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Power Plant Boiler Market Size to Reach $22.8 Billion by 2025

05-06-2022 08:40 AM CET | Energy & Environment

Press release from: MarketsandMarkets

Power Plant Boiler Market Size to Reach $22.8 Billion by 2025

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%. Increasing demand for electricity and a rise in the adoption of supercritical and ultra-supercritical boiler technologies to improve efficiency are expected to drive the power plant boiler market. Growing focus on clean fossil fuels such as natural gas, which helps reduce greenhouse gas emissions, is the key factor driving the power plant boiler market.

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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. Electricity is the fastest-growing source of energy demand. 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.

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.

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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.

Some of the top players in the Power Plant Boiler Market include Dongfang Electric Corporation (China), Doosan Heavy Industries & Construction (Korea), General Electric (US), and Mitsubishi Hitachi Power Systems (Japan).

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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