"Actionable Insights to Fuel Your Growth"

Power Plant Boiler Market Size, Share, Growth and Industry Trends Analysis By Component (Subcritical, Supercritical, and Ultra-supercritical), By Fuel Type (Coal, Nuclear, Gas, and Oil), By Capacity (Below 400 MW, 400-800 MW, and Above 800 MW), and Regional Forecast, 2021-2028

Last Updated :April 01, 2024 | Format: PDF | Report ID: FBI100773

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global power plant boiler market size was valued at USD 19.41 billion in 2020 and is projected to grow from USD 20.21 billion in 2021 to USD 29.32 billion by 2028, growing at a CAGR of 5.5% during the forecast period.The global impact of COVID-19 has been unprecedented and staggering, with the power industry witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of -6.4% in 2020. The sudden rise in CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over.


A boiler is significantly used in power plants to produce high pressured steam through which the plant can generate electricity. The rankine cycle is the process used to produce high pressured steam. The power plant boiler takes in energy from various fuels such as coal, natural gas, nuclear, and other pulverized fuelthat convert it into steam.


COVID-19 IMPACT


Had A Substantial Impact On Power Plant Boilers Due To Severe Rules On Social Isolation And Lockdowns


The COVID-19 pandemic has affected more than 150 countries around the world.  This pandemic has impacted several business sectors, such as railways, construction, manufacturing, oil & gas, aviation, hospitality, and others. The government in many countries had imposed nationwide lockdowns & restrictions in the wake of the pandemic and this has severely affected the economies of such nations across the globe.


Despite this optimistic outlook, the pandemic has had a substantial impact on the steam and boiler industry, particularly on maintenance. Many steam and boiler maintenance businesses have been unable to conduct services such as basic inspections and maintenance as frequently as they once did due to severe rules on social isolation and lockdowns in effect across the United States. The power sector also faced unavailability of the workforce and the investment in this sector also decreased.


According to IEA, during the lockdown period, the electricity demand decreased by more than 20% in several countries due to the low operation of the industrial and commercial sectors.


LATEST TRENDS


Request a Free sample to learn more about this report.


Rising Demand for Electricity to Boost Market Growth


The electricity demand is rapidly increasing across the world as the power consumption in the world has increased considerably over the last few years. The economy is growing rapidly, rising population, booming manufacturing industry results in increased power consumption among various countries. The developing countries are dealing with high electricity demand due to the rising infrastructure development and expansion works. The rising electricity demand leads to the increasing capacity of power stations.


DRIVING FACTORS


Increasing Industrialization and Urbanization to Propel Market Growth


Industrialization is rapidly increasing across the world and this increases the power consumption by the industrial sector. Manufacturing and process industries are widely growing in developed and developing countries. The establishment of various other industries increases power consumption and this makes the energy sector to increaseits existing capacities. Urbanization is also increasing widely across the world. This increases the demand for the power plant boiler in the market.


Replacement of Aging Power Plants to Augment Market Growth


The replacement and upgradation of old equipment have become very much important for the smooth and efficient working of such equipment. As the boiler is considered as one of the important equipment in the power plants and its upgradation and replacement is also import for effective operation. The demand for uninterrupted power is increasing and the replacement of older power plant boilers with new and efficient boilers. This helps in increasing the thermal efficiency of power plants. The focus to upgrade  aging boilers is also increasing  globally. As per IEA, from 2014 to 2030 around USD 9,553 billion will be invested on refurbishment and new construction works for power plants. This shows that high expenditure on upgradation, replacement, and construction of power plant boilers drives power plant boiler market growth. 


RESTRAINING FACTORS


High Initial Capital Requirement May Hinder Market Growth


A boiler is one of the most widely used technology for the production of electricity in power plants. It uses different types of fuels for electricity generation. The power plants required a high initial investment for their construction. This is because of the high cost of equipment such as a boiler. The cost of installation of a boiler in the power plant is very high and this hinders the market development.


SEGMENTATION


By Technology Analysis


Supercritical Segment Dominated Market in 2020


Based on technology, the market is segmented into subcritical, supercritical, and ultra-supercritical. The supercritical segment is likely to dominate the market 2021-2028. The utilities and industrial segment in several countries are widely focusing on upgradation of power infrastructure. The upgradation works involvethe high installation of supercritical technology in power plant boilers due to its various benefits such as higher efficiency and such boilers consume less fuel along with lower carbon emissions.


The ultra-supercritical technology is likely to witness growth in the market 2021-2028. The implementation of such technology is widely increasing across the power plants. This technology works on high pressure and temperature. They have an efficiency of up to 46% in the power plants. This is likely to drive growth in the ultra-super technology segment 2021-2028. 


By Fuel Type Analysis


To know how our report can help streamline your business, Speak to Analyst


Coal Segment is Likely to Dominate the Market in 2020


Based on fuel type, the market is segmented into coal, gas, oil, and nuclear. The coal segment is estimated to dominate the market in 2020.  The number of coal power plants is higher across the world as compared to other fuels due to the easy availability of coal in the surroundings. The coal is available at cheap rates and supercritical, subcritical, and other technologies boilers are majorly installed in the coal power plants.


