Boiler, Turbine, and Generator (BTG) Market: Overview
Products and equipment in the global boiler, turbine, and generator (BTG) market are heavy electrical component equipment used primarily for the production of electrical energy in the thermal power plants. These equipment use conventional fossil fuels including gas, coal, and oil to generate electrical power, working within the infrastructure of the thermal power plants. Rapid industrialization and increasing scope for application in power and energy industries are two of the key factors influencing growth in the global boiler, turbine, and generator (BTG) market in coming years. Another major contributing factor for the thriving market is rising global dependence on thermal power generation.
Rising preference and adoption of sustainable or renewable energy sources can, however, restrict the growth of the global boiler, turbine, and generator (BTG) market in the near future. Other potential barriers for the growing global boiler, turbine, and generator (BTG) market include clean energy generation initiatives, consumer preference for using environmentally friendly and sustainable fuels, and cost fluctuations of the raw materials required for the production of electrical energy through fossil fuels. On the other hand increasing requirement from industrial and manufacturing industries along with the capitalistic approach of numerous manufacturers can fuel the expansion of the global boiler, turbine, and generator (BTG) market in coming years. Gas power generation is also another industry that is driving the demand from the market in coming years.
Thermal power is one of the highly polluting yet prominent sources of electricity production around the globe. Most developed and developing countries are heavily reliant on thermal power for meeting their electricity needs. Rise in need for energy around the globe and increase in environmental pollution have prompted many countries to commercially adopt Carbon Capture and Storage (CCS), Integrated Gasification Combined Cycle (IGCC), and Combined Heat and Power (CHP) technologies to produce power without producing harmful gaseous emissions. These are highly efficient and also produce low environmental emissions. Boiler, turbine, and generators (BTGs) works in combination with thermal power plants to generate electricity. It requires fossil fuels such as coal, gas, or oil for power generation.
The BTG market can be segmented based on type of component and type of fuel used in power plants for power generation. The types of components can be sub-divided into power boilers, gas turbines, steam turbines, turbo generators, and heat recovery steam generators. Types of fuels can also be sub-divided into coal, gas, and oil. Power boilers are used extensively in oil and coal power plants. These are employed to boil water at high temperature to produce steam. This steam is passed on to boiler for further applications. Major boiler parts comprise circulation system, steam pressure vessel, boiler tubes, combustion, ventilation unit, air preheater, and other auxiliary units. Conventional boilers used in power plants are increasingly being replaced by pulverized coal-fired boilers. Major restraints of pulverized coal-fired boilers include fuel inflexibility, high maintenance costs, and environmental concerns.
Power is generated by turbines. Turbines function by the rotation of the shaft in a magnetic field to produce electricity. Turbines are operated by steam generated by burning gas, coal, or oil in the combustion chamber. Most turbines are based on steam and gas. A steam turbine converts thermal energy obtained from steam into mechanical energy, which turns the blades of a rotor of the steam turbine. The mechanical energy of the steam or gas turbine is converted to electrical output by the means of turbo generator. Turbo generator is one of the most common equipment found in all thermal (coal, gas, and oil) power plants. Key drivers of the BTG market are rise in demand for electricity around the globe, abundance of coal reserves, and high capacity of thermal power plants. Stringent environmental & climate change norms and growth in popularity of renewable power generating technologies are some of the restraints of the BTG market.
Asia Pacific is a prominent region of the BTG market, led by the increase in demand and consumption of electricity in China, followed by that in India and Japan. Most of the electricity in China and India is generated from thermal power plants, due to the abundance of coal deposits in these countries. Thus, China and India are the biggest BTG markets across the globe. Expansion of the economy, growth in urbanization, and rise in demand for electricity are augmenting the BTG market in Asia Pacific. Increase in demand for electricity in North America and Europe owing to the growing urbanization, industrial development, abundance of coal reserves, and aging electricity infrastructure are also driving the BTG market in these regions. Advanced technological innovation in power generation technologies and their rapid commercialization in power generation applications are boosting the global BTG market.
Key players operating in the global BTG market include General Electric, Atlas Copco, Vestas, Enercon, Caterpillar, ABB Group, Bosch, Ingersoll Rand, and Kirloskar.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.