Power Plant Boiler Market Report 2024 (Global Edition)

Global Power Plant Boiler Market Report 2024 Market Size Split by Fuel Type (Coal-Fired Boilers, Oil-Fired Boilers, Gas-Fired Boilers, Others), by Type (Pulverized Boilers, Circulating Fluidized Boile...

Power Plant Boiler Market Report Description

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Power Plant Boiler Market Insights Video

Competitive Landscape of the Power Plant Boiler Market

The market for power plant boilers is extremely competitive, with many local and international companies fighting for market share. Innovations in technology, strategic alliances, M&A activity, and an emphasis on sustainability all influence the competitive environment. To enhance the effectiveness, dependability, and environmental performance of their boiler solutions, major companies in the market are continuously coming up with new ideas.

February 2024: The state electricity company of the Republic of Uzbekistan, JSC Thermal Power Plants, placed an order with Mitsubishi Power for one system of essential machinery for a high-efficiency power generating facility. This facility will include a cutting-edge M701JAC gas turbine for the third building that the Navoi Power Plant plans to construct. (Source:https://power.mhi.com/news/240213.html) October 2023: Babcock & Wilcox Canada Corp, a Canadian subsidiary of Babcock & Wilcox Enterprises, has been awarded the utility plant maintenance contract for Newfoundland and Labrador Hydro's Holyrood Thermal Generating Station in Newfoundland, Canada. The contract is valued at approximately USD 11 million and includes options for additional work from the customer. (Source:https://www.babcock.com/home/about/corporate/news/babcock-and-wilcox-canada-corp-awarded-nearly-11-million-power-plant-maintenance-contract)

Top Companies Market Share in Power Plant Boiler Industry: (In no particular order of Rank)

• Babcock & Wilcox Enterprise
• General Electric
• Mitsubishi Hitachi Power Systems
• Dongfang Electric Corporation
• Doosan Heavy Industries & Construction
• John wood Group
• Bharat Heavy Electrical Limited
• Thermax
• Valmet
• Andritz Group
• Siemens
• IHI Corporation
• Sumitomo Heavy Industries
• Harbin Electric.
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Regional Analysis of the Power Plant Boiler Market

Which Region Dominates the Power Plant Boiler Market in 2024?

According to Cognitive Market Research, North America led the market in 2024, accounting for almost 40% of worldwide sales. Due to a number of important factors, North America is expected to propel the growth of the power plant boiler market. The region's continuous transition to renewable energy sources, such as waste-to-energy and biomass, is driving up demand for cutting-edge boiler technologies. Furthermore, the need to upgrade outdated power plant infrastructure and comply with strict environmental standards means that cleaner and more efficient boiler systems must be used. Funding and incentives from the government for sustainable energy initiatives help to further promote market expansion. Furthermore, by encouraging sustainable growth and innovation, North America leads the world in the power plant boiler market thanks to technological advancements and a strong emphasis on energy-saving measures.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific stands out as the fastest-growing region in the Power Plant Boiler market. The demand for power is rising throughout the region due to rapid industry and urbanization. Along with the region's population growth, electronic device use is expanding throughout a number of nations, including Thailand, Indonesia, Australia, South Korea, Japan, India, and China. Asia Pacific has seen significant investments in the electricity sector, along with upgrades and boiler refurbishments.

The current report Scope analyzes Power Plant Boiler Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!

North America Power Plant Boiler

According to Cognitive Market Research, the global Power Plant Boiler market size was estimated at USD 22354.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 8941.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Power Plant Boiler market with a market size of USD 7054.99 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period. This is because several old coal-fired power facilities still exist in the United States. Though concentrating on cleaner burning options, upgrading or replacing these facilities with newer, more efficient boilers could offer a growth opportunity.
• The Canadian Power Plant Boiler market had a market share of USD 1073.00 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. Canada is actively moving towards cleaner energy sources like hydro, solar, and wind power and has set high targets for renewable energy. This lessens dependency on conventional power plants, which eventually decreases the need for boilers.
• The Mexico Power Plant Boiler market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 813.69 million in 2024.

Europe Power Plant Boiler

According to Cognitive Market Research, the global Power Plant Boiler market size was estimated at USD 22354.2 Million, out of which Europe held the market of more than 30% of the global revenue with a market size of USD 6706.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2031.

