Power Plant Boiler Market By Type (Pulverized Fuel Boiler, Circulation Fluidized Bed Boiler, Others); By Technology (Subcritical, Supercritical, Ultra-Supercritical); By Fuel Type (Coal, Oil, Gas, Other); By Input Capacity (< 10 MMBtu/Hr, 10-50 MMBtu/Hr, 50-100 MMBtu/Hr, 100-250 MMBtu/Hr, 250 MMBtu/Hr); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2023-2032

Power Plant Boiler Market Overview 

The global power plant boiler market size was valued at USD 21.5 billion in 2022 and is projected to reach USD 32.1 billion by 2032, registering a CAGR of 4% during the forecast period 2023-2032. The Power Plant Boiler is a type of machine used to generate heat by using water heat energy to generate electricity. The boiler is built into a furnace that combusts fossil fuels and generates heat that is passed into the water to form steam. The efficiency of these boilers has significantly increased over the years, with some systems having fuel-to-steam efficiency up to 90%. The dimensions of these boilers depend on their usefulness and mainly on their steam-based or hot water operations in power plants and industry. The different types of power plant boilers are fluidized boilers, multi-tube boilers, and pulverized boilers, each of which has a specific purpose. Depending on their application, these boilers are used in various industries. In comparison with power stations and industrial plants, mobile steam engines such as portable engines, steam-locomotives make use of the smaller boiler connecting them to piping points of use. 

The power plant boiler market is a segment of the power generation equipment market, which is projected to grow at a moderate pace in the coming years. The market is driven by the increasing demand for electricity in both developed and developing countries, as well as the rising focus on renewable energy sources. Factors such as stringent environmental regulations, the need for operational efficiency, and advancements in technology are also expected to drive the growth of the power plant boiler market. However, the high cost of installation and maintenance of power plant boilers, as well as the availability of alternative energy sources, could restrain market growth. The Asia-Pacific region is expected to witness significant growth due to the increasing demand for electricity in emerging economies such as India and China.

Power Plant Boiler Market Key Drivers

The power plant boiler market is driven by several factors, including:

Increasing Demand for Electricity: The growing demand for electricity in both developed and developing countries is a key driver of the power plant boiler market. With the rising population, urbanization, and industrialization, the demand for electricity is expected to increase in the coming years.

Focus on Renewable Energy Sources: The increasing focus on renewable energy sources such as wind, solar, and hydro power is also driving the power plant boiler market. Many power plants are being retrofitted to use renewable energy sources, which requires the installation of new boilers.

Stringent Environmental Regulations: Environmental regulations aimed at reducing greenhouse gas emissions are driving the adoption of cleaner energy sources such as natural gas and biomass. This is creating new opportunities for the power plant boiler market.

Operational Efficiency: Power plant operators are looking for ways to improve the efficiency of their operations to reduce costs and increase profits. Upgrading or replacing boilers can help improve efficiency and reduce fuel consumption.

Advancements in Technology: Advancements in technology, such as the development of ultra-supercritical boilers, are also driving the power plant boiler market. These new technologies offer higher efficiencies and reduced emissions, which are attractive to power plant operators.

Increasing Demand for Electricity 

Power station boilers are used for high-pressure steam production by different combustibles like coal, natural gas, petroleum and biomass, in order to generate electricity. The fastest-growing energy demand source is electricity. According to the IEA, the global demand for electricity in the Stated Policies scenario is projected to increase to 4.1% annually by 2022, twice as high as the primary energy demand. This increases the share of electricity from 20% in 2021 to 28% in 2022 in total energy consumption. Huge amounts of energy continue to be consumed by developed countries, thus increasing demand in developing countries. Increased revenues, increased industrial output, and growing services are boosting demand for electricity.

In addition, in the coming years, increasing dependence on electronic gadgets such as smartphones, smart automation, and others is likely to fuel power demand. Over the forecast period, the increasing power requirement is expected to provide a steady demand for the product.

