Power Plant Boiler Market Size, Share, By Type (Pulverized Boilers, Circulating Fluidized Boilers, and Others), By Fuel type (Coal, Gas, Oil, Nuclear and Others), By Technology (Subcritical, Supercritical, and Ultra-supercritical), By Capacity (Less than 400 MW, 400-800 MW, and More than 800 MW), and By Region - Trends, Analysis, and Forecast till 2034

Report Code: PMI520023 | Publish Date: November 2023 | No. of Pages: 172

Power Plant Boiler Market Overview

  • In 2023, Power Plant Boiler Market was estimated to be worth USD 22 Billion.
  • By 2034, the target market is expected to grow to USD 39.0 Billion.
  • Target market is expanding at a CAGR of 6.1%

Market Overview:

Power Plant Boiler Market, Technology used in thermal power plants to generate steam or boil water, which is then used to drive turbines for electricity production, is the main focus of the electrical power plant boiler market. Burners of all types, including waste heat collection boilers, fluidized beds boilers, and coal pulverization boilers, are significant components of this product market.

Key Takeaways:

  • North America held the largest share of the market in 2024.
  • Asia-Pacific is projected to be the fastest-growing market in the coming years.
  • High initial costs associated with advanced boilers and retrofitting projects can be a barrier for some regions.

Power Plant Boiler Market Report

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Power Plant Boiler Market Dynamics

Key Drivers of Target Market:

Increasing Energy Demand:

  • In addition, as the world's energy consumption increases due to growth in population and urbanization, there is also a growing need for power from factories. For their requirement for converting different types of fuel into power, electrical transformers must be installed for satisfying the increasing demand.
  • For instance, in June 2024, during the scorching summer heat, electricity usage peaked at more than 12,000 MW in the state, leading to an 880 MW deficit due to the shutdown of units at the Talwandi Sabo Power and Ropar Power plants.

Advancements in Boiler Technology:

  • Development in boiler technologies continues to reduce emissions of greenhouse gases while enhancing efficiency. The capacity of newer burners to function at higher temperatures and pressures improves the quantity of electricity they can generate. Generators and utility companies are given incentive to invest in cutting-edge boiler solutions by this new initiative.

Restrains:

Intermittency and Reliability Issues:

Solar energy generation is dependent on sunlight, making it intermittent and less reliable than traditional energy sources and further this can lead to challenges in meeting energy demands during cloudy days or at night.

Opportunities:

Floating Solar Farms:

Utilizing large water bodies to install solar panels is an emerging factor which reduces land usage and increases solar generation efficiency by utilizing the natural cooling effect of water and also it avoids conflict over land resources

Power Plant Boiler Market Segmentation

The market is segmented based on Type, Fuel Type, Technology, Capacity and Region.

By Type

By Fuel type

By Technology

By Capacity

  • Pulverized Boilers
  • Circulating Fluidized Boilers
  • Others
  • Coal
  • Gas
  • Oil
  • Nuclear
  • Others
  • Subcritical
  • Supercritical
  •  Ultra-supercritical
  • Less than 400 MW
  • 400-800 MW
  •  More than 800 MW

Type Insights:

The Power Plant Boiler Market by Type is segmented into Pulverized Boilers, Circulating Fluidized Boilers, Others. Circulation fluidized- bed (CFB) boilers produce renewable power with efficiency and dependability using an array of solid fuels, such biomass and refuse-derived petroleum (the RDF). In addition, rotating fluidized- bed boilers have been praised to have reduced emissions and fuel-use flexibility.  

Fuel Type Insights:

On the basis of Fuel Type, Power Plant Boiler Market is segmented into Coal, Gas, Oil, Nuclear, Others. In power plants powered by coal, coal is heated in a boiler to create steam that generates power. The demand for continuous energy production in places where oil continues to be the most common energy source renders the petroleum-fired part of the electrical station boiler business crucial.  

Technology Insights:

  • The Power Plant Boiler Market by Technology is segmented into Subcritical, Supercritical, Ultra-supercritical. Subcritical boilers are common in traditional power plants powered by coal due to their dependability and cost-effectiveness, although being smaller and less effective than supercharged ones. Supercritical boilers are growing increasingly common in the power plant burner market due to their improved effectiveness and fewer emissions.