• The United Kingdom Power Plant Boiler market had a market share of USD 1126.65 million in 2024 and is projected to grow at a CAGR of 5.3% during the forecast period. The United Kingdom seeks to decrease its dependence on foreign fuels and broaden its range of energy sources. In comparison to coal, natural gas provides a more dependable domestic energy supply.
• The France Power Plant Boiler market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 616.98 million in 2024.
• According to Cognitive Market Research, the German Power Plant Boiler market size was valued at USD 1327.84 million in 2024 and is projected to grow at a CAGR of 4.7% during the forecast period. Germany is actively investing in solar, wind, and other clean energy sources and has set ambitious targets for renewable energy. In the long term, this will probably result in a drop in the demand for boilers as a whole.
• The Italy Power Plant Boiler market is projected to witness growth at a CAGR of 3.9% during the forecast period, with a market size of USD 576.74 million in 2024.
• The Russian Power Plant Boiler market is projected to witness growth at a CAGR of 3.5% during the forecast period, with a market size of USD 1039.47 million in 2024.
• The Spain Power Plant Boiler market is projected to witness growth at a CAGR of 3.6% during the forecast period with a market size of USD 549.91 million in 2024
• The Luxembourg Power Plant Boiler market is projected to witness growth at a CAGR of 4.6% during the forecast period, with a market size of USD 207.89 million in 2024.
• The Portugal Power Plant Boiler market is projected to witness growth at a CAGR of 4.3% during the forecast period, with a market size of USD 140.83 million in 2024.
• The Greece Power Plant Boiler market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 80.48 million in 2024.
• Rest of Europe's Power Plant Boiler market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 1039.47 million in 2024.

Asia Pacific Power Plant Boiler

According to Cognitive Market Research, the global Power Plant Boiler market size was estimated at USD 22354.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 5141.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Power Plant Boiler market size was valued at USD 2313.66 million in 2024 and is projected to grow at a CAGR of 7.5% during the forecast period. The Chinese government makes significant investments in power plants and other infrastructure projects. These investments and legislation significantly boost the domestic boiler market.
• The Japan Power Plant Boiler market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 709.52 million in 2024.
• The India Power Plant Boiler market had a market share of USD 616.98 million in 2024 and is projected to grow at a CAGR of 9.8% during the forecast period. India is putting more and more effort into lowering power plant emissions and enhancing energy efficiency. This may result in a need for more sophisticated boiler technologies, such as supercritical and ultra-supercritical boilers, which have reduced emissions and increased efficiency.
• The South Korean Power Plant Boiler market is projected to witness growth at a CAGR of 7.1% during the forecast period, with a market size of USD 514.15 million in 2024.
• The Australian Power Plant Boiler market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 267.36 million in 2024.
• The South East Asia Power Plant Boiler market is projected to witness growth at a CAGR of 9.0% during the forecast period, with a market size of USD 354.76 million in 2024.
• The Rest of Asia Pacific Power Plant Boiler market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD 365.04 million in 2024.

South America Power Plant Boiler

According to Cognitive Market Research, the global Power Plant Boiler market size was estimated at USD 22354.2 Million, out of which Latin America market of more than 5% of the global revenue with a market size of USD 1117.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Power Plant Boiler market size was valued at USD 478.38 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. In Brazil, hydropower is the main energy source used to generate electricity. Nonetheless, in order to lessen its reliance on weather-dependent hydropower, the nation is trying to diversify its energy mix. This would encourage investments in brand-new power plants, especially those that burn natural gas, which would increase demand for boilers.
• Argentina's Power Plant Boiler market had a market share of USD 187.78 million in 2024 and is projected to grow at a CAGR of 6.3% during the forecast period. Argentina has an abundance of natural gas resources, which fuel the expansion of gas-fired boilers, which are a greener option than coal.
• Colombia Power Plant Boiler market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 99.48 million in 2024.
• Peru Power Plant Boiler market is projected to witness growth at a CAGR of 5.6% during the forecast period, with a market size of USD 91.65 million in 2024.
• Chile's Power Plant Boiler market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 80.48 million in 2024.
• The Rest of Latin America Power Plant Boiler market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 179.95 million in 2024.

Middle East and Africa Power Plant Boiler

According to Cognitive Market Research, the global Power Plant Boiler market size was estimated at USD 22354.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 447.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.

