PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250720
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250720
According to Stratistics MRC, the Global Power Plant Boiler Market is accounted for $19.33 billion in 2022 and is expected to reach $28.68 billion by 2028 growing at a CAGR of 6.8% during the forecast period. A power boiler is essentially a closed container where water is heated until it becomes steam. Via piping, the steam generated by the power boiler was distributed to various applications. The demand for electricity is rising significantly in developing nations as a result of fast industrialisation and urbanisation. The government is making significant investments in new power plants to accommodate this demand, which will fuel the growth of the power boilers sector. Governments in industrialised nations are building power plants using greener energy sources like biomass power and biogas, which is another market-driving driver.
Replacement of aging power plants to augment market growth
It is essential to upgrade and replace outdated equipment if one wants such equipment to function smoothly and productively. As one of the important pieces of gear in power plants, the boiler requires regular maintenance and replacement in order to perform effectively. More contemporary, more efficient boilers are being installed in older power plants to meet the growing demand for uninterruptible electricity. As a result, thermal efficiency in power plants is increased. More focus is being placed on replacing outdated boilers globally. This illustrates how rising spending on boiler improvements, replacements, and new construction drives the market for power plant boilers.
High capital requirement to install power plant boilers
A complex structure like a power plant necessitates high costs for engineering, procurement, and constructing (EPC) or comprehensive services, among other things. The equipment being used to produce the electricity has a significant impact on how much it will cost to develop a new power station. However, phases after construction, such as maintenance and technology installation, need significant financial outlays. The high cost of power plant maintenance technologies and stringent environmental regulations have an impact on the final building cost. The cost of creating the required amount of steam is frequently referred to as the system cost, which takes into account the entire boiler life cycle. A power plant also combines several boilers & different fuels, which enhances the cost. This cost is anticipated to remain the same due to high levels of technical expertise needed to run industrial boilers, which will restrain the market position for power plant boilers.
Upgrading aging power plant boiler infrastructure
Power services have a need for boilers as an essential piece of equipment. For many power companies, the improvement and substitution of non-operational machines presents interesting chances. The thermal competence of power plants is improved by the getting higher demand for trustworthy power delivery and the alternative of outdated, unproductive boilers with new modern, innovative boilers. For coal-and-gas-fuelled power plants, countless businesses are concentrating on providing modern boiler improvements, which can raise their capacity to burn various fuels and conceivably diminish the contact of CO2 emissions. During the anticipated time frame, such noteworthy funds in new construction in addition to the transformation of weakening infrastructure present a worthwhile impending for the power plant boiler market.
Boiler efficiency and steam quality
Boiler efficiency measures how much combustion energy is converted into steam energy, whereas steam quality measures how much freshwater is compressed in the steam. Poor steam quality causes a variety of problems, such as frequent boiler shutdowns because of low water levels, destroyed steam pipes and valves from water hammer, vibration, corrosion, and erosion, decreased steam heater capacity, or overloaded steam traps. In addition, water droplets in having to move steam may be just as harsh on surfaces as sand particles. Both valve seats and pipe fittings may be harmed. Such issues lead to equipment breakdown, and the downtime may cause the operator to incur large costs. Heating systems that are inefficient utilise more fuel and release more harmful gases, which boost the cost of producing energy. Burning fuels like coal results in an excessive build-up of ash on a boiler's surfaces that transfer heat, which reduces the boiler's efficiency and could eventually lead to its shutdown. The need to boost efficiency and steam quality to meet market demand is one of the biggest challenges power plant boiler manufacturers face.
The COVID-19 pandemic has impacted more than 150 countries. This epidemic has affected a number of businesses, including oil and gas, aviation, building, manufacturing, railroads, and the hospitality sector. During the epidemic, some governments imposed extensive lockdowns and restrictions, which had a detrimental effect on their economies on a global scale. Despite this optimistic outlook, the pandemic has had a substantial impact on the steam and boiler industry, particularly on maintenance. Several steam and boiler repair companies are unable to provide services like straightforward inspections and maintenance as regularly because to the stringent laws on social isolation and lockdowns those are in place across the world. Thus, the power sector experienced a reduction in investment in addition to a labour shortage.
The supercritical segment is expected to be the largest during the forecast period
The supercritical segment is estimated to have a lucrative growth. In many nations, the industrial and utility sectors place a strong emphasis on upgrading the nation's power infrastructure. Supercritical technology is being heavily installed in power plant boilers as part of the upgrade work because of its many advantages, including improved efficiency and the fact that such boilers use less fuel and emit less greenhouse gases.
The coal segment is expected to have the highest CAGR during the forecast period
The coal segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the cheap accessibility of coal in the area, there are more coal power plants than other fuels in use worldwide. Supercritical, subcritical, and other technology boilers are widely used in coal-fired power stations because coal is inexpensive and readily available.
Asia Pacific is projected to hold the largest market share during the forecast period owing to the demand for power in the area rises as urbanisation and industrialization spread quickly. Both the population and the use of electronic devices are growing in this region, particularly in nations like Thailand, Indonesia, Australia, South Korea, Japan, India, and China. Throughout Asia Pacific, there is a significant level of investment in the power sector, and boiler upgrades and renovations are also put into practise.
Europe is projected to have the highest CAGR over the forecast period, owing to the ongoing growth of its energy generation capacity as a result of the increased need for reliable power supply. The market for making boilers is strengthened by technological improvements as well as rising R&D efforts. Hence, there will be more gas-fired power plants installed in this area.
Some of the key players profiled in the Power Plant Boiler Market include Sumitomo Heavy Industries, Dongfang Electric Corporation, Mitsubishi Hitachi Power Systems, IHI Corporation, Babcock & Wilcox Enterprise, Siemens, Doosan Heavy Industries & Construction, General Electric, Harbin Electric., John wood Group, Bharat Heavy Electrical Limited, Thermax, AMEC Foster Wheeler, Andritz Group, Valmet, JFE Engineering Corporation, Rentech Boiler, Sofinter Group and Zhengzhou Boiler Co., Ltd.
In February 2021, the B&W announced that its B&W thermal segment has won a contract worth USD 15 million for design and supply for two package boilers and its related equipment for a desalination plant. This boiler will be gas-fired boilers and produce steam for a municipal facility that will serve residents and businesses.
In September 2019, Doosan Heavy Industries & Construction Co. has announced to win an order to supply boilers and turbines for a thermal power plant in Indonesia. Under the contract, the company will supply circulating fluidized bed boilers and turbines for the Palu 3 thermal power plant. The contract is worth USD 100.6 million.
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