Product Overview

Power Plant Boiler is a type of machine used to produce heat through the generation of electricity using water heat energy. The boiler is built into a furnace that combusts fossil fuels and creates heat to form steam that is passed into the water. Over the years, the efficiency of these boilers has improved dramatically, with some systems having up to 90 percent fuel-to-steam efficiency. The dimensions of these boilers depend on their utility in power plants and industry and primarily on their steam-based or hot water operations. Fluidized boilers, multi-tube boilers, and pulverized boilers, each of which has a particular meaning, are the various types of power plant boilers. These boilers are used in different industries, depending on their use. Mobile steam engines such as portable engines, steam locomotives, compared to power stations and industrial plants, make use of the smaller boiler connecting them to piping points of use.

Market Highlights

Power Plant Boiler Market is expected to project a notable CAGR of 4.5% in 2030.

Power Plant Boiler Market to surpass USD 24.3 Billion by 2030 from USD 19.5 Billion in terms of value growing at a CAGR of 4.5% throughout the forecast period, i.e., 2020-30. Due to the rapidly growing demand for industrialization and urbanization around the world, the Power Plant Boiler Market is experiencing major growth. Besides, government organizations are investing in upgrading existing power plants, and the construction of new power plants is driving demand growth in response to rising customer needs. Besides, developments in technology, such as the introduction of supercritical boilers, have had a positive effect on the growth of the market.

Power Plant Boiler Market: Segments

Fluidized bed combustion segment to grow with the highest CAGR of 13.2% during 2020-30

Power Plant Boiler Market is segmented by Type as Pulverized fuel combustion, Fluidized bed combustion, and Others. The pulverized fuel combustion segment is estimated to lead the market with a share of over 54.2% in 2019 which is universally adopted for large-scale power plants. The method of pulverized fuel combustion requires powdered coal, which is used to increase the area of combustion exposure. By using hot air, the powdered form of coal is blown into the furnace, secondary air is provided in the combustion chamber to allow the fuel to be completely combusted. The turbulence created by the secondary air allows air and fuel to be mixed uniformly. Therefore, with greater efficiency, the outcome of this process allows combustion at a faster rate. It is likely that developments in the process of raising efficiency and reducing carbon emissions would push the industry towards innovation. Boiler manufacturers are investing heavily in studying and designing new processes to increase performance.

Supercritical Segment to grow with the highest CAGR during 2020-30

Power Plant Boiler Market is segmented by Technology into Subcritical, Supercritical, and Ultra-critical. The subcritical segment accounted for the largest revenue share of 70% in 2019 and is projected to maintain its lead over the forecast period. The development can be due to the reliance on coal for power production. The number of coal-based power plants, especially in developing economies, is that at a modest pace. The easy availability and low input costs are likely to be the main drivers over the projected timeframe for the growth of the segment. The highest rising CAGR over the forecast period is likely to be observed by the supercritical segment. The technology is becoming widely popular, particularly in OECD countries and China. China has tremendously expanded its power generation potential from supercritical boiler technology. The main aspect responsible for the growth of the segment is the high performance achieved by this technology. Higher performance is provided by ultra-critical technology, which is the highest among the different types of technologies available for boiler power generation. In contrast to other technologies, the cost of production using this technology is high.

Power Plant Boiler Market: Market Dynamics

Drivers

Rapid Industrialization in Developing Countries

Market growth is boosted by factors such as rising urbanization, increasing demand for electricity, demand for boilers based on coal fuel, and the number of projects to increase power capacity. Moreover, technical developments and advancements in the process of raising efficiency and reducing carbon emissions are likely to drive industry innovation. The use of coal is expected to increase in the coming years, despite concerns about high carbon emissions. With the implementation of successful coal-based emissions control technologies, policymakers worldwide are exploring different alternatives. Developing steam conditions has created the ability to use supercritical technology. The transmission/distribution system & power industry is projected to have the largest investment projects in the industrial world, offering sufficient opportunities for business growth.

Increasing electricity demand

In order to produce high-pressure steam, power plant boilers use various fuels such as coal, natural gas, petroleum, and biomass/wastes to enable plants to generate electricity. The fastest-growing source of demand for energy is electricity. Huge quantities of energy continue to be consumed by developed countries, thus rising demand in developing countries. Electricity demand is powered by increasing sales, expanding manufacturing production, and growing services sectors. In countries like Canada, Brazil, and Russia, economic growth and industrial demand have also increased the use of electricity. Electricity consumption in the Middle East and Africa, especially in Egypt and Iran, has also increased. Rising demand for electricity is therefore likely to drive the boiler market for power plants.

