Vancouver, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The global power plant boiler market size was USD 21.43 billion in 2022 and is expected to register a steady revenue CAGR of 5.4% during the forecast period, according to latest analysis by Emergen Research. Rising demand for clean fossil fuels is a key factor driving market revenue growth.
A power plant boiler is a large and complex equipment used for generating steam to drive a turbine and produce electricity. The selection of fuel for generating steam and power has undergone continuous evolution over the years, primarily influenced by factors such as availability, costs, and environmental concerns. Recent advancements, including the promotion of co-firing biomass in power generation, emphasis on renewable sources, and development of waste-to-energy solutions, have significantly impacted both developers and users. Consequently, it is imperative to offer a versatile and all-encompassing solution in the power plant boiler industry to effectively navigate this ongoing energy transition. This solution employs an automated and digitally enabled combustion system and a specialized feeding system to enhance control and optimize the combustion of diverse waste fuels. These boilers can efficiently burn a range of waste fuels, encompassing biomass, agricultural residues, sludge, non-recyclable solid waste, biofuels, and refuse-derived fuel simultaneously. In addition, a Flue Gas Cleaning System (FGCS) is integrated with these boilers, ensuring removal of harmful emissions to meet the most stringent environmental standards.
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Many existing power plants have boilers that are reaching the end of their operational lifespan. These older boilers may be less efficient, more prone to breakdowns, and may not meet current environmental standards. Newer boilers often incorporate advanced technologies that significantly enhance efficiency. Moreover, these boilers can generate more electricity from the same amount of fuel, leading to cost savings and reduced emissions. Many industries and governments are placing greater emphasis on improving energy efficiency to reduce operational costs and environmental impact.
However, higher capital requirement to implement power plant boiler is a key factor, which could restrain market revenue growth. The considerable capital required for design, construction, and installation of power plant boilers can present a significant obstacle for potential participants. This challenge applies to both newcomers and established entities in the market. Obtaining the required funding for power plant projects can be arduous, potentially leading to delays in project commencement and completion, and dissuading potential investors. In addition, this financial burden may restrict the involvement of smaller organizations or regions with budgetary constraints in the market.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 21.43 Billion |
| CAGR (2023–2032) | 5.4% |
| Revenue Forecast To 2032 | USD 36.19 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Type, tube content, fuel type, operating pressure, draught system, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | ABB, General Electric, MITSUBISHI HEAVY INDUSTRIES, LTD., Babcock & Wilcox Enterprises, Inc., Siemens, Thermax Limited, Bharat Heavy Electricals Limited (BHEL), ANDRITZ, Dongfang Electric Corporation (DEC), Doosan Corporation., IHI Corporation, ADNOC Group, JOHN WOOD GROUP, Sumitomo Heavy Industries, Ltd., and Valmet |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global power plant boiler market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products. Some of the major companies included in the global power plant boiler market report are:
- ABB
- General Electric
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- Babcock & Wilcox Enterprises, Inc.
- Siemens
- Thermax Limited
- Bharat Heavy Electricals Limited (BHEL)
- ANDRITZ
- Dongfang Electric Corporation (DEC)
- Doosan Corporation.
- IHI Corporation
- ADNOC Group
- JOHN WOOD GROUP
- Sumitomo Heavy Industries, Ltd.
- Valmet
Strategic Development
- On 25 July, 2023, ADNOC Group’s ADNOC Refining, a collaborative venture involving ADNOC, Eni, and OMV, expects to complete the initial stage of its waste-heat recovery initiative in Ruwais by year-end. This move aligns with their commitment to reducing carbon emissions from operations. The initial phase, involving the operation of two new boilers and turbines, is set to conclude by year-end. The subsequent phase, which encompasses an additional two boilers, is slated for completion around mid-2023, as outlined by ADNOC.
- On 6 September, 2022, Mitsubishi Power, a power solutions division of Mitsubishi Heavy Industries, Ltd. (MHI) declared the commencement of operations at the Rades C combined cycle power plant in Tunisia. This high-efficiency facility, which has a capacity of 450 MW, was constructed by a consortium led by Mitsubishi Power in collaboration with Sumitomo Corporation. The aim was to augment Tunisia's power generation capabilities and ensure a reliable electricity supply, ultimately contributing to the nation's sustainable economic progress.
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Some Key Highlights from the Report
- The Fluidized Bed Combustion (FBC) boiler segment is expected to account for largest revenue share in the global power plant boiler market over the forecast period. This is because inherently lower emissions from FBC boilers often mean that they require fewer and less complex pollution control devices. In addition, this can result in cost savings for power plant operators, which will further rise demand for these boilers.
- The gas fired segment is expected to register steadily fast revenue growth rate in the global power plant boiler market over the forecast period. This is due to increasing exploration and production of natural gas on a global scale. Governments in numerous countries are actively endorsing the installation of gas-based boilers for power generation purposes. This aligns with efforts to harness benefits of natural gas as a cleaner and more environment-friendly energy source.
- The Asia Pacific market accounted for largest revenue share in the global power plant boiler market in 2022. This is attributed to rapid urbanization and industrialization, increasing population and government initiatives and investments, stringent environmental regulations, and rising need for aging infrastructure replacement, and substantial Foreign Direct Investment (FDI). The APAC countries are currently undergoing significant urbanization and industrial expansion, resulting in a notable upswing in energy demand, which in turn, has created a substantial need for power plant boilers throughout the region. In addition, high level of investment in the power sector in this area has led to increased upgrades and refurbishments of boilers, further driving market revenue growth in this region during the forecast period.
- On 4 May, 2023, Helen, a Finnish company specializing in district heating and cooling, and Valmet collaborated to transform a coal-fired district heat boiler into one that employs bubbling fluidized bed combustion, allowing for the use of wood pellets as fuel. This conversion project is scheduled for implementation at Salmisaari A power plant in Helsinki, aligning with Helen's goal of phasing out coal and achieving 100% carbon neutrality in energy production by 2030. Valmet, a Finnish process technology provider, will oversee the conversion from coal to wood pellets for a hot water boiler.
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Emergen Research has segmented the global power plant boiler market on the basis of type, tube content, fuel type, operating pressure, draught system, and region:
- Type Outlook (Revenue, USD Billion; 2019-2032)
-
- Pulverized Fuel Boiler
- Fluidized Bed Combustion (FBC) Boiler
- Tube Content Outlook (Revenue, USD Billion; 2019-2032)
-
- Fire Tube
- Water Tube
- Fuel Type Outlook (Revenue, USD Billion; 2019-2032)
-
- Solid Fired
- Oil Fired
- Gas Fired
- Others
- Operating Pressure Rating Outlook (Revenue, USD Billion; 2019-2032)
-
- Ultra-Supercritical Boiler
- Supercritical Boiler
- Subcritical Boiler
- Ultra-High Pressure Boiler
- High Pressure Boiler
- Sub-High Pressure Boiler
- Medium Pressure Boiler
- Draught System Outlook (Revenue, USD Billion; 2019-2032)
-
- Natural Draught
- Mechanical Draught
- Forced Draught System
- Induced Draught System
- Balanced Draught System
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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