Power Boiler Market Analysis
The latest
report published by Market Research Future (MRFR) reveals that the Global
Power Boilers Market is set to growth at a compound annual growth rate
of 4% during the forecast period (2017-2022). Power boiler is a type of closed
vessel for heating water to a point where it starts converting into steam. The
steam which is produced in the power boiler is then used for number of
applications.
Owing to the
rapid urbanization and industrialization in fast-developing countries, demand
for energy is on the rise. Power boiler is among one of solutions, which is relied
upon to meet electricity requirements. The growing investment in development of
new power plant is partly influencing power boilers market. Emphasis is being
placed on development power plant that product energy using clean resources or
resources that are restorable. Power boilers finds find application in clean
coal technology plant, natural gas plants, co-generation plants among others.
Rising
consumption of electricity is one of the major factors expected to drive the
market growth in the forthcoming years. Most power boiler-based plants that are
currently in operation are power by fossil fuels such as coal or
petroleum. With the arrival of
sustainable and eco-friendly solutions to power supply, popularity of power
boilers has taken a considerably hit. Cost of producing energy is plays an
important role in determining which methods to be used for power generation. As
fossil fuel prices continue to swell, feasibility of power boiler plants
deteriorates further.
However, in
developing countries traditional power plants such as coal fired power plants remain
the primary source, which continue to drive the demand for power boilers. Coal
fired power plants are extremely common across the world as they are on of
oldest methods of power generation. The aforementioned factor is having
positive impact on the power boilers market.
Global Power Boiler Market: Segmental Analysis
A detailed
segmental analysis of the power boiler market is available in the report, which
covers power boiler type, technology and fuel type. On the basis of type, the
market has been segmented into circulation fluidized bed, pulverized fuel and
others. On the basis of technology, the market has been segmented into ultra-supercritical,
subcritical and supercritical. On the basis of fuel type, the market has been
segmented into oil, gas and coal.
Global Power Boiler Market: Regional Analysis
On the basis
of region, the market has been segmented into Europe, North America, Asia
Pacific (APAC). Asia Pacific is a key market for power boilers. In addition, the
region has a significant contribution to global power boiler market in terms of
revenue. The robust Industrial growth in countries such as India, China,
Indonesia among others continue to provide an impetus to the market in the
region. The power boilers market in APAC is expected to witness a healthy growth
over the next several years. Regions such as North America and Europe are also
expected to present lucrative opportunities for market players. Increased
efforts to upgrade power plants and focus on development of power plants with
clean technology is driving the market growth in these regions. Moreover,
inclination towards use of energy generated from renewable energy is
influencing the market.
Global Power Boilers Market: Competitive Landscape
Some of
notable companies operating in the global power boilers market include Babcock
& Wilcox, AMEC Foster Wheeler, Hangzhou Boiler Group, Alstom, Siemens AG¸ Thermax
Ltd., Harbin Electric and Mitsubishi Hitachi Power System. A majority of the
players are actively focusing on bolstering their research and development
pipeline in to offer more superior products with additional features.
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