Utility Boiler Market size was in excess of USD 20 billion in 2017 and yearly installation is expected to exceed 60 GW by 2024.
In order to obtain major market trends
Rising need for reliable and constant electricity supply from emerging economies has led to growing investment towards generation capacity additions and thus will have a positive impact on the market size. Captive power plant deployment in major industries like chemical, refining, pulp & paper and cement will also drive business expansion. Increasing industrialization coupled with urbanization in most emerging economies has largely increased the demand for electricity, which will drive market growth. Some of the major markets that have substantial investment in new thermal power generation technologies include South East Asia, Africa and Central & Eastern Europe.
| Report Attribute | Details |
|---|---|
| Base Year | 2017 |
| Utility Boiler Market Size in 2017 | 20 Billion (USD) |
| Forecast Period | 2018 to 2024 |
| 2024 Value Projection | 60 GW |
| Historical Data for | 2013 to 2017 |
| No. of Pages | 335 |
| Tables, Charts & Figures | 512 |
| Segments covered | Capacity, Technology and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth prospects in this industry?
Utility boiler sector in major developing economies is expected to experience favorable growth due to increased installations of supercritical and ultra-supercritical power plants. Utility boiler market, however, is expected to experience sudden fall in major developed economies due to reduced installations of coal fired power generation facilities in favor of gas fired generation. The policy makers worldwide are oriented toward attaining optimal energy mix to encourage the renewable energy technologies and ensure the reliability of electricity supply. Government measures to restrict the carbon emission from power plants will further deter the business development.
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Utility Boiler Market Analysis
30-100 MW utility boiler industry is expected to experience strong growth due to rising electricity demand in Asia Pacific and Africa. Constant investments in the industrial sector together with growing thermal power generation capacity in the major economies will also fuel the demand for the same. Large industrial hubs worldwide are moving towards captive power generation, which will also increase the business growth further.
100-250 MW boilers held the share of more than 7% in world market revenue. Respective governments in the emerging economies are inclined towards increasing manufacturing capacities and consistency in power supply, which will further lead to increased installation of high capacity boilers. Continuous transition towards diversification of power generation energy mix within Middle East & Africa region further boosted the industry growth.
>500 MW utility boiler industry will experience a robust growth owing to sustained growth in thermal electricity generation along with growing demand for replacement of subcritical generation technologies. Implementation of stringent regulations for the reduction of carbon emissions along with initiatives to improve the quality of electricity generation with conformity with emission compliance regulations will drive the use of high capacity supercritical & ultra-supercritical boilers.
Supercritical boilers, as of 2017, had a share of more than 40% in the utility boiler market globally. Always rising demand for electricity from developing economies coupled with its capacity to produce greater power at a comparative low price will have a positive effect on business growth.
Ultra-supercritical boilers market size will see growth due to increased government efforts towards curbing GHG emissions as well as retrofitting the current power generation stations. Also, the capability of these boilers to provide high thermal efficiency as well as reduced NOx, SOx and COx emissions will drive the product penetration in the future years.
Asia Pacific market will observe a commendable growth due to increasing demand for electricity mainly in Vietnam, Indonesia, Bangladesh, Mongolia and Malaysia. Also, the abundant availability of coal, aggressive industrialization, expanding population and absence of regulatory norms in most nations are some of the key positives in favor of the industry growth. Utility boiler market in India and China is expected to decline due to the lack of growth of thermal power generation after 2020 and the renewed emphasis towards the use of renewable energy. The size of the market boiler in the U.S. is expected to surpass USD 5.7 billion valuation by 2032.
Europe market size is projected to experience more than 30% growth during the period to 2024. Increased initiatives toward energy saving in addition to the adoption of energy efficient power generation technologies will spur business growth. Key economies with notable investment into new power generation capacity additions include Poland, Turkey, and Czech Republic. Aggressive policies for renewable energy along with transition to gas fired generation, however, will restrain the product uptake in Western Europe.
Middle East & Africa market is anticipated to see growth in excess of 70% by 2024. Government attention towards diversification of the energy mix as well as growing foreign investment towards development of captive power plants will propel business development. Additionally, government initiatives towards electrification and reducing electricity supply demand gap will further support the industry scenario.
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Utility Boiler Market Share
Eminent players operating across the utility boiler market include
- Babcock and Wilcox
- Bharat Heavy Electricals Limited
- IHI Corporation
- CMI Group
- AMEC Foster Wheeler
- Doosan Heavy Industries
- Mitsubishi Hitachi Power Systems
- General Electric
- Siemens
- A C Boiler
- Rentech
- Thermax
- Walchandnagar Industries Limited
- Victory Energy Operations
Overseas business expansion, mergers & acquisitions and collaborations are some of the key strategies followed by industry participants to gain a competitive position in the business.
Utility Boiler Industry Background
Utility boilers play the critical role of steam production for the generation of electricity. The produced steam is utilized to drive the steam turbines which convert kinetic energy of rotation into the electricity. In recent years, supercritical and ultra-supercritical generating technologies have gained prominence owing to their low carbon emission generation and cost when compared to subcritical technology.
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