PUBLISHER: The Business Research Company | PRODUCT CODE: 1414106
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414106
“Circulating Fluid Bed Boilers Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on circulating fluid bed boilers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for circulating fluid bed boilers? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The circulating fluid bed boilers market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Circulating fluidized bed (CFB) boilers represent a category of power plant boilers utilizing a combustion process that employs a circulating fluidized bed for burning coal, biomass, waste, or diverse fuel sources. These boilers are recognized for their versatility and cost-effectiveness, providing adaptable and economically viable solutions for power generation in the industry.
The primary classifications of circulating fluidized bed boilers include subcritical, supercritical, and ultra-supercritical CFB boilers. Subcritical CFB boilers denote an advancing coal combustion technology featuring capacities ranging from 135 MW to 330 MW. Engineered to achieve reduced pollutant emissions, these boilers can withstand steam pressures up to 2,600 PSIG, accommodating various fuels, including those with high ash, high sulfur content, and waste fuels such as petroleum coke and sludge. Operating on a spectrum of fuel types, including coal and biomass, their capacities span less than 100 MW, 100-200 MW, 200-300 MW, and 300 MW and above. Deployed across sectors such as oil and gas, power, chemicals, manufacturing, and others, these boilers serve as integral components of diverse industrial processes.
The circulating fluid bed boilers market research report is one of a series of new reports from The Business Research Company that provides circulating fluid bed boilers market statistics, including global market size, regional shares, competitors with a circulating fluid bed boilers market share, detailed circulating fluid bed boilers market segments, market trends, and opportunities, and any further data you may need to thrive in the circulating fluid bed boilers industry. This circulating fluid bed boiler market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The circulating fluid bed boilers market size has grown strongly in recent years. It will grow from $38.63 billion in 2023 to $41.08 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The expansion witnessed during the historical period can be ascribed to several factors, including a surge in energy demand and the emphasis on energy security, the implementation of stringent environmental regulations, efforts to enhance coal combustion efficiency, industrial growth, and the pace of urbanization. Additionally, the integration of renewable energy sources has played a pivotal role in shaping this growth trajectory.
The circulating fluid bed boilers market size is expected to see strong growth in the next few years. It will grow to $51 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The anticipated growth in the forecast period can be ascribed to the ongoing transition towards clean energy practices, government incentives promoting the adoption of clean energy solutions, a heightened focus on achieving carbon neutrality, a rising demand for biomass energy, and substantial investments from both the public and private sectors. Key trends expected during this period encompass advancements in combustion technology, an intensified focus on cleaner coal combustion methods, the integration of carbon capture technologies to reduce emissions, and the implementation of digitalization for operational optimization.
The anticipated rise in coal consumption is poised to drive the growth of the circulating fluidized bed boiler market. Coal, a mineral extracted from the earth and used as a fuel source, is commonly utilized in circulating fluidized bed boilers within coal-fired power plants. These boilers play a crucial role in such plants by generating steam to power large turbines, ultimately transforming the mineral content of coal into ash through combustion. As reported in April 2023 by the US Energy Information Administration, the usage of coal witnessed a notable increase of 20 million short tons (MMst) in 2022, reaching a total of 598 MMst for the year. This represents a substantial uptick of 14.5% from the 2020 level of 545.6 MMst, signaling a significant boost in coal utilization and thereby contributing to the growth of the circulating fluidized bed boiler market.
The upward trajectory of the Circulating Fluidized Bed Boilers market is further fueled by the growing adoption of renewable energy sources. Renewable energy, encompassing sustainable resources such as solar, wind, hydro, geothermal, and biomass, is gaining prominence as an environmentally friendly and replenishable energy alternative. Circulating fluidized bed boilers play a pivotal role in this landscape by efficiently burning various renewable sources, including biomass fuels, facilitating sustainable power generation with a diminished environmental footprint. According to a December 2021 report from the International Energy Agency (IEA), renewables are projected to constitute nearly 95% of the increase in global power capacity by 2026. Solar photovoltaic (PV) is expected to lead this expansion, contributing more than half of the overall growth. The rising adoption of renewable energy sources is, therefore, a key driver propelling the circulating fluidized bed boilers market.
