NEWARK, Del, March 04, 2024 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI), the global power plant boiler market value is expected to rise from US$ 22.7 Billion in 2024 to US$ 40 Billion by 2034. This estimated growth is expected to be driven by a promising CAGR of 5.80% in the power plant boiler industry over the next decade.
Governments around the world are investing in upgrading their present power plants. This, along with the increasing construction of new power plants, is raising the demand for power plant boilers. Furthermore, advancements in technology, such as the advent of supercritical boilers, are positively impacting the power plant boiler market.
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Increasing projects to raise power capacity is augmenting the investments in power plant boilers. Additionally, upgrades in terms of efficiency and reductions in carbon emissions are driving innovations in the market. Rising investment projects in the industrial world also offer adequate business growth opportunities.
Key Takeaways from the Power Plant Boiler Market Report:
- In 2023, the power plant boiler market attained a valuation of US$ 21.3 Billion by exhibiting a CAGR of 7.5% from 2019 to 2023.
- By technology, the subcritical segment is anticipated to record a CAGR of 5.5% over the forecast period.
- Based on fuel type, coal segment is projected to record a 5.3% CAGR through 2034.
- The United States holds a massive share in the power plant boiler market. By 2034, the country’s market is estimated to acquire US$ 7.2 Billion, expanding at a 6.1% CAGR.
- China ranks second in terms of market value. By 2034, this market is projected to attain US$ 6.7 Billion. China is also anticipated to experience a slightly higher 6.8% CAGR.
“Players are focusing on bringing advancements in their boiler production and boiler design to meet the evolving user demands,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Market Strategies Employed by Players to Get Ahead in the Power Plant Boiler Market:
The power plant boiler market is fairly competitive. Key players are exploring opportunities in niche markets, such as small-scale modular reactors, combined heat and power (CHP) systems, and industrial applications for steam generation. Further, players are providing comprehensive lifecycle management solutions to attract end users. By developing strong after-sales support, the market players can increase their sales.
Industry players further enhance their reach by joining partnerships and participating in exhibitions and industry events. Companies are also prioritizing technologies that comply with stricter environmental regulations and reduce emissions. Additionally, players can build goodwill and brand reputation by engaging in corporate social responsibility initiatives.
Key Companies in the Power Plant Boiler Market:
- General Electric
- Babcock & Wilcox Enterprise
- Mitsubishi Hitachi Power Systems
- Siemens AG
- Doosan Heavy Industries & Construction
- Dongfang Electric Corporation
- IHI Corporation
- Andritz Group
- John Wood Group
- Bharat Heavy Electrical Limited
- Thermax
- Sumitomo Heavy Industries
- Others
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New Developments in the Power Plant Boiler Market:
- In October 2023, Babcock & Wilcox Enterprises, Inc. announced that its Canadian subsidiary, Babcock & Wilcox Canada Corp., has signed a multi-year maintenance contract with Newfoundland and Labrador Hydro to develop the Holyrood Thermal Generating Station in Newfoundland. The deal is worth US$ 11 Million and enables consumers to take on more work.
- In October 2023, Renova Inc., a Japanese renewable power producer, postponed the commercial operation of two biomass-fired power stations with a combined capacity of 150 MW. The 74.8-MW Tokushima Tsuda and 75-MW Ishinomaki Hibarino plants went online later in October and December 2023. The business attributed the delay in launch on final changes to turbine and boiler facilities.
Power Plant Boiler Market Segmentation Analysis:
By Technology:
- Subcritical
- Supercritical
- Ultra-supercritical
By Fuel Type:
- Coal
- Nuclear
- Gas
- Oil
By Capacity:
- Below 400 MW
- 400-800 MW
- Above 800 MW
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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About the Industrial Automation Division at Future Market Insights:
The industrial automation team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI):
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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