Power Plant Boilers Market: By Size, Trends, Share, Growth, Segments, Industry Analysis and Forecast, 2032 is the recent addition to Polaris Market Research’s online repository, in which buyers will find the comprehension of business professionals’ opinions and insightful knowledge of business-related data, qualitative research, and concepts. The report provides a thorough overview of the most recent Power Plant Boilers Market trends and industry changes that are impacting market growth. This statistical research analyses and forecasts the global and regional markets.
According to the research report, the global power plant boiler market was valued at USD 21.28 billion in 2022 and is expected to reach USD 36.02 billion by 2032, to grow at a CAGR of 5.45% during the forecast period.
The global electricity demand is rising quickly as a result of the recent significant rise in global power consumption. Global energy consumption is expected to increase by close to 50% between 2018 and 2050, according to the US Energy Information Administration (EIA). Also, the IEA projects that between now and 2040, the world’s electricity demand will increase at a pace of 2.1% annually, which is twice as fast as the need for primary energy. As a result, from 19% in 2018 to 24% in 2040, electricity will make up a larger portion of final energy consumption overall. As developed nations continue to consume enormous amounts of energy, the need in developing nations rises. Rapid economic expansion, a burgeoning population, and a booming manufacturing sector all contribute to an increase in global energy demand.
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The expanding infrastructure construction and expansion projects are causing a significant demand for electricity in developing nations. In march 2022, Swedish energy provider Vattenfall AB officially launched a new biomass boiler facility, For its “Carpe Futurum” project, complete with biomass receiving and handling system, from ANDRITZ. Biomass-fired boilers with flue gas purification, a flue gas condenser, and biomass receipt, handling, and storing bunkers were all included in the ANDRITZ scope of services. The ANDRITZ EcoFluid bubbling fluidization design, which offers high efficiency with good environmental performance, is the foundation of the boiler. The capacity of the power plants increases as the demand for electricity rises. The rise in energy demand as well as an increase in project expansion for boilers is bolstering the growth of the market.
Additionally, the dependence on electronic devices, including smartphones, smart automation, and others, is projected to increase in the future years, driving up the need for power plant boilers. In August 2021, Prometha Connected Boiler Solutions, the first Internet of Things (IoT) system for boiler rooms that provides real-time data analytics and system expertise, is now accessible as an app on Apple and Android devices. The new software allows authorized users to examine boiler system performance remotely around the clock, and when a condition is not ideal, they are informed in real time via an indicator or alert. Therefore, the market is growing at a rapid pace during the forecast period.
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Power Plant Boiler Market Report Highlights
- The 400-800MW segment is anticipated to grow at a highest CAGR over the forecast period. The need for such boilers in power plants is significantly rising. For consistent and dependable baseloads, power plant boilers are mostly used.
- The ultra-supercritical segment accounted for major global revenue share. The use of this technology is spreading rapidly throughout power plants. High pressure and temperature are required for this technology to operate.
- North America is expected to grow at a higher rate during the projected period. The requirement for energy management is now strong in the region due to high power consumption.
- The global players Andritz Group, Bharat Heavy Electrical Limited, Babcock & Wilcox Enterprise, Corp., Doosan Heavy Industries and Construction Ltd., Dongfang Electric Corporation, General Electric Inc., IHI Corporation, John Wood Group, Mitsubishi Hitachi Power Systems Group, Sumitomo Heavy Industries Ltd., Siemens AG, and Thermax Ltd.
Polaris Market Research has segmented the Power Plant Boiler market report based on process, technology, capacity, fuel type:
Power Plant Boiler, Process Outlook (Revenue – USD Billion, 2019 – 2032)
- Pulverized fuel combustion
- Fluidized bed combustion
- Others
Power Plant Boiler, Technology Outlook (Revenue – USD Billion, 2019 – 2032)
- Subcritical
- Supercritical
- Ultra-supercritical
Power Plant Boiler, Fuel Type Outlook (Revenue – USD Billion, 2019 – 2032)
- Petroleum
- Nuclear
- Natural gas
- Coal
- Renewables
Power Plant Boiler, Capacity Outlook (Revenue – USD Billion, 2019 – 2032)
- <400 MW
- 400-800MW
- ≥800 MW
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The Report Addresses the Following Queries:
- How have the production techniques evolved in recent years?
- How can the emerging players in the market establish their foothold in the current market landscape?
- The market in which region is expected to witness the highest growth during the forecast period?
- What is the projected value of the market during the forecast period?
- How can the emerging players in the market solidify their position in the market?
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