Power Plant Boiler Market Expected to Grow at a CAGR of 4.3% By 2026 – MITSUBISHI HEAVY INDUSTRIES, LTD., Dongfang Electric Corporation (DEC), Amec Foster Wheeler, Babcock & Wilcox Enterprises
Power Plant Boiler Market is accounted for $20.58 billion in 2017 and expected to grow at a CAGR of 4.3% to reach $30.10 billion by 2026. Some of the factors such as growing urbanization, rising power demand, demand for coal fuel based boilers, number of power capacity expansion projects are boosting the market growth. Furthermore, technological advancements are likely to fuel the market growth. Improving steam conditions has provided the opportunity to use supercritical technology. Ever-aging generation fleet and transmission/distribution infrastructure & power industry to have the largest investments projects in the industrial world will provide ample opportunity for the market growth. However, fluctuating raw material prices is restraining the market capacity.
By Fuel, Coal will still in the global perspective be the most important energy resource in power generation for many years. The surge to sustain harmful emissions from power stations has required the development of the Clean Coal Technology. Several Integrated gasification combined cycle (IGCC) projects have been proposed in Australia, China, the European Union and the United States, along with other countries showing interest. Clean coal technologies are being developed in China. The cost of power generation may be reduced if the washed coal increases the plant load factor and if the washery rejects are utilized in fluidized bed boilers. Energy produced from coal fired plants is cheaper and more affordable.
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Some of the key players in Global Power Plant Boiler market are MITSUBISHI HEAVY INDUSTRIES, LTD., Dongfang Electric Corporation (DEC), Amec Foster Wheeler, Babcock & Wilcox Enterprises, GENERAL ELECTRIC (GE), Siemens AG, Harbin Boiler Engineering Co., Ltd., Ansaldo S.P.A., Thermax Ltd. and Doosan Heavy Industries & Construction.
Based on Technology, Supercritical technology boilers have high efficiency and low carbon and other greenhouse gas emission. Additional technological benefits, such as reduction in start-up time, increase in ramp rate and reduced erosion of bypass valves can be seen. These boilers can be fully integrated with appropriate CO2 capture technology as well as reduced fuel costs due to improved plant efficiency. Because of the above techno-economic benefits along with its environment-friendly cleaner technology; more and new power plants are coming-up technology.
Asia-Pacific region is a major revenue contributor to the market because of rapid industrialization in countries like China and India which increases the demand for Power boiler. North America & Europe market is expected to grow at a significant rate because government has been focusing on alternate and cleaner fuel sources for power plant boilers.
– Natural gas
– Fluidized bed combustion
– Pulverized fuel combustion
– Other Processes
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