The focus of players in the global circulating fluidized bed (CFB) boilers market is on increasing the power output of boilers and reduction of harmful emissions. There are a large number of potential end users and this is expected to create a wider scope for the CFB market in the coming years. The degree of competition is expected to decline from high to medium in the coming years. The threat of new entrants is expected to rise form low to medium as relatively newer technology can be exploited to its true potential by new players. There exists a strong presence of conventional substitutes for circulating fluidized bed boilers and this is expected to result in a medium level of threat from substitutes, says a new report by Transparency Market Research (TMR).
According to the report, the global installed capacity of circulating fluidized bed boilers stood at 92.0 GWe in 2014 and is expected to reach 241.9 GWe by 2023 at a CAGR of 11.25% from 2015 to 2023. On the basis of application, the oil and gas segment is expected to lead and account for 34% of the market by 2023. By product type, the subcritical CFB is likely to account for 49% of the market by 2023. On the basis of geography, China, Japan and Australia collectively accounted for 42% of the market by 2023.
Industrial Progress in Asia Pacific to Boost Demand for Circulating Fluidized Bed Boilers
The growing need for industrial progress is leading to a high demand for infrastructure and technological advancements and this is fueling the growth of the circulating fluidized bed boilers market in Asia Pacific. The versatility of CFB boilers to handle different types of fuel without needing a change in their setups will drive their demand worldwide. The growing population is another factor driving the market as it leads to a higher demand for energy and China and India have high population growth. Since at present, emission laws are not being followed and implemented uniformly throughout Asia Pacific and the Rest of the World as is the case with Europe and North America, there lies immense scope for growth in the global for the circulating fluidized bed boilers market in these regions.
The growing concern for environmental protection and emission control is another factor which will help drive the market through 2023. In addition to this, CFB boilers are based on the circulating fluidized bed technology, which helps in decreasing the particulate waste that is released into the atmosphere. CFB boilers can also use various types of fuels such as low grade coal, agricultural waste, high carbon petroleum coke, and biomass. They are also comparatively more reliable than conventional boilers, thus driving their demand. On the other hand, they have high maintenance cost. They erode quickly owing to rusting and oxidation.
Growing Emphasis on Cleaner Energy to Ensure Growth Opportunities in Future
CFB boilers are essentially one of the many outcomes of the growing demand for cleaner energy sources. Circulating fluidized bed boilers have successfully helped in reducing carbon footprint to a large extent. As the demand for clean energy increases with stringent government policies regarding emission will create a favorable situation for the growth of the circulating fluidized bed boilers market.
This information is based on the findings of a report published by Transparency Market Research titled “Circulating Fluidized Bed (CFB) Boilers Market - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2015 - 2023.”
The global circulating fluidized bed boilers market is segmented as follows:
- Oil and Gas
- North America
- China, Japan and Australia
- South East Asia
- Rest of the World
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