Power Plant Boiler Market Size to Reach USD 27.26 Billion by 2028 while Exhibiting a Stellar CAGR of 2.9%

Saturday, February 25, 2023 at 8:00am UTC

Luton, Bedfordshire, United Kingdom, Feb. 25, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Power Plant Boiler Market.

The global Power Plant Boiler Market size was valued at USD 21.69 Billion in 2020 and is projected to reach USD 27.26 Billion by 2028, growing at a CAGR of 2.9% from 2021 to 2028. The power plant boiler market refers to the global market for boilers used in power generation plants. Boilers are critical components of power generation plants, as they are responsible for converting water into steam, which in turn drives turbines to generate electricity.

The power plant boiler market is driven by the increasing demand for electricity, especially in emerging economies. The growth in population, urbanization, and industrialization is driving the demand for electricity, which is in turn fueling the demand for power plant boilers. Additionally, the increasing adoption of renewable energy sources, such as wind and solar, is driving the demand for flexible and efficient power plant boilers that can support the integration of intermittent renewable sources.

Industry Developments:

  • In November 2021, B&W announced that its renewable segment has won a contract worth USD 58 million. The contract is to design and supply a waste-to-energy boiler and other equipment for a waste-to-energy power plant in Europe.
  • In October 2020, Doosan Heavy Industries & Construction announced that it has won a contract worth 901.8 billion won contract with a VAPCO to construct VungAng 2 coal power plant. The contract has been signed from 2021 to 2025 and the company will build and install boilers, the balance of plant (BOP) facilities for the plant.

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Driving & Restraining Factors

Increasing Industrialization and Urbanization to Propel Market Growth

The global industrialization trend is leading to an increase in power consumption by the industrial sector, including manufacturing and process industries, in both developed and developing countries. As additional industries are established, power consumption continues to rise, prompting the energy sector to expand its existing capacities. In addition, urbanization is also driving up the demand for power plant boilers in the market.

One of the significant factors contributing to the growth of the power plant boiler market is the replacement and upgrading of old equipment.

Boilers are crucial equipment in power plants, and their upgradation and replacement are vital for effective operation. As the demand for uninterrupted power supply rises, there is an increasing need to replace older power plant boilers with new and efficient ones. This helps increase the thermal efficiency of power plants. Globally, the focus on upgrading aging boilers is also increasing, and according to the IEA, an estimated USD 9,553 billion will be invested in refurbishment and new construction works for power plants from 2014 to 2030. This indicates that high expenditure on upgradation, replacement, and construction of power plant boilers is driving the growth of the power plant boiler market.

High Initial Capital Requirement May Hinder Market Growth

Boilers are widely used technology for electricity production in power plants, using various types of fuels. However, the construction of power plants requires a high initial investment due to the significant cost of equipment, including boilers. The installation cost of a boiler in a power plant is particularly high, which poses a hindrance to the development of the market.

Report AttributeDetails
Power Plant Boiler Market size value in 2021USD 21.69 billion
Revenue forecast in 2029USD 27.26 billion
Market Growth rateCAGR of 2.9% from 2023 to 2029
Base year for estimation2021
Historical data2018 - 2020
Forecast period2021 - 2028
Quantitative unitsRevenue in USD Million, volume in units, CAGR from 2021 to 2028
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, trends
Segments coveredBy Fuel Type; Technology; Process & By Region
Regional scopeNorth America; Europe; Asia Pacific; Latin America; MEA
Country scopeU.S., Canada, UK, Germany, France, Japan, China, India, Saudi Arabia, and Brazil
Key companies profiledGeneral Electric, ALFA LAVAL, Babcock & Wilcox Enterprises, Inc., IHI Corporation, DEC, Doosan Heavy Industries & Construction, Sumitomo Heavy Industries, Ltd., JFE Engineering Corporation, Sofinter S.p.a, John Wood Group PLC
Customization scopeFree report customization with purchase. Addition or alteration to country, regional & segment scope.

Companies Covered in Power Plant Boiler Market Report:

  • General Electric
  • Babcock & Wilcox Enterprises, Inc.
  • IHI Corporation
  • Doosan Heavy Industries & Construction
  • Sumitomo Heavy Industries, Ltd.
  • JFE Engineering Corporation
  • Sofinter S.p.a
  • John Wood Group PLC
  • Bharat Heavy Electricals Limited
  • Thermax Limited

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Report Benefits

  • Develop business strategies by understanding the trends shaping and driving the Market.
  • Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Power Plant Boiler Market in the future.
  • Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company share of Power Plant Boiler Market leaders.
  • Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
  • Track sales in the global and country-specific Market.
  • Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.

Regional Insights

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Geographically, the global market has been analysed across five key regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

The Asia Pacific region is estimated to dominate the global market 2021-2028 as the region stood at USD 13.36 billion in 2020. Rapid urbanization and industrialization across the region increase the electricity demand. The population is also increasing widely in this region and the penetration of electronic gadgets is also rising across various countries including Thailand, Indonesia, Australia, South Korea, Japan, India, and China. The investment in the power sector is also high in Asia Pacific and the upgradation and refurbishment of the boiler are also implemented.

The Middle East & Africa region is likely to witness significant growth 2022-2028. The demand for uninterrupted power supply is widely increasing across this region. The investment in power generation and power plant construction is widely growing. Industrialization is also rising and the development of public infrastructure is also growing which drives growth in the power plant boiler market, 2022-2028.

Europe is likely to grow at a significant pace 2022-2028 owing to constantly expansion in its electricity generation capacity due to growing demand for uninterrupted power supply. The technological advancements along with growing research and development activities also bolsters the boiler manufacturing industry. Thus, increases the installation of gas-fired power plants in this region.

North America is expected to register significant growth 2022-2028. The region is currently experiencing high power consumption and high demand for energy management. This increases the power capacity generation which further increases the demand for the boilers. Industrialization is also rapidly growing which drives growth in North America.

The Latin America region is estimated to foresee growth 2022-2028. The demand for power supply is widely growing within the region which increases the need to expand electricity generation capacities in the region. The rising number of power plants increases the installation of boilers in this region.

Key Market Segments: Power Plant Boiler Market

By Fuel Type

  • Coal
  • Natural Gas
  • Nuclear
  • Petroleum

By Technology

  • Ultracritical
  • Supercritical
  • Subcritical

By Process

  • Fluidized Bed Combustion
  • Pulverized Fuel Combustion

By Region

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East and Africa

Frequently Asked Questions About This Report

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  • What is the Power Plant Boiler Market growth?
  • Which segment accounted for the largest Power Plant Boiler Market share?
  • Who are the key players in the Power Plant Boiler Market?
  • What are the factors driving the Power Plant Boiler Market?

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