Utility Boiler Market Analysis 2024: Top Vendors Babcock & Wilcox, Bharat Heavy Electricals Limited, AMEC Foster Wheeler, Mitsubishi Hitachi Power Systems, GE, Siemens, Rentech, Thermax Limited, Victory Energy Operations, IHI Corporation
Global Utility Boiler Market is anticipated to exceed USD 20 Billion by 2024. Robust economic growth across developing countries coupled with growing energy demand will drive the utility boiler market.
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Ultra-supercritical boiler market is anticipated to grow over 3% by 2024. The demand for these systems is attributed to its eco-friendly technology, low heating value, compliance with emission standards and improved efficiency. Increasing investment across manufacturing sector along with strengthening economic growth will positively influence industry landscape.
>500 MW utility boiler market is set to witness robust growth owing to the expansion of thermal electricity generation along with rising focus toward replacement of existing steam generating systems. The rising electricity demand from energy intensive industries along with expansion plan for generating capacity across Asia Pacific region will escalate the demand for high capacity boilers.
Ongoing investments toward modernization of industrial units coupled with rising demand for energy efficient steam generating systems will augment the supercritical boiler market growth. Longer operational life, high capacity range and safety features are some of the defining features that will support the industry growth during the forecast time period.
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Increasing demand for uninterrupted and reliable electricity supply from major economies has resulted in rising investment toward thermal power generation which will stimulate the utility boiler market size. National targets pertaining to reduction in carbon footprints along with regulatory norms to curb emissions will further encourage the adoption of supercritical and ultra-supercritical boilers.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Bharat Heavy Electricals Limited (BHEL)
3. A.C. Boilers
4. Babcock and Wilcox
5. Mitsubishi Hitachi Power Systems
6. AMEC Foster Wheeler
10. Doosan Heavy Industries
12. Walchandnagar Industries Limited
13. Victory Energy Operations
14. General Electric
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Ultra-supercritical utility boiler market is predicted to expand over 3% by 2024. Improved efficiency, low heating value, environment friendly technology, and compliance with emission standards are some of the prominent features that make the product adoption preferable over other alternatives. Robust expansion of the manufacturing sector driven by increased domestic demand will further augment the business growth.
Middle East & Africa utility boiler market size is anticipated to witness growth on account of government efforts to enhance the electricity generation outlook across the region. Strong economic growth coupled with government efforts toward enhancing industrial output will continue to urge the demand for large-scale power projects, subsequently fueling the demand for utility scale boilers.
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