Power Plant Boiler Market to Reach USD 29.32 Billion by 2028

As per the report, the power plant boiler market size was USD 19.41 billion in 2020. The market size is anticipated to grow from USD 20.21 billion in 2021 to USD 29.32 billion in 2028 at a CAGR of 5.5% during the forecast period.

The global Power Plant Boiler Market is anticipated to rise during the projected period due to the increasing demand for electricity in the industrial and commercial sectors. Fortune Business Insights™ provides this information in a report titled, "Power Plant Boiler Market, 2021-2028". As per the report, the power plant boiler market size was USD 19.41 billion in 2020. The market size is anticipated to grow from USD 20.21 billion in 2021 to USD 29.32 billion in 2028 at a CAGR of 5.5% during the forecast period.

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A boiler is utilized in power plants for producing high pressured steam which enables generating electricity. The power plant boilers consume energy from various fuels such as coal, nuclear, natural gas, and other pulverized fuel which are capable of being converted into steam. Rising developments in industrial and commercial businesses are likely to bolster market growth in the coming years.

COVID-19 Impact:

Restricted Supply Chains to Affect Production Rate of Organizations

The widespread coronavirus has affected various industries globally due to restricted supply and halted manufacturing units. The government has imposed stringent restrictions on supply chain management as well as the migration of people. Also, due to these restrictions, the import/export activities were halted which affected the manufacturing and production rate of the companies. Furthermore, social distancing norms and regulations on workforce management have affected productivity which resulted to hamper the profitability of the organizations.

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By technology, the market is trifurcated into subcritical, supercritical, and ultra-supercritical.

Based on the fuel type, the market is segregated into coal, nuclear, gas, and oil.

On the basis of capacity, the market is divided into below 400 MW, 400-800 MW, and above 800 MW.

Finally, by region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage:

The report provides factual information regarding market development and advancements in recent years. The key developments include strategies such as partnerships, mergers, acquisitions, and alliances. Furthermore, business development practices such as innovation, product development, and market segmentation are highlighted in the report. Drivers and restraints affecting the market growth are given further to assess market growth potential. The impact of COVID-19 pandemic on market expansion is elaborated in the report further.

Drivers & Restraints:

Rising Industrialization to Propel Market Growth

The market is expected to witness significant growth during the forecast period owing to the rising industrialization and commercialization. Rising demand for industrial development in developing countries is likely to boost the market. Replacing aging power plants and upgrading technologies is expected to bolster market expansion in segmented regions. Also, government support for redevelopment and refurbishment of the power plants allows key players to invest in the market. These factors are likely to ensure power plant boiler market growth during the projected period.

However, high capital investments initially may hinder market growth in the forecast period. 

Regional Insights:

Asia Pacific Dominates Market Due to Growing Industrialization

Asia Pacific holds the most prominent global power plant boiler market share during the forecast period where the region stood at USD 13.36 billion in 2020. Rapid urbanization and industrialization in developing countries are likely to propel market growth in the coming years.

Middle East & Africa holds the second-largest global market share owing to the demand for uninterrupted power supply in industrial application. Increasing investment in power generation and power plant construction is expected to drive the market.

Competitive Landscape:

Strategic Alliances Allows Key Players to Expand Business Reach

The presence of key players in the market encourages the organization to apply various business development strategies that focus on increasing productivity and profitability. These strategies are partnerships, alliances, mergers, and acquisitions. Key players in the market focus on implementing innovation and developing product portfolios. These strategies allow key players to expand their business reach globally.

  • August 2021: AWG Wuppertal and Martin GmbH signed the contract for the replacement of boiler line 15 at the Wuppertal waste-to-energy plant. The scope of supply includes full construction of the new combustion and boiler systems for line 15 boiler along with the associated equipment.

Companies Profiled in Power Plant Boiler Market:

  • General Electric (U.S.)
  • Babcock & Wilcox Enterprise (U.S.)
  • Mitsubishi Hitachi Power Systems (Japan)
  • Siemens AG (Germany)
  • Doosan Heavy Industries & Construction (South Korea)
  • Dongfang Electric Corporation (China)
  • IHI Corporation (Japan)
  • John Wood Group (U.K.)
  • Bharat Heavy Electrical Limited (India)
  • Thermax (India)
  • Andritz Group (Austria)
  • Sumitomo Heavy Industries (Japan)

Bharat Jagtap

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