Power Plant Boiler Market Segmentation By Application Type (Multi-Tube Boilers, Circulating Fluidized Boilers, Pulverized Boilers); By Fuel Type (Coal-Based, Gas-Based, Oil-Based); By Technology (Subcritical, Supercritical and Ultra-Supercritical) Global Demand Analysis & Opportunity Outlook 2027
Buy Now Report ID: 897 | Published Date: Feb 09, 2023
Our-in depth analysis of the power plant boiler market includes the following segments:
The factors that drive the power plant boiler market includes technological advancement towards development of more efficient boilers and rapid growth of industrialization using renewable source of energy to meet the growing demand. Power generation energy mix in most of the countries is led by coal. The capital requirement for setting up a coal-based power plant is comparatively less in comparison to other fuel-based power plants. Additionally, coal is easily available in most of the countries, and can also be easily transported from one place to other.
Currently the power plant boiler market is observing subsequent growth owing to government-led initiatives and the rising demand for energy. Power plant boiler market is expected to record a CAGR of 4% during the forecast period and to reach a valuation of around USD 30 Billion at the end of the period.
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On the basis of regional analysis, the power plant boiler market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia-Pacific region is the major revenue contributor in the market owing to rapid industrialization in countries such as China and India which increases the demand for power boiler. China was identified as the leading country for power boilers market in terms of both shipment capacity and market value in the region, followed by India, Vietnam, Korea, and Indonesia. However, China is now starting to reduce its dependence on thermal power plants and is investing more in alternative sources of energy.
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. Countries such as Poland and Turkey plan to add new coal-based capacity as a part of their national power development plans.
Power plant boiler market is further classified on the basis of region as follows:
Increasing Demand And Rapid Industrialization In Developing Countries
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 and advancements in the process to increase efficiency and reduce carbon emissions are likely to drive the market towards innovation. The use of coal is likely to increase in the coming years despite concerns over high carbon emissions. The governments across the world are looking for various alternatives to limit pollution caused due to coal by adopting efficient technologies.
Restraints
High Cost of Technology
Despite drivers for instance governments’ mandated use of clean coal technologies (CCT) for new coal-fired power plants, cheap coal prices, and supportive policies in a few countries for coal-fired power plants, challenges owing to increased focus on renewable energy sources and natural gas to move away from coal for cleaner energy, fluctuating raw material prices, environmental regulations, land acquisition problems, non-availability of domestic coal in some countries, and energy supply security issues are expected to hinder the growth potential of power boilers in the global market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Payel Roy, Dhruv Bhatia
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