In developed countries like the U.S., the Netherlands, and the U.K., authorities have been focusing on alternate and cleaner fuel sources like biogas, biomass, and natural gas, thus boosting the expansion of the power plant boilers market. Owing to these factors, the global power plant boiler market is anticipated to record a CAGR of 4% over the forecast period i.e. 2019-2027.
A recently published report by Research Nester on “Power Plant Boiler Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global power plant boiler market in terms of market segmentation by application type, by fuel type, by technology and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
A power plant boiler is a closed vessel that generates steam by applying heat to water. A boiler is used in industries that require steam for various operations. The form and size of these boilers to be installed depends on their application. Boilers for use in industrial installation and power stations are usually larger and are connected to point-of-use piping. The rapid urbanization and industrialization in emerging nations has increased the demand for power considerably. To cater to this increasing demand, government institutions are investing heavily in new power plants and revamping existing ones.
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Furthermore, developing steam conditions has provided the opportunity to use supercritical technology. The transmission/distribution infrastructure & power industry is anticipated to have the largest investment projects in the industrial world which provides ample opportunity for market growth. Growing energy demand along with pervasive investment across the industrial sector is driving the global boiler market.
On the basis of regional analysis, the power plant boiler market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region Asia-Pacific region is the major revenue contributor to the market owing to rapid industrialization in countries like China and India which increases the demand for power boiler. China was identified as the leading country for power boilers market in terms of both shipment capacity and market value in the region, followed by India, Vietnam, Korea, and Indonesia.
North America & Europe market is expected to grow at a significant rate because government has been focusing on alternate and cleaner fuel sources for power plant boilers. Countries such as Poland and Turkey plan to add new coal-based capacity as a part of their national power development plans.
Robust Industrialization to Fortify the Market Growth
Urbanization, escalating power demand, demand for coal fuel-based boilers, number of power capacity expansion projects are boosting the market growth. Furthermore, technological advancements and as well as the advancements in the process to increase the efficiency and reduce carbon emissions are likely to drive the market towards innovation. The use of coal is likely to increase in the coming years despite concerns over high carbon emissions. The governments across the world are looking for various alternatives to limit pollution caused due to coal by adopting efficient technologies.
This report also provides the existing competitive scenario of some of the key players of the power plant boiler market which includes company profiling:
Mitsubishi Hitachi Power Systems Ltd., Dongfang Electric Corporation Ltd., IHI Corporation, Doosan Heavy Industries & Construction, Siemens AG, Thermax Ltd., GE Power, Babcock & Wilcox Enterprises, Inc., Bharat Heavy Electricals Ltd. and Harbin Electric Corporation Co. Ltd.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the power plant boiler market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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