The "Power Plant Boiler Market by Type (Pulverized Coal Towers, CFB, Others), Capacity (&lessThan;400 MW, 400-800 MW, =800 MW), Technology (Subcritical, Supercritical, Ultra-supercritical), Fuel Type (Coal, Gas, Oil), and Region- Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global power plant boiler market is estimated to grow from USD 18.1 billion in 2020 to USD 22.8 billion by 2025, at a CAGR of 4.8% during the forecast period.
The growth of this market is driven by the increasing demand for electricity and rapid industrialization. Asia Pacific accounted for the largest market share in 2019. The abundant availability of coal drives the demand for coal-based power plant boilers.
The circulating fluidized bed boilers segment is expected to be the fastest-growing of the power plant boiler market, by type, during the forecast period.
The growth of the CFB boiler segment is driven by the increasing demand from power plant owners to use multiple fuels in CFB boilers. These boilers deliver high efficiency and reliability with reduced emissions and pollutants. In addition, it also provides leverage to use lower rank coals, even for ultra-supercritical plant designs. Some examples for CFB boiler power plants are Tauron 460 MWe supercritical CFB power plant boiler in Lagisza (Poland) and CLECO's Brame Energy Center in the US.
Asia Pacific: The fastest market for power plant boiler.
Asia Pacific is the fastest-growing market for the power plant boiler market. The region has been segmented, by country, into China, Japan, India, and the Rest of Asia Pacific. Rapid industrialization and infrastructural developments taking place in the region offer growth opportunities for the Asia Pacific power plant boiler market. According to the World Bank, Asia Pacific is the fastest-growing region in the world, experiencing continued economic growth.
According to the Indian Electrical and Electronics Manufacturers Association (IEEMA), installed power generation capacity until December 2018 was 413,024 MW (Conventional: 3,44002 MW and Renewable: 69,022 MW), and the country has targeted adding 1,87,821 MW (Renewable: 43%, Conventional: 57%) by March 2022. In addition, the electricity generation capacity is expected to increase up to 800 GW by 2032 to fulfill the increasing demand of customers.
Market Dynamics
Drivers
- Increasing Demand for Electricity
- Rising Consumption of Clean Fossil Fuel
Restraints
- High Capital Requirement to Install Power Plant Boilers
- Growth of Renewable Energy Sources for Power Generation
Opportunities
- Upgrading Aging Power Plant Boiler Infrastructure
- Technological Advancements and Demand for Compact Designs
Challenges
- Boiler Efficiency and Steam Quality
- Impact of COVID-19 on Power Plant Boiler Market
Companies Profiled
- General Electric
- Siemens
- Babcock & Wilcox Enterprises, Inc.
- Dongfang Electric Corporation Ltd.
- Doosan Heavy Industries & Construction
- Sumitomo Heavy Industries, Ltd.
- Ihi Corporation
- John Wood Group plc
- Mitsubishi Hitachi Power Systems, Ltd.
- Sofinter Group
- Bharat Heavy Electricals Limited
- Thermax Limited
- Andritz Group
- Valmet
- Harbin Electric Corporation
- Jfe Engineering Corporation
- Zhengzhou Boiler Co. Ltd.
- Rentech Boiler
- Shanghai Electric Power Co. Ltd.
- Pjsc Krasny Kotelshchik
For more information about this report visit https://www.researchandmarkets.com/r/ypz0ma
View source version on businesswire.com: https://www.businesswire.com/news/home/20201019005378/en/
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