Rapid Industrialization in Developing Countries

The growth of the market is boosted by factors such as growing urbanization, increasing power demand, demand for coal fuel-based boilers, and the number of power capacity expansion projects. In addition, technological advancements and progress in the process of increasing efficiency and reducing carbon emissions are likely to drive innovation in the market. Despite concerns over high carbon emissions, the use of coal is likely to rise in the coming years. Governments worldwide seek various alternatives through the adoption of efficient coal-based pollution reduction technologies.

The opportunity to use supercritical technology has been given by developing steam conditions. It is anticipated that the transmission/distribution infrastructure & power sector will have the largest investment projects in the industrial world, providing ample opportunities for market growth. 

Power Plant Boiler Market Challenges

The power plant boiler market faces several challenges, including:

High Installation and Maintenance Costs: The installation and maintenance costs of power plant boilers can be high, which can make it difficult for smaller power plants to invest in new or upgraded boilers.

Availability of Alternative Energy Sources: The availability of alternative energy sources such as wind, solar, and hydro power could reduce the demand for traditional power plant boilers in the future.

Environmental Concerns: While power plant boilers can be more efficient and cleaner than older technologies, they still emit greenhouse gases and other pollutants. This has led to increasing concerns about their impact on the environment and human health.

Economic Downturns: Economic downturns can lead to reduced demand for electricity, which can impact the power plant boiler market. This can also make it difficult for power plant operators to secure financing for new projects.

Competition from International Manufacturers: There is intense competition in the power plant boiler market from international manufacturers, particularly those based in Asia. This can put pressure on domestic manufacturers and limit their market share.

Power Plant Boiler Market: Segmentation

By Type     

• Pulverized Fuel Boiler
• Circulation Fluidized Bed Boiler
• Others

By Technology

• Subcritical
• Supercritical
• Ultra-Supercritical

By Fuel Type

• Coal
• Oil
• Gas
• Other

By Input Capacity

• < 10 MMBtu/Hr
• 10-50 MMBtu/Hr
• 50-100 MMBtu/Hr
• 100-250 MMBtu/Hr
• 250 MMBtu/Hr

By Geography:

- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East & Africa

Power Plant Boiler Market: Regional Synopsis

In 2019, Asia-Pacific accounted for the major share of the Boiler Market Size for Power Plants and will continue to lead in the coming period. The rapid industrialization and shift to cleaner power generation sources such as biomass and biogas in India, China and the other emerging economies will boost the Asia-Pacific region’s growth. The Asia-Pacific region is followed by North America and is expected to see significant growth in the coming years.

The market for North America & Europe is expected to grow at a significant rate because the government has focused on alternative and cleaner sources of fuel for boiler power plants.

Power Plant Boiler Market: Key Players

• 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.
• Dongfang Electric Corporation Ltd.

Power Plant Boiler Market: Recent Developments

Some recent developments in the power plant boiler market include:

Adoption of Advanced Technologies: The power plant boiler market has seen increased adoption of advanced technologies such as ultra-supercritical boilers and circulating fluidized bed boilers. These technologies offer higher efficiencies and reduced emissions.

Expansion of Renewable Energy Sources: The expansion of renewable energy sources such as wind and solar power is driving the demand for flexible power plant boilers that can quickly adjust to changes in supply and demand.

Use of Clean Coal Technologies: Clean coal technologies such as carbon capture and storage (CCS) and integrated gasification combined cycle (IGCC) are being developed to reduce the environmental impact of coal-fired power plants.

Investment in Emerging Markets: Many power plant boiler manufacturers are investing in emerging markets, particularly in Asia, where demand for electricity is growing rapidly.

Shift towards Modular Construction: Some power plant operators are shifting towards modular construction, where smaller, pre-fabricated components are assembled on site. This can reduce construction time and costs, and improve efficiency.