Power Plant Boiler Market Worth $22.8 Billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 6, 2020 /PRNewswire/ -- According to the new market research report "Power Plant Boiler Market by Type (Pulverized Coal Towers, CFB, Others), Capacity (<400 MW, 400–800 MW, ≥800 MW), Technology (Subcritical, Supercritical, Ultra-supercritical), Fuel Type (Coal, Gas, Oil), and Region- Global Forecast to 2025", published by MarketsandMarkets™, the global Power Plant Boiler Market size is expected to grow from an estimated USD 18.1 billion in 2020 to USD 22.8 billion by 2025, at a CAGR of 4.8%, during the forecast period. Market growth can be attributed to the increasing demand for electricity and the rising consumption of clean fossil fuel for power generation.
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By type, the pulverized coal towers segment is the largest contributor in the Power Plant Boiler Market during the forecast period.
In pulverized coal tower type boilers, coal is pulverized to a fine powder. The pulverized coal is blown into the boiler plant through a series of burner nozzles using combustion air. Most coal-fired power stations and many large industrial water-tube boilers use pulverized coal. The growth of this segment is driven by advancements in supercritical and ultra-supercritical technologies to upgrade conventional and aging power plant boilers to improve efficiency.
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By capacity, the <400 MW segment is expected to grow at the fastest rate during the forecast period.
Power plant boilers less than 400 MW are small-sized boilers in terms of capacity. These types of power plant boilers are used for reliable and stable baseloads on a smaller scale. Increasing investments by companies to increase the efficiency of power are expected to continue to drive the growth of the <400-MW capacity segment in the Power Plant Boiler Market during the forecast period. For instance, General Electric (US) offers small ultra-supercritical units that are more efficient than subcritical technology.
By technology, the supercritical segment is expected to be the largest contributor during the forecast period.
The supercritical segment held the largest share of the Power Plant Boiler Market in 2019. The focus on upgrading power infrastructure and the increased implementation of supercritical technology over subcritical are driving the growth of supercritical technology in the Power Plant Boiler Market. Furthermore, the efficiency of a supercritical boiler is higher because it consumes less fuel than a subcritical boiler to generate the same amount of heat energy.
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Asia Pacific is expected to be the fastest-growing market during the forecast period.
Asia Pacific is the fastest-growing market during the forecast period. The region has been segmented, by country, into China, Japan, India, and the Rest of Asia Pacific. Rapid industrialization and infrastructural developments taking place in the region offer growth opportunities for the Asia Pacific Power Plant Boiler Market. According to the Asian Development Bank (ADB), energy demand is projected to almost double in the Asia Pacific region by 2030. With the increasing demand for power, substantial investments have been made in developing as well as emerging countries to increase their power generation capabilities. Power generation investments are therefore expected to boost the demand for power plant boilers in the region. Countries such as China and India have an abundance of coal, making it a cost-effective fuel for power plant boilers. Thus, the market for power plant boilers is expected to grow at the highest rate during the forecast period.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Power Plant Boiler Market. These include Babcock & Wilcox (US), Dongfang Electric Corporation (China), Doosan Heavy Industries & Construction (Korea), General Electric (US), and Mitsubishi Hitachi Power Systems (Japan). The leading players are trying to establish themselves in the markets in developing economies and are adopting various strategies to increase their respective market share.
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