- Asia-Pacific is the largest market and is estimated to grow at the highest rate due to large number of power capacity expansion projects in China and India.
- Developing countries are expected to witness more demand for coal fuel boilers as compared to developed countries.
- Supercritical boiler technology will capture major share of power plant boiler.
The power plant boiler market is projected to reach $24.40 billion by 2021, growing at a CAGR of 4.1% from 2016 to 2021. Developing countries are going through urbanization and industrialization which has led to increase in power demand.
To keep up with the growing demand, governments are investing in the construction of new power plants and are upgrading the existing power plants. Developed countries such as U.K., U.S. and the Netherlands are setting up power plants which use cleaner fuels such as biomass, bio gas, and natural gas thereby adding to power plant boiler demand.
Rapid growth of industrialization in countries such as China, India, Vietnam, and Brazil among others is expected to demand a huge amount of electricity. To meet this growing demand of electricity, governments are spending heavily in the development of new power plants and upgradation of existing power plants.
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Asia Pacific: The largest market for power plant boiler
Asia-Pacific is the largest market and is estimated to grow at the highest rate due to large number of power capacity expansion projects in China and India. To meet the growing demand for power, China alone is expected to add about 70 GW to 90 GW of capacity every year to its power generation sector, whereas India is expected to add about 10 GW to 20 GW every year.
This has led to high demand for boilers in these countries making Asia-Pacific a lucrative market for power plant boiler manufacturers. Rapid industrialization in China, India, and other developing countries, and switch to cleaner power generation sources such as biogas and biomass in developed countries is estimated to drive the market for power plant boilers in Asia-Pacific region.
Developing countries are expected to witness more demand for coal fuel boilers as compared to developed countries.
Power generation energy mix in most of the countries is using coal as fuel in power plant boiler. The overall capital requirement for setting up a coal based power plant is comparatively less compared to other fuel based power plants. Also, coal is easily available in most of the countries, and can also be transported from one place to other without any hassle. Hence, pulverized fuel boiler is estimated to control major share of the market due to large number of coal based power plant projects especially in China and India.
The coal based boiler market is primarily driven by Asian countries, namely, China and India which make up for more than 50% of the coal fuel based boilers. Coal can be easily transported through land and sea, making it a popular choice for power plants, especially in countries lacking gas or oil distribution network. Hence, developing countries are expected to witness more demand for coal fuel boilers as compared to developed countries.
Supercritical boiler technology to capture major share of power plant boiler
Supercritical boilers have more efficiency compared to subcritical boilers and causes less COx, NOx, and SOx emissions. These factors facilitate the technological advancement of supercritical boiler and hence the demand and number of installation for these boilers is the highest among others.
However, with the advent of technology the ultra-supercritical technology boiler manufacturers are coming with boilers which are superior in terms of efficiency and have lowest pollutant emission. These benefits have made ultra-supercritical boiler very popular in the power plant boiler market and are estimated to grow at the highest rate during the next five years.
Major players in power plant boiler market include Siemens AG (Germany), Babcock & Wilcox (U.S.), GE (U.S.), and Mitsubishi Hitachi Power Systems, Ltd. (Japan).