Power Plant Boiler Market to Reach $31.1 Billion, Globally, by 2031 at 5.1% CAGR: Allied Market Research

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Mar 24, 2023, 11:10 ET

PORTLAND, Ore., March 24, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Power Plant Boiler Market by Fuel Type (Coal-Fired Boilers, Gas-Fired Boilers, Oil-Fired Boilers, Others), by Type (Pulverized Boilers, Circulating Fluidized Boilers, Others), by Technology (Subcritical, Supercritical, Ultra-supercritical), by Capacity (Less than 400 MW, 400-800 MW, More than 800 MW): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global power plant boilers industry generated $19.0 billion in 2021 and is anticipated to generate $31.1 billion by 2031, witnessing a CAGR of 5.1% from 2022 to 2031.

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Drivers, restraints, and opportunities:

Surge in the demand for energy, technological advancements in power plant boiler designs and materials, increase in awareness of environmental issues, and the requirement for sustainable energy sources drive the global power plant boilers market. However, a rise in focus on renewable energy, high costs, stringent emission standards, volatility in fuel prices, and competition from alternative technologies are restraining the market growth. Moreover, growing demand for electricity at a rapid pace because of rising industrialization and modernization in developing countries are expected to offer ample opportunities for expansion of the power plant boilers market in the upcoming years.

Covid-19 Scenario:

The COVID-19 pandemic had a short-term impact on the power plant boiler market, however, the long-term outlook for the market remained positive. The decline in energy demand resulted in a decrease in demand for power plant boilers. The manufacturing and construction of power plant boilers was impacted by the supply chain disruptions and labor shortages. Project delays and cancellation due to the uncertain economic environment also hampered the market growth.
The post-pandemic growth of the market is driven by factors such as government initiatives promoting renewable energy sources, rising energy demand, and increasing focus on reducing greenhouse gas emissions. The use of advanced materials in power plant boilers and the adoption of digital technologies are expected to drive innovation and improve the efficiency of power plant operations.
The market for power plant boilers is expected to play a critical role in the global transition to a more sustainable and energy-efficient future.

The coal-fired boilers segment to maintain its lead position during the forecast period

Based on fuel type, the coal-fired boilers segment contributed to the largest share of more than half of the global power plants market in 2021 and expected to dominate in terms of revenue during the forecast period. Although the trend towards cleaner energy sources is expected to continue, coal-fired power plants will continue to play an important role in meeting the world's increasing energy demands for the foreseeable future. Furthermore, the oil-fired boilers segment is expected to witness the fastest CAGR of 6.1% from 2022 to 2031. This is because oil-fired power plant boilers are a crucial component of modern power generation infrastructure, offering a reliable and efficient source of electricity. They are highly flexible and versatile, also able to generate electricity in a variety of configurations and applications, and they offer a range of benefits, including high efficiency and reliability.

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The pulverized boilers segment grabbed the highest share in 2021

By type, the pulverized boilers segment grabbed the highest share of around two-thirds of the global power plant boilers market in 2021 and is projected to maintain its dominance in 2031. Manufacturers are constantly working to improve efficiency and reduce emissions in pulverized boilers, which are subject to strict emission regulations. This has resulted in the development of advanced technologies such as ultra-supercritical (USC) and supercritical (SC) technology, which can achieve higher efficiency and lower emissions and is one of the factors driving demand for pulverized boilers in the power plant boiler market. However, the others segment is expected to showcase the fastest CAGR of 5.7% from 2022 to 2031. There are three types of power plant boilers used for steam generation namely multi-tube boilers, modular boilers, and once through boilers. Multi-tube boilers are typically used in smaller power plants and are expected to experience moderate growth due to their simple design and lower installation cost. Modular boilers are highly efficient and flexible, making them suitable for a range of power plant sizes.

The supercritical segment to dominate the market during the forecast period

Based on technology, the supercritical segment contributed to the largest share of more than two-thirds of the global power plant boilers market in 2021 and is expected to rule the roost in terms of revenue during the forecast period. The demand for supercritical power plant boilers is expected to rise as several countries are seeking to reduce their carbon footprint and improve the efficiency of their power generation. Supercritical power plant boilers are highly efficient, with some models achieving efficiency levels up to 45%. On the other hand, the ultra-supercritical segment is expected to witness the highest CAGR of 5.9% from 2022 to 2031. These boilers are designed to operate at higher temperatures and pressures than supercritical boilers, which results in higher thermal efficiencies and lower fuel consumption. This can reduce operating costs and greenhouse gas emissions which boost the demand for ultra-supercritical power plant boilers.

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Asia-Pacific, to rule the roost during the forecast period

By region, the market in Asia-Pacific was the largest in 2021, accounting for more than half of the global power plant boilers market and is expected to retain its dominance throughout the forecast timeframe. Also, the same region is expected to portray the fastest CAGR of 5.4% from 2022 to 2031. The growth is attributed to the high demand for energy, increasing focus on sustainability, rapid urbanization, surge in utilization of electric vehicles and portable electronic gadgets across the region.

Leading Market Players

Siemens AG
Bharat Heavy Electricals Limited
Harbin Electric Corporation
Kawasaki Heavy Industries, Ltd.
Mitsubishi Hitachi Power Systems, Ltd.
General Electric
Babcock & Wilcox Enterprises, Inc.
Alstom SA
Doosan Corp.
Dongfang Electric Corporation Limited

The report analyzes these key players of the global power plant boilers market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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