Global Utility Boiler Market Size By Capacity (30-100 MW, 100-250 MW, 250-500 MW, > 500 MW), By Technology (Subcritical, Supercritical, Ultra-Supercritical), Analysis Report, Regional Outlook, Competitive Market Analysis & Forecast, 2018 – 2024
Published Date: Oct 2018 | Report ID: GMI2990 | Authors: Ankit Gupta, Aditya Singh Bais
Utility Boiler Market size was valued over USD 20 billion in 2017 and annual installation is anticipated to exceed 60 GW by 2024.
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Increasing demand for reliable and continuous electricity supply from developing economies has resulted in increasing investment toward generation capacity additions which in turn will positively influence the market size. Deployment of captive power plants across large industries including chemical, refining, pulp & paper and cement will further support the business growth. Rapid industrialization coupled with growing urbanization across emerging economies has significantly boosted the electricity demand which will stimulate the market growth. South East Asia, Africa and Central & Eastern Europe are some of the key regions with significant investment toward new thermal power generation technologies.
Utility boiler industry across key developing economies is anticipated to witness positive growth owing to rising deployment of supercritical and ultra-supercritical power plants. However, utility boiler market is set to witness sharp decline across developed economies on account of declining installation of coal fired power generation units with a shift toward gas fired generation. Policy makers across the globe are focused toward achieving optimum energy mix to promote the renewable energy technologies and maintain the reliability of electricity supply. Government measurers to limit the carbon emission from power stations will further impede the business growth.
|Base Year:||2017||Market Size in 2017:||20 Billion (USD)|
|Historical Data for:||2013 to 2017||Forecast Period:||2018 to 2024|
|Pages:||335||Tables, Charts & Figures:||512|
|Geographies covered (32):||China, India, U.S., Brazil, Colombia, Chile, Panama, Argentina, Guatemala, Canada, Poland, Czech Republic, Bosnia & Herzegovina, Turkey, Russia, Tajikistan, Indonesia, Philippines, Thailand, Mongolia, Bangladesh, Pakistan, Japan, Vietnam, South Korea, UAE, Morocco, Botswana, Nigeria, Tanzania, South Africa, Egypt|
|Segments covered:||Capacity, Technology and Region|
|Companies covered (14):||Babcock and Wilcox Enterprises, Inc., IHI Corporation, CMI Group, AMEC Foster Wheeler Ltd., Doosan Heavy Industries & Construction Co. Ltd., Mitsubishi Hitachi Power Systems, Ltd., General Electric, Siemens AG, AC Boilers Spa, Rentech Boiler Systems Inc., Thermax Limited, Walchandnagar Industries Limited (WIL), Victory Energy Operations, LLC, Bharat Heavy Electricals Limited|
|Pitfalls & Challenges:||
Utility Boiler Market, By Capacity
30-100 MW utility boiler market is anticipated to witness robust growth on account of escalating demand for electricity across Asia Pacific and Africa. Ongoing industrial sector investments coupled with increasing thermal power generation capacity in key economies will further drive the demand for these products. Major industrial centers across the globe are shifting toward captive power generation, which will further enhance the business growth.
100-250 MW boilers accounted for over 7% of the global market revenue. Respective governments across the emerging economies are focusing toward enhancing the manufacturing capabilities and reliability of electricity supply, which will in turn boost the installation of high capacity boilers. Ongoing shift toward diversification of power generation energy mix across Middle East & Africa region has further propelled the industry growth.
>500 MW utility boiler market will witness a strong growth on account of the continued expansion of thermal electricity generation coupled with strengthening demand for the replacement of subcritical generation technologies. Introduction of stringent norms to curb carbon emissions coupled with efforts to enhance the electricity generation quality with conformance to emission compliance norms will promote the deployment of high capacity supercritical & ultra-supercritical boilers.
Utility Boiler Market, By Technology
Supercritical boilers, in 2017, accounted for over 40% of the global utility boiler market share. Ever increasing demand for electricity across emerging economies along with its ability to generate more power at a comparative low cost will positively impact the business growth.
Ultra-supercritical boilers market size will witness growth on account of strengthening government measures toward limiting GHG emissions along with retrofitting the existing power generating stations. In addition, the ability of these boilers to offer high thermal efficiency along with lower NOx, SOx and COx emissions will propel the product penetration in coming years.
Utility Boiler Market, By Region
Asia Pacific market will witness an appreciable growth on account of rising electricity demand primarily across Vietnam, Indonesia, Bangladesh, Mongolia and Malaysia. Furthermore, the easy availability of coal, rapid industrialization, growing population and lack of regulatory framework in many countries are some of the prominent features supporting the industry growth. Utility boiler market across India and China is anticipated to witness decline on account of limited expansion of thermal power generation beyond 2020 and renewed focus toward renewable energy utilization.
Europe market size is anticipated to witness growth of over 30% by 2024. Growing efforts toward energy conservation coupled with adoption of energy efficient power generating technologies will drive the business growth. Poland, Turkey, and Czech Republic are some of the key economies with significant investment toward new power generating capacity additions. However, aggressive renewable energy policies coupled with shift toward gas fired generation will limit the product adoption across Western Europe.
Middle East & Africa market is set to witness gains over 70% by 2024. Government focus toward diversification of energy mix along with increasing foreign investment toward development of captive power plants will drive the business growth. Furthermore, government measures toward electrification and mitigating electricity supply demand gap will further complement the industry landscape.
Competitive Market Share
Eminent players operating across the utility boiler market include Babcock and Wilcox, Bharat Heavy Electricals Limited, IHI Corporation, CMI Group, AMEC Foster Wheeler, Doosan Heavy Industries, Mitsubishi Hitachi Power Systems, General Electric, Siemens, A C Boiler, Rentech, Thermax, Walchandnagar Industries Limited, and Victory Energy Operations amongst others. Overseas business expansion, mergers & acquisitions and collaborations are some of the key strategies followed by industry participants to gain a competitive position in the business.
Utility Boiler Industry Background
Utility boilers play the critical role of steam production for the generation of electricity. The produced steam is utilized to drive the steam turbines which convert kinetic energy of rotation into the electricity. In recent years, supercritical and ultra-supercritical generating technologies have gained prominence owing to their low carbon emission generation and cost when compared to subcritical technology.
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