Global Power Plant Boiler Market: Overview
The demand for power has considerably increased around the world. The rapid urbanization and industrialization displayed by emerging nations has also fuelled the demand for power. To cater to this growing demand, government institutions are heavily investing in the construction of new power plants and upgrading existing ones. In countries such as the U.S., the Netherlands, and the U.K., authorities have been focusing on alternate and cleaner fuel sources such as biogas, biomass, and natural gas, thus aiding the expansion of the power plant boilers market across developed nations.
A power plant boiler is a machine that produces steam by applying heat energy to water. A boiler is used in industries that need steam for various operations. The form and size of these boilers to be installed depend on their purpose or application. Boilers for use in industrial installation and power stations are usually larger and are connected to point-of-use piping.
The report presents a holistic overview of the global power plant boiler market. It studies the various factors that are expected to influence the market’s growth trajectory between 2016 and 2024. To update stakeholders on the prevailing market dynamics, the report also examines the market’s attractiveness, investment feasibility, and the potential impact of Porter’s five forces. For the purpose of the study, the report segments the global power plant boiler market in terms of type, fuel type, technology, and geography.
Global Power Plant Boiler Market: Key Opportunities and Threats
The most common types of power plant boilers that find application across industries include multi-tube boilers, circulating fluidized boilers, pulverized boilers, and others. By fuel type, a power plant boiler can be classified as coal-based, gas-based, or oil-based.
The power generation mix in almost every major country today is dominated by coal. This is because the cost incurred on setting up a coal-based power plant is comparatively lower than that incurred on power plants that operate on other fuels. The easy availability of coal in several countries and convenience in transporting it between locations have prompted industries to invest in coal-based power plants. Hence, the pulverized fuel boiler is the most extensively installed boiler type worldwide.
Both India and China have a large number of coal-based power plant projects, owing to which, the growth exhibited by the pulverized fuel boiler segment will be considerably high in these countries. By technology, supercritical boilers demonstrate better efficiency than subcritical boilers and ensure lesser emission of greenhouse gases. This facilitates technological advancements in the former and hence results in the higher installation of supercritical boilers than other power plant boilers (based on technology).
However, during the forecast period, the demand for ultra-supercritical boilers is anticipated to increase at the fastest pace. Due to the introduction of the latest technologies, ultra-supercritical boilers are superior in terms of efficiency and boast lower emissions.
The market is also expected to gain from the rapid industrialization in India, China, and other developing countries. Asia Pacific will therefore exhibit lucrative opportunities for companies operating in the global power plant boiler market. Other regions exhibiting attractive prospects in the power plant boilers market include North America, Europe, and Rest of the World.
Global Power Plant Boiler Market: Competitive Insight
To study the competition prevailing in the market, the report also profiles some of the leading vendors operating therein. The most prominent companies profiled in the report are AMEC Foster Wheeler, Siemens AG, Babcock & Wilcox, and others. These companies are studied on the basis of their financial overview, strategies adopted, development status, and product portfolio.
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