Power Plant Boiler Market Share, Size, Trends, Industry Analysis Report, By Process (Pulverized fuel combustion, Fluidized bed combustion, and Others); By Technology; By Fuel Type; By Capacity; By Region; Segment Forecast, 2023 - 2032
- Published Date:Apr-2023
- Pages: 116
- Format: PDF
- Report ID: PM3165
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global power plant boiler market was valued at USD 21.28 billion in 2022 and is expected to grow at a CAGR of 5.45% during the forecast period. Power plants heavily rely on boilers to produce high-pressure steam, which is then used by the plant to make electricity. High-pressure steam is generated via the rankine cycle. The energy is converted into steam by the power plant boiler using a variety of fuels, including coal, natural gas, nuclear energy, and other pulverized fuels.
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Global industrialization is expanding quickly, which raises the industrial sector's need for power. Both developed and emerging nations are experiencing rapid growth in the manufacturing and process industries. The development of numerous other industries leads to an increase in power consumption, which forces the energy sector to expand its current capacities. Around the world, urbanization is also rapidly rising. Energy demand is expected to increase as a result of India and China's rapid development and expanding transportation industries.
To reduce carbon emissions, both nations plan to roll out electric automobiles in their respective markets. To encourage the sale of electric vehicles throughout the nation, the central government of China offers a specific subsidy to the producers of electric and plug-in hybrid vehicles. There will undoubtedly be a need for extra power as a result of factors like government-sponsored programs to push electric vehicles onto the market. This raises the market's demand for power plant boilers. However, One of the most popular pieces of equipment for generating electricity in power plants is the boiler. It generates energy using a variety of fuels. The development of power plants requires a large upfront investment. This is brought on by the high price of machinery like a boiler. The installation of a boiler in a power plant is quite expensive, which restricts the market growth.
More than 150 nations have been affected by the COVID-19 epidemic. This epidemic has affected several industries, including oil & gas, aviation, construction, manufacturing, trains, and the hospitality industry. Despite this upbeat outlook, there has been a significant impact of the pandemic on the steam and boiler business, notably on maintenance. Due to strict regulations on social isolation and lockdowns in place across the world, many steam and boiler service companies are unable to perform services like simple inspections and maintenance as regularly as they once performed. In addition to facing a labor shortage, the power sector also saw a decline in investment. Following the outbreak, the government of several countries enacted widespread lockdowns and restrictions, which harmed their economies globally.
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Industry Dynamics
Growth Drivers
The rising investment by the public and private players for the replacement and upgradation of boilers in power plants is driving the growth of the power plant boiler market. For instance, the Government of the UK announced that they have a 2035 deadline for when it wants to stop selling new and replacement gas boilers. In April 2022, the government announced the £450 million Boiler Upgrade Scheme. In comparison to gas boilers, heat pumps are now significantly more affordable because of government assistance. Additionally, for such equipment to operate smoothly and effectively, it is now crucial to upgrade and replace any outdated hardware. Considering that the boiler is one of the key pieces of machinery in power plants, it is crucial for their efficient operation that it is upgraded or replaced.
Furthermore, a growing number of power plants are replacing their outdated boilers with more modern, efficient boilers to meet the rising demand for reliable power. While doing so, helps power plants' thermal efficiency rise. Globally, there is more emphasis on modernizing outdated boilers. This demonstrates how the expansion of the power plant boiler market is fueled by significant spending on the upgrading, replacing, and building of power plant boilers.
Report Segmentation
The market is primarily segmented based on process, technology, capacity, fuel type, and region.
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By Process |
By Technology |
By Capacity |
By Fuel Type |
By Region |
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The pulverized fuel combustion (PFC) segment is expected to witness the fastest growth during forecast period
The PFC segment is expected to grow with the fastest CAGR over the forecast period. Large-scale power plants utilize the procedure without exception. Powdered coal is utilized during the combustion of pulverized fuel to expand the area exposed to the flames during combustion. Hot air is used to blow the coal's powder into the furnace, and secondary air is delivered in the combustion chamber to ensure complete fuel combustion. Air and gasoline are uniformly mixed owing to the turbulence that the secondary air creates. Because of this, the process's end product enables more efficient and faster combustion.
Manufacturers of boilers frequently use the fluidized bed combustion (FBC) method. The fluidization process is a method for completely combusting solid particles by combining air and fuel in a predetermined ratio. The process of burning is called fluidized bed combustion because of the turbulence and quick mixing of solid particles caused by the high air velocity, which makes them appear like a bubble in a boiling liquid. The method is becoming more popular on the market since it enables the utilization of liquid waste in the heat treatment procedure. Operators use the method frequently, as a result, to produce electricity from liquid waste.
