The global Power Plant Boiler Market size is expected to grow from an estimated USD 18.1 billion in 2020 to USD 22.8 billion by 2025, at a CAGR of 4.8%, during the forecast period. Increasing demand for electricity and growing focus on clean fossil fuels such as natural gas, which helps reduce greenhouse gas emissions, are the key factors driving the power plant boiler market. Power plant boilers use various fuels such as coal, natural gas, petroleum, and biomass/wastes to produce high-pressured steam so that plants can generate electricity.
According to the IEA, in the Stated Policies Scenario, the global electricity demand is projected to grow at 2.1% per year to 2040, which is twice the rate of primary energy demand. This increases the share of electricity in total final energy consumption from 19% in 2018 to 24% in 2040.
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The supercritical segment is expected to be the largest contributor in the power plant boiler market.
The supercritical segment held the largest share of the Power Plant Boiler Market in 2019. The focus on upgrading power infrastructure and the increased implementation of supercritical technology over subcritical are driving the growth of supercritical technology in the Power Plant Boiler Market. Furthermore, the efficiency of a supercritical boiler is higher because it consumes less fuel than a subcritical boiler to generate the same amount of heat energy.
Asia Pacific is expected to be the largest power plant boiler market.
Asia Pacific is the fastest-growing market during the forecast period. The region has been segmented, by country, into China, Japan, India, and the Rest of Asia Pacific. Rapid industrialization and infrastructural developments taking place in the region offer growth opportunities for the Asia Pacific Power Plant Boiler Market. According to the Asian Development Bank (ADB), energy demand is projected to almost double in the Asia Pacific region by 2030. With the increasing demand for power, substantial investments have been made in developing as well as emerging countries to increase their power generation capabilities. Power generation investments are therefore expected to boost the demand for power plant boilers in the region. Countries such as China and India have an abundance of coal, making it a cost-effective fuel for power plant boilers. Thus, the market for power plant boilers is expected to grow at the highest rate during the forecast period.
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The key players in the Power Plant Boiler Market include companies such as Babcock & Wilcox (US), Dongfang Electric Corporation (China), Doosan Heavy Industries & Construction (Korea), General Electric (US), and Mitsubishi Hitachi Power Systems (Japan).