Global Power Plant Boiler Market is valued at approximately USD 25.13 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 4.8% over the forecast period 2022-2029. A power plant boiler is a kind of system that uses heat energy to generate power while also generating heat. Industries that use steam for a variety of purposes use boilers. The intended use or application of the boilers will determine their design and size. Larger boilers linked to point-of-use piping are widely used in industrial and commercial applications as well as power plants. These boilers are used in a variety of industries depending on the application. It is often used in the energy sector's electricity generation process. The key factors driving the market growth are rising demand for electricity and growing consumption of clean fossil fuels. Thus, crates a lucrative demand for the Power Plant Boiler for producing electricity and which drives the market growth during forecast period.
The growing demand for electricity will influence the market growth of Power Plant Boiler for generating electricity. According to Statista, in 2015, the global Net electricity consumption was 21,389 terawatt-hours and the number reached 23,845 terawatt-hours in 2019. Also, according to IEA's semi-annual Electricity Market Report released in 2021, the global electricity demand is expected to rise by over 5% in 2021 and 4% in 2022 after declining by around 1% in 2020 as a result of the effects of the COVID-19 epidemic. Also, technological advancements would create lucrative opportunities for the market during forecast period. However, the rising concerns about the high cost of implementation stifle market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Power Plant Boiler Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia is the dominating region across the world in terms of market share, owing to the rising industrialization and urbanization across the region, rise in the electricity demand and rising investment in the power sector in the region. Whereas, North America is also anticipated to exhibit the highest growth rate over the forecast period, owing to factors such as rising demand for uninterrupted power supply, growing investment in power generation and power plant construction and rising government support which would create lucrative growth prospects for the Power Plant Boiler market across North America region.
Major market players included in this report are:
General Electric (U.S.)
Babcock & Wilcox Enterprise (U.S.)
Mitsubishi Hitachi Power Systems (Japan)
Siemens AG (Germany)
Doosan Heavy Industries & Construction (South Korea)
Dongfang Electric Corporation (China)
IHI Corporation (Japan)
John Wood Group (U.K.)
Bharat Heavy Electrical Limited (India)
Recent Developments in the Market:
In 2021, B&W revealed that its renewable segment has won a contract worth USD 58 million. A waste-to-energy boiler and related equipment are to be developed and provided under the contract for a waste-to-energy generating plant in Europe.
In 2020, Doosan Heavy Industries & Construction announced that it has won a deal worth 901.8 billion with a VAPCO to construct VungAng 2 coal power plant. Boilers and other balance of plant (BOP) facilities for the plant will be developed and delivered by the company under the terms of the contract, which is valid from 2021 to 2025.
Global Power Plant Boiler Market Report Scope:
Historical Data: 2019-2020-2021
Base Year for Estimation: 2021
Forecast period: 2022-2029
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Process, Technology, Fuel Type, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Pulverized fuel combustion
Fluidized bed combustion
By Fuel Type:
Rest of the World