PUBLISHER: Allied Market Research | PRODUCT CODE: 1298228
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298228
The global power plant boiler market was valued at $19.0 billion in 2021, and is projected to reach $31.1 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
A power plant boiler is an advanced piece of equipment made up of numerous parts, including a furnace, water walls, superheaters, economizers, and air preheaters. Together, these elements help to ensure efficient fuel combustion and heat transfer from the fuel to the working fluid, which is usually steam or water. The power plant boiler market is driven by several factors, including the increase in demand for energy, technological advancements in power plant boiler designs and materials, and surge in awareness of environmental issues and the need for sustainable energy solutions. However, limited availability of skilled labor for installation and maintenance and fluctuations in fuel prices limit the market growth. The increase in demand for power plant boilers in emerging economies presents a significant opportunity for the market.
However, limited funding for R&D can slow down the pace of innovation in the power plant boiler market. Power plant boiler manufacturers may struggle to develop new and innovative technologies that can improve efficiency, reduce emissions, and meet new regulatory standards without sufficient investment in R&D. Limited funding for R&D can also lead to higher costs for power plant boiler manufacturers. Manufacturers might have to spend more on developing new technologies or finding alternative sources of funding, which can increase the overall cost of production. Limited funding for R&D can also limit the adoption of new technologies in the power plant boiler market.
Power plant operators may be hesitant to invest in new technologies that are unproven or have not been adequately tested, which can limit the uptake of new products. The abovementioned reasons are projected to hamper the development of the power plant boiler market.
The global power plant boiler market analysis is segmented into fuel type, type, technology, and capacity. By fuel type, the market is divided into coal-fired boilers, gas-fired boilers, oil-fired boilers, and others. By type, the market is classified into pulverized boilers, circulating fluidized boilers, and others. By technology, the market is categorized into subcritical, supercritical, and ultra-supercritical. By capacity, the market is fragmented into less than 400 MW, 400-800 MW, and more than 800 MW. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The North America market for power plant boilers is expanding rapidly. In the U.S., the demand for efficient and reliable power generation systems is driving growth, with favorable policies for renewable energy and advancements in technology. Researchers in the U.S. are utilizing digital solutions to optimize operations and reduce downtime.
Canada is investing heavily in power generation infrastructure, including power plant boilers, to meet the increase in demand for energy from major industrial sectors such as mining, forestry, and manufacturing. In Mexico, the growing economy is fueling demand for power plant boilers, with the country's energy requirements on the rise. Overall, the power plant boiler market in North America is poised for significant growth, with technology advancements and increase in demand for cost-effective and reliable power generation driving the trend.
Key players in the power plant boiler industry are: General Electric (GE), Siemens AG, Babcock & Wilcox Enterprises, Inc., Mitsubishi Hitachi Power Systems, Ltd., Doosan Heavy Industries & Construction Co., Ltd., Bharat Heavy Electricals Limited (BHEL), Alstom SA, Harbin Electric Corporation, Dongfang Electric Corporation Limited, and Kawasaki Heavy Industries, Ltd. These players have adopted various strategies to gain a higher share or retain leading positions in the market.
The decrease in energy demand resulted in a decrease in the demand for power plant boilers. Furthermore, the supply chain disruptions and labor shortages caused by the pandemic impacted the manufacturing and construction of power plant boilers. Project delays and cancellations due to the uncertain economic environment also led to a slowdown in market growth. The COVID-19 pandemic has had a short-term impact on the power plant boiler market, but the long-term outlook for the market remains positive.
The market post-pandemic period is driven by factors such as rising energy demand, increasing focus on reducing greenhouse gas emissions, and government initiatives promoting renewable energy sources. The adoption of digital technologies and the use of advanced materials in power plant boilers are expected to drive innovation and improve the efficiency of power plant operations. The power plant boiler market is expected to play a critical role in the global transition toward a more sustainable and energy-efficient future.