Market Synopsis
As per Market Research Future (MRFR)’s assessment reveals that the global power boiler market has been projected to expand at a steady CAGR of 4% during the forecast period 2016 to 2022. Power boilers are closed vessels where water is converted to steam through heating. This steam produced is in excessive demand across different industrial processes. The global economy is expected to strengthen in the upcoming years, thus, creating more room for industrial development. This, in turn, is poised to have a favorable impact on the expansion of the power boiler market over the next couple of years.
Urban migration and rapid industrialization are catalyzing the growth of the market in developing nations. It is projected to accelerate revenue creation for the participants of the power boiler market over the next couple of years. In addition, the support extended by the governments for the adoption of cleaner energy in power plants is another major factor responsible for the proliferation of the power boiler market. Investments are likely to flow towards the adoption of new technologies that leverage renewable sources of energy such as biomass. It is expected to expedite the development of the market. Furthermore, the efforts directed towards minimization of carbon emissions is also projected to affect the growth pattern of the power boiler market positively across the review period.
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Market Segmentation
By type, the global power boiler market has been segmented into pulverized fuel, circulation fluidized bed, and others.
By technology, the power boiler market has been segmented into supercritical, subcritical, and ultra-supercritical.
By fuel type, the global power boiler market has been segmented into coal, gas, and oil.
Competitive Dashboard
The major players profiled in this MRFR report are Siemens AG, Hangzhou Boiler Group, Mitsubishi Hitachi Power System, Babcock & Wilcox, AMEC Foster Wheeler, Harbin Electric, Thermax Ltd, and Alstom.
Regional Analysis
The global power boiler market, by region, has been segmented into North America, the Middle East & Africa, Europe, South America, and Asia Pacific. Among these, Asia Pacific is likely to secure a prominent position through the forecast period. The rapid industrialization of the region is primarily expected to drive the expansion of the market. The report further suggests that Asia Pacific is anticipated to emerge as the fastest growing power boiler market globally towards the end of the assessment period.
North America and Europe are important revenue pockets and are expected to grow steadily across the projection period. The regional markets are poised to attract huge investments for upgrading existing plants and the setting up of new plants using cleaner fuel for higher efficiency.
Industry News
In March 2019, Mitsubishi Hitachi Power Systems, Ltd. (MHPS) has announced the use of unmanned aerial vehicles (UAVs) for easy and efficient inspection of power plant boilers. The company is set to begin offering its inspection services from April 2019.
In February 2019, the Indian arm of German conglomerate ThyssenKrupp Industries has signed a license agreement with Denmark’s Babcock & Wilcox Volund for a biomass boiler technology to be deployed in India and neighboring countries for reducing pollution substantially.
In November 2018, Andritz, Austrian technology group, has received order from India-based Toyo Engineering Corporation for the deliverance of PowerFluid Circulating Fluidized Bed boiler for a biomass power plant. The new plant is to be built in Kamisu, east of Tokyo for Obayashi Kamisu Biomass Power Generation Corporation.
In September 2018, India’s NTPC Limited, which was formerly known as National Thermal Power Corporation Limited, and Tata Chemicals Limited, an Indian global company, have selected GE Power, an American energy techniques company, for upgrading two coal-fired boilers with low nitrogen oxide (NOx) firing system. The technology is expected to reduce the reduction of carbon emissions by these companies by 40%.
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