Capacity Insights:

The Power Plant Boiler Market by Capacity is segmented into Less than 400 MW, 400-800 MW, and More than 800 MW. The need for simpler and cheaper energy production options is driving the marketplace of power burners with an output of less than 400 MW. Power plants with a 400–800 MW output that are suitable for medium–to large energy production are growing more and more popular. The demand for thermal power boilers is beginning to focus on units larger than 800 a MW, as the need for producing electricity on a big scale grows.

Regional Insights:

  • North America: The power plant boilers sector across Europe is expanding due to having to update outdated infrastructures and serve the increasing demand for dependable energy production. The shift to greener sources of energy and laws aimed at lowering harmful emissions are pushing the development of leading-edge boiler innovations that enhance combined economy and environmental effectiveness.
  • Asia Pacific: The marketplace for nuclear-powered boilers in the Asia Pacific region is growing quickly as a consequence of several variables including higher consumption of energy, development, and government initiatives that encourage energy efficiency. Modern boiler technologies have grown more and more demanding to install as alternative sources of energy and environmentally conscious websites becoming increasingly popular, particularly within Asia and China.

Attribute

Details

Market Size 2024

USD 22.8 Billion 

Projected Market Size 2034

USD 39.0 Billion

CAGR Growth Rate

6.1%  (2024-2034)

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels, analyzing industry trends and opportunities across sub-segments from 2024 to 2034. It segments the market by Power Plant Boiler Market Fuel type, Type, Technology, Capacity and Region.

Segmentation:

By Type:

  • Pulverized Boilers
  • Circulating Fluidized Boilers
  • Others

By Fuel Type:

  • Coal
  • Gas
  • Oil
  • Nuclear
  • Others

By Technology:

  • Subcritical
  • Supercritical
  • Ultra-supercritical

By Capacity:

  • Less than 400 MW
  • 400-800 MW
  • More than 800 MW

By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa

Power Plant Boiler Market Key Players

The key players operating in the Power Plant Boiler Market include General Electric, Babcock & Wilcox Enterprise, Mitsubishi Hitachi Power Systems, Siemens AG, Doosan Heavy Industries & Construction, Dongfang Electric Corporation, IHI Corporation, Andritz Group, John Wood Group,Bharat Heavy Electrical Limited, Thermax, and Sumitomo Heavy Industries.

Power Plant Boiler Market Key Players

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Power Plant Boiler Market Key Issues Addressed

  • In February 2024, Mitsubishi Power JSC, the state energy company of the Republic of Uzbekistan, has ordered a single core machinery piece for a high-efficiency energy production facility. This includes an advanced M701JAC gas turbine for the third facility to be built at the Navoi Power Plant.
  • In February 2021, B&W announced that its B&W Thermal Siemens was awarded a fifteen billion dollar deal for the planning and building of two package boilers and the machinery needed to operate them for a saltwater project. A gas-fired boiler will provide water for a city building that serves for both citizens and businesses.

Analyst View:

The marketplace for nuclear power plant burners is projected to increase substantially owing to the increasing need for electricity and the shift to renewable energy sources. The widespread use of innovative boiler technology that increase capacity and reduce carbon dioxide emissions creates prospects, based on analysts, particularly for expanding economies that have made investments in the renovation of their power infrastructures.

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Power Plant Boiler Market Company Profile

  • General Electric
  • Babcock & Wilcox Enterprise
  • Mitsubishi Hitachi Power Systems
  • Siemens AG
  • Doosan Heavy Industries & Construction
  • Dongfang Electric Corporation
  • IHI Corporation
  • Andritz Group
  • John Wood Group
  • Bharat Heavy Electrical Limited
  • Thermax
  • Sumitomo Heavy Industries

FAQs

Power Plant Boiler Market Size was valued at USD 22.8 Billion in 2024 and is expected to reach USD 39.0 Billion by 2034 growing at a CAGR of 6.1%

The Power Plant Boiler Market is segmented into Type, Fuel Type, Technology, Capacity and Region.

The Market is segmented by region North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. North America is expected to dominate the Market.

The key players operating in the Solar Energy Market include General Electric, Babcock & Wilcox Enterprise, Mitsubishi Hitachi Power Systems, Siemens AG, Doosan Heavy Industries & Construction, Dongfang Electric Corporation, IHI Corporation, Andritz Group, John Wood Group, Bharat Heavy Electrical Limited, Thermax, and Sumitomo Heavy Industries.