• The GCC Countries Power Plant Boiler market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 191.35 million in 2024. Using supercritical and ultra-supercritical boilers, among other cutting-edge boiler technology, increases efficiency and lowers emissions.
• The Egypt Power Plant Boiler market is projected to witness growth at a CAGR of 6.0% during the forecast period, with a market size of USD 46.94 million in 2024.
• The South African Power Plant Boiler market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 70.64 million in 2024. The need for sophisticated boiler systems is rising as a result of joint efforts between the public and commercial sectors to create large-scale energy projects.
• The Turkey Power Plant Boiler market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 38.45 million in 2024.
• The Nigeria Power Plant Boiler market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 46.94 million in 2024.
• The Rest of the MEA Power Plant Boiler market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 52.76 million in 2024.

Power Plant Boiler Market Analysis

Power Plant Boiler Market Fuel Type Segment Analysis

According to Cognitive Market Research, Coal-Fired Boilers are the dominating category. The Power Plant Boiler Market is still experiencing a high demand for coal-fired boilers due to their established infrastructure and affordability for producing large amounts of electricity. Coal-fired boilers are still commonly utilized in areas where coal deposits are plentiful, and coal is still the dominant energy source despite the global trend towards cleaner energy sources. Nonetheless, the use of cutting-edge technologies to increase efficiency and lessen the environmental impact of coal-fired boilers is being spurred by strict environmental rules and the drive for lower emissions.

Gas-fired boilers are the fastest-growing category in the Power Plant Boiler market. Due to their increased efficiency and reduced emissions when compared to coal-fired alternatives, gas-fired boilers are becoming more and more popular in the power plant boiler market. As a greener and cleaner fuel, natural gas is becoming more and more popular. This demand is further increased by the abundance of available natural gas resources, especially in North America and some regions of Europe. Furthermore, contemporary combined cycle power plants that improve overall energy efficiency and facilitate the shift to more sustainable electricity generation rely heavily on gas-fired boilers.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Power Plant Boiler Industry. Request a Free Sample PDF!

Power Plant Boiler Market Type Segment Analysis

According to Cognitive Market Research, the dominating category is Pulverized Boilers. Coal is ground into a fine powder for use in boilers of the pulverized coal tower type. Combustion air is used to force the ground coal through a number of burner nozzles and into the boiler plant. Pulverized coal is used in the majority of big industrial water-tube boilers and coal-fired power plants. The development of supercritical and ultra-supercritical technologies to modernize traditional and outdated power plant boilers and increase efficiency is what is driving this segment's growth.

The fastest-growing category in the Power Plant Boiler market is Circulating Fluidized Boilers. Because of their reduced emissions and fuel flexibility, Circulating Fluidized Bed (CFB) boilers are becoming more and more popular in the power plant boiler market. CFB boilers are a desirable alternative for power generation since they can burn a variety of fuels effectively, such as waste materials, biomass, and low-grade coal. Their commercial acceptance is further fueled by their capacity to achieve lower emissions of sulfur dioxide and nitrogen oxide, which is in line with strict environmental requirements.

The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Power Plant Boiler market report 2024 Edition by contacting our team.

Power Plant Boiler Technology Segment Analysis

Power Plant Boiler Market Technology Segment Analysis

According to Cognitive Market Research, the dominating category is Supercritical. The market for supercritical technology is expanding due to the emphasis on modernizing power infrastructure and the growing use of supercritical technology over subcritical. Moreover, a supercritical boiler uses less fuel to produce the same quantity of heat energy as a subcritical boiler, meaning that its efficiency is higher.

The fastest-growing category in the Power Plant Boiler market is Ultra-supercritical. The use of this technology is growing quickly in all power plants. This device operates at extreme temperatures and pressures. In the power plants, they can operate as efficiently as 46%. The ultra-super technology segment is expected to develop between 2024 and 2032.

• Subcritical
• Supercritical
• Ultra-supercritical

Power Plant Boiler Capacity Segment Analysis

Power Plant Boiler Market Capacity Segment Analysis

According to Cognitive Market Research, the dominating category is 400-800 MW. In power plants, there is a significant increase in demand for these boilers. The main purpose of power plant boilers is to provide steady and dependable baseloads. The amount of money being invested in developing power plant technology is also rising significantly. Growth in the 400–800 MW range is driven by this.

The fastest-growing category in the Power Plant Boiler market is Less than 400 MW. The proliferation of small-scale power plants in the industrial and utility sectors has led to a significant rise in the installation of boilers of this type. This propels market expansion.

• Less than 400 MW
• 400-800 MW
• More than 800 MW

Author's Detail

Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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