, increasing demand for electricity, demand for boilers based on coal fuel, and the number of projects to increase power capacity. Moreover, technical developments and advancements in the process of rising efficiency and reducing carbon emissions are likely to drive industry innovation.
High capital requirement to install power plant boilers
High capital expenditure and high installation costs for power plants are major factors that limit the growth of the global power plant boiler market. Moreover, post-construction stages, such as repair and technology installation, often entail significant capital investment. In addition, the final construction cost is influenced by strict environmental legislation and the high cost of technology used in supporting power plants.
Power Plant Boiler Market: Key Players
• Dongfang Electric Corporation Ltd.
• Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence and SWOT Analysis.
• IHI Corporation
• Doosan Heavy Industries & Construction
• Siemens AG
• Thermax Ltd.
• GE Power
• Babcock & Wilcox Enterprises Inc.
• Bharat Heavy Electricals Ltd.
• Harbin Electric Corporation Co. Ltd.
• Mitsubishi Hitachi Power Systems Ltd
Power Plant Boiler Market: Regions
Power Plant Boiler Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
Power Plant Boiler Market in APAC led the market with a lion share of more than 50% in 2019 and is projected to maintain its lead over the forecast period. As power consumption in the area increases at an exponential rate, APAC is experiencing a huge demand for the product and is witnessing growth potential. The region’s rapid urbanization is a crucial growth factor. The fastest growth in the urban population is expected to occur in India and China. It is expected that rapid industrialization and the rising transportation sector in India and China would increase energy demand. In order to minimize carbon emissions, both nations plan to implement electric vehicles in their respective countries. Unique subsidies are provided by the central government in China to manufacturers of electric vehicles and plug-in hybrid cars to encourage the selling of electric vehicles in the region. Factors such as government-led initiatives to sell electric vehicles are likely to further strain power resources, resulting in the need for excess power.
Power Plant Boiler Market report also contains analysis on:
Power Plant Boiler Market Segments:
• Pulverized Coal Towers
• Circulating Fluidized Bed Boilers
By Fuel type:
• Natural gas
• <400 MW
• 400–800 MW
• ≥800 MW
• Power Plant Boiler Market Dynamics
• Power Plant Boiler Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints
FAQs on Power Plant Boiler Market
· Which segment is anticipated to hold the largest market share?
· At what CAGR is the market anticipated to grow between 2020 and 2030?
· Who are the key players in the Power Plant Boiler Market?
· What could be the challenging factors in the growth of Power Plant Boiler Market?
· What are the growth drivers for the Power Plant Boiler Market?