The global power plant boiler market size is projected to achieve US 22.8 billion dollars by 2026, at a CAGR of 4.8%, from the estimated US 18.1 billion dollars in 2020.
Increasing demand for electricity and an increase in the adoption of supercritical and ultra-supercritical boiler technologies to enhance efficiency are expected to drive the power plant boiler market. A power plant boiler is a sort of mechanical equipment that produces steam by heating water and utilizes it to generate energy. The boiler is incorporated during a furnace that burns fossil fuels and creates heat which gets transferred to water to make steam. Over the years, the efficiency of those boilers has increased significantly, with some systems having a fuel-to-steam efficiency as high as 90%
In February, General Electric signed a contract with Hitachi Zosen Corporation. Under the contract, General Electric will offer a turbine generator, CFB boiler, and air quality control system to the Kamisu Biomass Power Generation plant in Japan.
Power plant boilers use various fuels like coal, gas, petroleum, and biomass/wastes to supply high-pressured steam in order that plants can generate electricity. Electricity is that the fastest-growing source of energy demand. Developed countries still consume huge amounts of energy, thus increasing the demand in developing countries.
A power plant may be a complex facility and requires high investments in engineering, procurement, construction (EPC) or turnkey services, and technology. Construction costs for brand spanking new power plants are widely dependent on the kind of electricity generation technology it's harnessing. Additionally, post-construction phases, like maintenance, and installation of technology, also require considerable capital investment. Furthermore, stringent environmental regulations and, therefore, the high cost of technology utilized in supporting power plants impact the ultimate construction cost.
The cost of power plant boilers varies considerably because of design parameters and ranging levels of after-sales support. These parameters include operating pressure, operating temperature, sort of firing, and efficiency desired. The necessity for top pressure and heat increases the value of the boiler. The installation of power station boilers also requires huge capital. Additionally, the system used for coal firing or gas firing within the boiler also influences the value of the boiler.
Boilers are essential equipment for power plants. The replacement and upgrade of old equipment provide a beautiful opportunity for several power producers. The rising demand for reliable power delivery replacing older boilers with newer advanced, efficient boilers helps in boosting the thermal efficiency of power plants. Many companies specialize in offering advanced boiler upgrades for coal- and gas-fuelled power plants, which may contribute to their multiple fuel flexibility and reduce the potential impact of CO2 emissions. Developed countries like the US, Canada, the UK, and Germany have aging power infrastructure with low-efficiency levels and high carbon emissions. Continuous investments are happening in these countries to enhance the facility generation capacity. Consistent with the IEA, approximately USD 9,553 billion would be spent cumulatively on the development of the latest power plants and, therefore, the refurbishment of the prevailing ones across the planet from 2019 to 2035, with 30% of the amount being used for fossil-fuelled power plants. Such high investments in construction and aging upgrading infrastructure offer a lucrative opportunity for the power plant boiler market during the forecast period.
The power plant boiler market is segmented based on type, technology, and fuel type.
Pulverized Coal towers segment is expected to dominate the power plant boiler market. Advancements boost the development of this segment in supercritical and ultra-supercritical technologies to upgrade to aging power plant boilers to increase efficiency.
The supercritical segment held the largest share of the power plant boiler market. The prime focus on developing power infrastructure and the rise in implementation of supercritical technology over subcritical are boosting the segment of supercritical technology in the power plant boiler market. Moreover, the efficiency of a supercritical boiler is better as it consumes less fuel than a subcritical boiler to generate the same amount of heat energy.
By Fuel Capacity
Coal is the major source of the fuel type used for power generation and roughly accounts for 40% of the worldwide energy generation. The utilization of coal is probably going to extend within the coming years despite concerns over high carbon emissions. Governments across the planet are trying to find various alternatives to limit pollution caused thanks to coal by adopting efficient technologies. Thus, it's required that the industry and government embrace new technologies to make sure the usage of coal is a cleaner source of energy within the coming years.
The Asia Pacific is probably going to dominate the global power plant boiler market. The region is predicted to grow from 51.4% in 2020 to 55.0% by 2026. Currently, Asia Pacific is experiencing enormous demand for merchandise and is witnessing growth potential as power consumption within the region grows exponentially. The rapid urbanization within the region may be a key driver for growth. India and China are likely to watch the very best growth within the urban population. For example, as per the UN report, China and India were the highest two countries in terms of population. In India, about 33% of the entire population of 1.3 billion reside in urban areas. These factors are expected to spice up product demand over the forecast period. The increasing urban population, including the rising strain on the present power capacity, is predicted to fuel the power plant boiler market over the forecast period.
COVID-19 has slowed the expansion of the facility industry currently. This is often primarily because more and more countries resort to nationwide lockdowns to stop further spikes in spreading the disease. This slowdown is especially because of economic contractions, which have resulted in the reduction of power demand from various end-user industries. With the decrease in power demand, it's estimated that there would be very negligible investments from the utilities for replacing aging power infrastructure; additionally, major power projects are expected to be halted or delayed. As an example, in India, about 40% of the electricity demand is generated from industrial and commercial establishments and accounts for a better percentage of sales revenue. Furthermore, according to the IEA, electricity demand has fallen by over 20% during times of full lockdown in several countries due to reductions in commercial and industrial operations. Also, the demand for various fuel sources, like coal, gas, and nuclear power, that generate electricity had dropped during the amount of lockdown.
Furthermore, the spread of COVID-19 will probably have an adverse effect on the manufacturers of power station boilers, thanks to the worldwide shutdown and issues along the availability chain. The worth for procuring raw materials are additionally expected to extend because of the shortage of supply, which ultimately will cause delay so as closures. For example, Siemens witnessed a pointy fall in demand from China, Germany, and Italy, where the impact of COVID-19 is high.
Key Players operating in the power plant boilers market are
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Power Plant Boiler Market, By Type
6.1.1 Pulverized Coal Towers
6.1.4 Market Size Estimations & Forecasts (2021-2026)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Power Plant Boiler Market, By Technology
6.2.4 Market Size Estimations & Forecasts (2021-2026)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Power Plant Boiler Market, By Fuel Type
6.3.4 Market Size Estimations & Forecasts (2021-2026)
6.3.5 Y-o-Y Growth Rate Analysis
6.3.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Type
7.2.3 By Technology
7.2.4 By Fuel Type
7.3.1 By Country
184.108.40.206 Rest of Europe
7.3.2 By Type
7.3.3 By Technology
7.3.4 By Fuel Type
7.4 Asia Pacific
7.4.1 By Country
220.127.116.11 South Korea
18.104.22.168 South East Asia
22.214.171.124 Australia & NZ
126.96.36.199 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Technology
7.4.4 By Fuel Type
7.5 Latin America
7.5.1 By Country
188.8.131.52 Rest of Latin America
7.5.2 By Type
7.5.3 By Technology
7.5.4 By Fuel Type
7.6 Middle East and Africa
7.6.1 By Country
184.108.40.206 Middle East
7.6.2 By Type
7.6.3 By Technology
7.6.4 By Fuel Type
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 IHI Corporation
8.3 Babcock & Wilcox Enterprise (US)
8.4 Dongfang Electric Corporation (China)
8.5 Doosan Heavy Industries & Construction (Korea)
8.6 General Electric (US)
8.7 Mitsubishi Hitachi Power Systems (Japan)
8.8 John wood Group
8.9 Bharat Heavy Electrical Limited
8.10 Thermax, Andritz Group
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures