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Global energy consumption increased by nearly twice owing to robust economic development and extensive cooling and heat needs in various parts of the world. Electricity demand is growing immensely which is responsible for approximately half of the growth in energy needs. To produce such a great amount of power boilers are deployed across the world to meet the increasing demand.
Boilers are the century-old developed technology and over the decades it has been transformed the power industry. The versatility of the boiler is its flexibility over a broad variety of fuel which is dominating the overall energy industry. Now a day’s biomass is extensively used as an alternative to traditional fuel source. Thus, the boiler is able to produce the required amount of electricity and in forthcoming years the demand for energy is expected to increase rapidly due to industrialization and urbanization.
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Power plant boiler is segmented on the basis of type, technology, and heat source. Pulverized coal tower boiler and circulating fluidized bed boiler are predominantly used in power plants. On the basis of technology, the power plant boilers are categorized as subcritical, supercritical and ultra-supercritical. The power plant boiler can be run by various fuel sources as per the demand. Most commonly used heat sources are oil, natural gas, coal, and biomass.
Boilers are one of the most developed technology to generate electricity and they are massively adopted across the world that expected to drive the power plant boiler market. Till date, there is no precise alternative to the boiler to generate an extensive amount of electricity. The boiler generates superior quality of heat which enhances the overall operational efficiency of the system that is most crucial for peak electricity demand which is expected to increase the demand for power plant boiler.
The traditional boilers burn conventional energy sources such as coal, hydrocarbons that emits excessive poisonous gases like hydrocarbon (HC), NOx, greenhouse gases causing the rise in earth temperature and environment degradation obstructing the growth of the power plant boiler market. Also, technological advancement has increased the adoption of renewable energy sources which restraining the power plant boiler market growth.
The major power plant boiler companies are Babcock & Wilcox, Thermax, Siemens, General Electric, Bharat Heavy Electricals Ltd., Andritz, Doosan Heavy Industries & Construction, IHI Corporation, Dongfang Electric Corporation, Amec Foster Wheeler, Mitsubishi Hitachi Power Systems, Ltd., and Alfa Laval.
· Pulverized Coal Tower Boiler
· Circulating Fluidized Bed Boiler
By Heat Source
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
The global power plant boiler market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The consumption of electricity in North America is very high due to growing economies and the USA is the major consumer of electricity. Ongoing technological advancements have eased the human being’s life that includes smartphone, TV, AC, computer, and so on which require electricity for its operation. Also, the extreme weather condition has steadily increased the demand for HVAC. Therefore, the electricity consumption rate is intensifying which would expand the power plant boiler market in North America. Europe is expected to increase its investment in the deployment of power plants that forecasted the growth of the power plant boilers. India and China have extensive reserves of coal that exhibited the increasing investment in power plant to meet the growing demand for energy. The Asia Pacific is the fastest-growing region owing to tremendous economic development that anticipating the demand for electricity which increases the growth of the power plant boiler market. The MEA is falling back as there is a lack of infrastructural development causing inability to provide full access to electricity. Thus, the government agency is tying up with private companies and international fraternity to develop the grid infrastructure in order to improve electrification.