A prominent trend gaining traction in the circulating fluidized bed boiler market is strategic collaboration. Key players within the market are directing their efforts towards forging strategic collaborations to develop innovative products, thereby reinforcing their positions in the industry. In a noteworthy collaboration, Bharat Heavy Electricals Limited (BHEL), an Indian-based power generation equipment manufacturer, partnered with Sumitomo SHI FW, a Finland-based circulated fluid bed boilers manufacturer, in December 2022. The collaboration is geared towards expanding the market for circulating fluidized bed combustion (CFBC) boilers in India and overseas. The Technology License Agreement entails the design, engineering, production, installation, commissioning, and marketing of CFBC boilers with advanced technology for both the Indian and global markets. CFBC boiler technology offers inherent advantages such as fuel flexibility, improved operational flexibility, and compliance with emission norms. This technology licensing agreement (TLA) enhances BHEL's capabilities to deliver power plants that meet emission standards and offer bio-mass co-fired CFBC boilers.
Major companies in the circulating fluid bed boilers market are concentrating on the development of drone inspection solutions utilizing technologies such as lidar. Lidar technology, a remote sensing technology employing laser light to measure distances and generate precise three-dimensional information, plays a crucial role in drone inspections. Integrated Global Services (IGS), a US-based provider of surface protection solutions, introduced the SMARTGard Inspection service in May 2023. This digitalized drone inspection solution for circulating fluidized bed (CFB) boilers offers a turnkey, expedited, and safer inspection process on a global scale. Leveraging lidar technology and HD live streaming, IGS-operated drones identify concerns such as corrosion and erosion, providing maintenance data earlier in the turnaround process without the need for scaffolding.
In August 2021, Audax Group, a US-based investment company, completed the acquisition of Thermogenics Inc. for an undisclosed amount. This strategic move is aimed at accelerating the growth of the boiler solutions provider and capitalizing on its track record of delivering superior products, ultimately enhancing customer satisfaction. The focus remains on producing top-notch goods and expediting business growth. Thermogenics, Inc. specializes in the manufacturing of thermal fluid heaters, steam and hot water boilers, and specifically designed circulating fluid bed boilers for various industries.
Major companies operating in the circulating fluid bed boilers market report are Mitsubishi Heavy Industries Ltd., Valmet Corporation, Andritz AG, Industrial Boilers America Inc., Alstom Power Inc., Sumitomo Heavy Industries Ltd., Babcock & Wilcox Enterprises Inc., Thermodyne Engineering Systems, EBARA Environmental Plant Co. Ltd., General Electric Company, JFE Engineering Corporation, Doosan Heavy Industries & Construction Co. Ltd., Taipower Heavy Industries Corporation, Amec Foster Wheeler plc, Harbin Boiler Engineering Co. Ltd., Metso Outotec Corporation, Emerson Boiler Inc., Formosa Heavy Industries Corporation, Zhengzhou Boiler Co. Ltd., Bharat Heavy Electricals Ltd., Ansaldo S.P.A., Siemens AG, Thermax Ltd., Hyundai Heavy Industries Co., Shanghai Boiler Works Co. Ltd., Dongfang Boiler, Kawasaki Heavy Industries Ltd., AE&E Nanjing Boiler Co. Ltd., Alfa Laval AB, Wuxi Huaguang Boiler Co. Ltd., Cethar Limited, Foster Wheeler AG, Rafako S.A.
North America was the largest region in the circulating fluid bed boilers market in 2023 and is expected to be the fastest-growing region in the global circulating fluid bed boilers market report during the forecast period. The regions covered in the circulating fluid bed boilers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the circulating fluid bed boilers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The circulating fluid bed boiler market consists of sales of atmospheric fluidized bed combustion (AFBC), circulating fluidized bed absorbers, and pellets. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.