Restrain

High capital requirement to install power plant boilers

High capital expenditure and high installation costs for power plants are major factors that limit the growth of the global power plant boiler market. Moreover, post-construction stages, such as repair and technology installation, often entail significant capital investment. Besides, the final construction cost is influenced by strict environmental legislation and the high cost of technology used in supporting power plants. Due to design specifications and varying levels of after-sales service, the cost of power plant boilers varies considerably. High pressure and high-temperature requirements increase the expense of the boiler. There is also a tremendous need for capital to build power plant boilers. Furthermore, the device used in the boiler for coal firing or gas firing also influences the boiler cost. Besides, several boilers and different fuels are used by a power plant, which raises costs. Due to the high degree of technological expertise involved in the operation of industrial boilers, these costs are likely to remain the same, thus limiting the existing demand for power plant boilers.

Power Plant Boiler Market: Key Players

Dongfang Electric Corporation Ltd.

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.

IHI Corporation

Doosan Heavy Industries & Construction

Siemens AG

Thermax Ltd.

GE Power

Babcock & Wilcox Enterprises Inc.

Bharat Heavy Electricals Ltd.

Harbin Electric Corporation Co. Ltd.

Mitsubishi Hitachi Power Systems Ltd

Power Plant Boiler Market: Regions

Power Plant Boiler Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.

Power Plant Boiler Market in APAC led the market with a lion share of more than 50% in 2019 and is projected to maintain its lead over the forecast period. As power consumption in the area increases at an exponential rate, APAC is experiencing a huge demand for the product and is witnessing growth potential. The region's rapid urbanization is a crucial growth factor. The fastest growth in the urban population is expected to occur in India and China. It is expected that rapid industrialization and the rising transportation sector in India and China would increase energy demand. To minimize carbon emissions, both nations plan to implement electric vehicles in their respective countries. Unique subsidies are provided by the central government in China to manufacturers of electric vehicles and plug-in hybrid cars to encourage the selling of electric vehicles in the region. Factors such as government-led initiatives to sell electric vehicles are likely to further strain power resources, resulting in the need for excess power.

Competitive Landscape:

The Power Plant Boiler market, which is highly competitive, consists of several major players such as Babcock & Wilcox Enterprise (US), Dongfang Electric Corporation (China), Doosan Heavy Industries & Construction (Korea) hold a substantial market share in the Power Plant Boiler market. Other players analyzed in this report are General Electric (US), and Mitsubishi Hitachi Power Systems (Japan) are the leading players in the power plant boiler market. Siemens, IHI Corporation, John wood Group, Bharat Heavy Electrical Limited, Thermax, Andritz Group, Sumitomo Heavy Industries, Valmet, and Harbin Electric among others.

Key players are adopting inorganic growth strategies such as product launches in the global nutritional supplement market. For instance, In February 2020, General Electric was awarded a contract by Hitachi Zosen Corporation. Under the contract, General Electric will offer a steam turbine generator, CFB boiler, and air quality control system to the Kamisu Biomass Power Generation plant in Japan.

Power Plant Boiler Market is further segmented by region into:

North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada

Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America

Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe

APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC

MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Power Plant Boiler Market report also contains analysis on:

Power Plant Boiler Market Segments:

By Type:

Pulverized Coal Towers

Circulating Fluidized Bed Boilers

Other

By Technology:

Subcritical

Supercritical

Ultra-critical

By Fuel Type:

Petroleum

Nuclear

Natural gas

Coal

Renewables

By Capacity:

<400 MW

400–800 MW

≥800 MW

Power Plant Boiler Market Dynamics

Power Plant Boiler Market Size

Supply & Demand

Current Trends/Issues/Challenges

Competition & Companies Involved in the Market

Value Chain of the Market

Market Drivers and Restraints

FAQs on Power Plant Boiler Market

Which segment is anticipated to hold the largest market share

At what CAGR is the market anticipated to grow between 2020 and 2030

Who are the key players in the Power Plant Boiler Market

What could be the challenging factors in the growth of the Power Plant Boiler Market