The supercritical segment industry accounted for the highest market share in 2022
Supercritical is probably going to dominate the market. In many nations, the industrial and utility sectors place a strong emphasis on upgrading the nation's power infrastructure. For instance, in August 2019, In Khargone in Madhya Pradesh, NTPC put into service the nation's first ultra-supercritical unit with a 660 MW capacity. Considering steam parameters of 600 0C temperature and 270 kg/cm2 pressure, this plant was designed at a 41.5% efficiency, which would be 3.3% higher than the traditional super-critical ones. Supercritical technology is being heavily installed in power plant boilers as part of the upgrade work because of its many advantages, including improved efficiency and the fact that such boilers use less fuel and emit fewer greenhouse gases.
Over the forecast period, it is expected that the subcritical segment will continue to lead. The use of coal to generate electricity may be to blame for the development. There are increasing numbers of coal-based power facilities, particularly in emerging nations. Over the anticipated timeframe, the segment's expansion is forecast to be primarily driven by the product's easy availability and affordable input costs.
The coal segment industry accounted for the largest market share in 2022
Coal will dominate the industry. Due to the cheap accessibility of coal in the area, there are more coal power plants than other fuels in use worldwide. In January 2022, Bryden Wood has developed a new digital platform that will enable the rapid and efficient replacement of current coal-fired boilers at power plants with modern modular nuclear reactors. Supercritical, subcritical, and other technology boilers are widely used in coal-fired power stations because coal is inexpensive and readily available. During the anticipated timeframe, growth is predicted for the gas segment. As natural gas exploration and production operations increase internationally, the development of gas power plants is rapidly growing in the market. The installation of gas-powered boilers for power generation is also significantly supported by the governments of numerous nations.
The demand in Asia-Pacific is expected to witness significant growth during projected timeframe
The region's rapid development and urbanization are driving up the electricity demand. Both the population and the use of electronic devices are growing in this region, particularly in nations like Thailand, South Korea, Japan, Indonesia, Australia, India, and China. In Asia Pacific, there is a significant level of investment in the power industry, and boiler upgrades and renovations are also put into practice. The need to increase the region's electricity-producing capacity is driven by the rapidly rising demand for power supply. The electricity demand is driven by increasing incomes, rising industrial output, and a growing services sector. Boilers are being installed more frequently in this area as a result of the growing number of power plants.
Europe's economy is predicted to expand significantly as a result of the continuous increase of its electricity generation capacity in response to the rising need for reliable power supply. The market for making boilers is strengthened by technological improvements as well as rising R&D efforts. Consequently, there will be more gas-fired power plants installed in this area. The government of the United Kingdom announced in November 2022, To help the move toward net zero, the Boiler Upgrade Scheme encourages property owners to install low-carbon heating solutions like heat pumps. For an air-source heating pump and a ground-source heat pump, respectively, it gives subsidies of £5,000 and £6,000.
In the Middle East and Africa region, there is a significant rise in the demand for reliable power supply. The construction of new power plants and investments in energy production are both rapidly rising. The power plant boiler market will expand as a result of rising industrialization and the expansion of infrastructural development. The IEA estimates that Southeast Asia's energy consumption has been among the highest in the world, expanding at an average rate of 6% annually.
Competitive Insight
Some of the major players operating in the global market include Andritz Group, Bharat Heavy Electrical Limited, Babcock & Wilcox Enterprise, Corp., Doosan Heavy Industries and Construction Ltd., Dongfang Electric Corporation, General Electric Inc., IHI Corporation, John Wood Group, Mitsubishi Hitachi Power Systems Group, Sumitomo Heavy Industries Ltd., Siemens AG, and Thermax Ltd.,
Recent Developments
In January 2022, as per the “Green Innovation Fund” program of the “New Energy and Industrial Technology Development Institution” accepted the grant application from JERA Co.,& Mitsubishi Heavy Industries, to perform a research project to create and prove a technology to boost the ammonia co-firing at the coal-fired boilers. By FY 2024, JERA & MHI will create a novel burner that can burn ammonia as a single fuel and create a planning process for machinery to incorporate it into actual boilers.
Power Plant Boiler Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 22.35 billion |
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Revenue forecast in 2032 |
USD 36.02 billion |
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CAGR |
5.45% from 2023 - 2032 |
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Base year |
2022 |
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Historical data |
2019 - 2021 |
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Forecast period |
2023 - 2032 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2023 to 2032 |
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Segments Covered |
By Process, By Technology, By Fuel Type, By Capacity, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
Andritz Group, Bharat Heavy Electrical Limited, Babcock & Wilcox Enterprise, Corp., Doosan Heavy Industries and Construction Ltd., Dongfang Electric Corporation, General Electric Inc., IHI Corporation, John Wood Group, Mitsubishi Hitachi Power Systems Group, Sumitomo Heavy Industries Ltd., Siemens AG, and Thermax Ltd., |
FAQ's
The power plant boiler market report covering key segments are process, technology, capacity, fuel type, and region.
Power Plant Boiler Market Size Worth $36.02 Billion By 2032.
The global power plant boiler market expected to grow at a CAGR of 5.45% during the forecast period.
Asia-Pacific regions is leading the global market.
Key driving factors in power plant boiler market are rise in awareness of environmental issues and the need for sustainable energy solutions.
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