The gas segment is estimated to foresee growth during the projected period. The construction of gas power plants is widely increasing in the market across the world as the exploration and production activities for natural gas arerising globally. The governments across many countries are also largely supporting the installation of gas-based boilers for power generation. This drives the market 2021-2028. 


By Capacity Analysis


400-800 MW Segment to Dominate the Market in 2020


Based on capacity, the market is segmented into below 400 MW, 400-800 MW, and above 800 MW. The 400-800 MW segment is estimated to dominate the market in 2020. The demand for such boilers is majorly increasing in the power plants. Power plant boiler is majorly used for stable and reliable baseloads. The investment in advancing the power plant technologies is also increasing widely. This drives growth in the 400-800 MW segment.


The below 400 MW segment is anticipated to witness growth in the market. The installation of such boilers is widely increasing due to the increasing installation of small-scale power plants across industrial and utility segments. This drives growth in the market 2021-2028.


REGIONAL INSIGHTS


Asia Pacific Power Plant Boiler Market Size, 2020 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


Geographically, the global market has been analyzed 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 2021-2028. The demand for uninterrupted power supply is widely increasing across this region. The investment in power generation and power plant construction is widely increasing. Industrialization is also rising and the development of public infrastructure is also increasing which drives growth in the power plant boiler market, 2021-2028.


Europe is likely to grow at a significant pace 2021-2028 owing to constantly expansion inits electricity generation capacity due to growing demand for uninterrupted power supply. The technological advancements along with increasing research and development activities also bolsters the boiler manufacturing industry. Thus, increases theinstallation of gas-fired power plants in this region.


North America is expected to register significant growth 2021-2028. 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 increasing which drives growth in North America.


The Latin America region is estimated to foresee growth 2021-2028. The demand for power supply is widely increasing 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 INDUSTRY PLAYERS


Key Players Increasing Their Concentration on New Contracts and Product Portfolio


The global market is fragmented owing to the presence of a large number of companies in developed and developing countries. Currently, Babcock & Wilcox Enterprise, Mitsubishi Hitachi Power Systems, Siemens, Doosan Heavy Industries & Construction, and General Electricare leading the market. These companies are expanding their reach and focusing on securing new contracts. For instance,



  • 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.   


LIST OF KEY COMPANIES PROFILED:



KEY 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.


REPORT COVERAGE


An Infographic Representation of Power Plant Boiler Market

To get information on various segments, share your queries with us



The global power plant boiler market research report contains a complete industry analysis and focuses on major elements such as leading companies, fuel type, capacity, and product leading technology. Apart from that, the study provides insights into market trends and highlights important industry advancements. In addition to the aforementioned reasons, the research includes a number of drivers that have contributed to the advancement of the market in recent years.


REPORT SCOPE & SEGMENTATION






















































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



 2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion)



Segmentation



By Technology, By Fuel Type, By Capacity, and By Region



By Technology




  • Subcritical

  • Supercritical

  • Ultra-supercritical



By Fuel Type




  • Coal

  • Nuclear

  • Gas

  • Oil



By Capacity




  • Below 400 MW

  • 400-800 MW

  • Above 800 MW



By Region




  • North America (By Technology, By Fuel Type, By Capacity, By Country)



  • U.S. (By Technology)

  • Canada (By Technology)



  • Europe (By Component, By Technology, By Country)



  • Germany (By Technology)



  • Russia (By Technology)

  • Poland (By Technology)

  • Belarus (By Technology)

  • Rest of Europe (By Technology)



  • Asia Pacific (By Technology, By Fuel Type, By Capacity, By Country)



  • China (By Technology)

  • India (By Technology)

  • Japan (By Technology)

  • Southeast Asia (By Technology)

  • Rest of Asia Pacific (By Technology)



  • Latin America (By Technology, By Fuel Type, By Capacity, By Country)



  • Brazil (By Technology)

  • Mexico (By Technology)

  • Rest of Latin America (By Technology)



  • Middle East and Africa (By Technology, By Fuel Type, By Capacity, By Country)



  • GCC (By Technology)

  • South Africa (By Technology)

  • Iraq (By Technology)

  • Rest of Middle East & Africa (By Technology)






Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 19.41 billion in 2020.

In 2020, the Asia Pacific market value stood at USD 13.36 billion.

The global market is projected to grow at a CAGR of 5.5% in the forecast period

The coal fuel type segment is expected to be the leading segment in this market.

The global industry size is anticipated to reach USD 29.32 billion by 2028, growing at a substantial CAGR of 5.5% 2021-2028 (2021 – 2028).

Increasing industrialization and urbanization propel growth in the market

The Asia Pacific dominated the market in terms of share in 2020.

B&W General Electric, Siemens, Doosan Heavy Industries & Constructionare the major players in the global market

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2017-2028
  • 2020
  • 2017-2019
  • 180

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X