What are the growth drivers for the Power Plant Boiler Market

Contents

1. Executive Summary

2. Power Plant Boiler Market

2.1. Product Overview

2.2. Market Definition

2.3. Segmentation

2.4. Assumptions and Acronyms

3. Research Methodology

3.1. Research Objectives

3.2. Primary Research

3.3. Secondary Research

3.4. Forecast Model

3.5. Market Size Estimation

4. Average Pricing Analysis

5. Macro-Economic Indicators

6. Market Dynamics

6.1. Growth Drivers

6.2. Restraints

6.3. Opportunity

6.4. Trends

7. Correlation & Regression Analysis

7.1. Correlation Matrix

7.2. Regression Matrix

8. Recent Development, Policies & Regulatory Landscape

9. Risk Analysis

9.1. Demand Risk Analysis

9.2. Supply Risk Analysis

10. Power Plant Boiler Analysis

10.1. Porters Five Forces

10.1.1. Threat of New Entrants

10.1.2. Bargaining Power of Suppliers

10.1.3. Threat of Substitutes

10.1.4. Rivalry

10.2. PEST Analysis

10.2.1. Political

10.2.2. Economic

10.2.3. Social

10.2.4. Technological

11. Power Plant Boiler Market

11.1. Market Size & forecast, 2019A-2030F

11.1.1. By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

11.1.2. By Volume (Million Units) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12. Power Plant Boiler: Market Segmentation

12.1. By Regions

12.1.1. North America:(U.S. and Canada)

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.2. Latin America: (Brazil, Mexico, Argentina, Rest of Latin America)

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.3. Europe: (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe)

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.4. Asia-Pacific: (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific)

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.5. Middle East and Africa: (Israel, GCC, North Africa, South Africa, Rest of Middle East and Africa)

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2. By Type: Market Share (2020-2030F)

12.2.1. Pulverized fuel combustion, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2.2. Fluidized bed combustion, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2.3. Others, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3 By Technology: Market Share (2020-2030F)

12.3.1. Subcritical, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3.2. Supercritical, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3.3. Ultra-critical, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4. By Fuel type: Market Share (2020-2030F)

12.4.1. Petroleum, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4.2. Nuclear, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2.3. Natural gas, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4.4. Coal, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2.5. Renewables, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.5. By Capacity: Market Share (2020-2030F)

12.5.1. <400 MW, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.5.2. 400–800 MW, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.5.3. ≥800 MW, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

13. Company Profile

13.1.1. Dongfang Electric Corporation Ltd.

13.1.2. Company Overview

13.1.3. Company Total Revenue (Financials)

13.1.4. Market Potential

13.1.5. Global Presence

13.1.6. Key Performance Indicators

13.1.7. SWOT Analysis

13.1.8. Product Launch

13.2. IHI Corporation

13.3. Doosan Heavy Industries & Construction

13.4. Siemens AG

13.5. Thermax Ltd.

13.6. GE Power

13.7. Babcock & Wilcox Enterprises Inc.

13.8. Bharat Heavy Electricals Ltd.

13.9. Harbin Electric Corporation Co. Ltd.

13.10. Mitsubishi Hitachi Power Systems Ltd.

14 Consultant Recommendation

**The above given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.

Methodology/Research Approach

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Research Programs/Design

Historical Data (2015-2019)	Industry Trends Competitive Landscape By Company Expansion Mergers and Acquisitions Market Segment by Type by Application By Regions/ Geography	Value Status and Outlook Value for Major Players Market Share Growth Rate Present Situation Analysis Value Market Share Growth Rate Present Situation Analysis
Influencing Factors	Market Environment Government Policy Technological Changes Market Risks	Market Drivers Growing Demand of Downstream Reduction in Cost
Market Forecast (2021-2026)	Overall Size by Type by Application By Regions/Geography	Key Data (Value) Market Share Growth Rate CAGR (2021-2026)

Market Size Estimation

Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).

The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.

Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report

The following figure shows an illustrative representation of the overall market size estimation process used for this study.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.

Data Source

Secondary Sources

Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.

Market Size	Segmental value Geographic Penetration Product Adoption Rate for Different market	Journals, Websites, and Press Releases Annual Reports and SEC Filings Company Websites and Press Releases Public and Paid Databases Market Intellix Data Repository
Market Position of Top Company	Product Financials Geographic value Mix Total Company value Business/Segmental value Mix
Qualitative Analysis	Influence Factors Market Potential Market Risks and Opportunities Industry Trends Geographical Features Government Policies	Company Websites and Press Releases Public and Paid Databases Annual Reports Industry Associations Market Intellix Data Repository

Primary Sources

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.

Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.

Key Executives Interviewed

Key Data Information from Primary Sources

Primary Sources	Parameters	Key Data
Market Segments(by Application, by Type)	Value by Type Status and Forecast Value by Application Value by Regions, Status and Forecast (2021-2026)	Value Market Share by Type Value Growth Rate by Type Value by Application Percentage and Growth Rate by Application Value Growth Rate and Market Share by Regions Market Size Status and Forecast (2021-2026)
Total Market	Overall Size, Status and Forecast	Market Size Status and Forecast (2021-2026)