Circulating Fluidized Bed (CFB) Boiler Market

Global Circulating Fluidized Bed (CFB) Boiler Market:

The global circulating fluidized bed (CFB) boiler market size reached US$ 770 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,150 Million by 2032, exhibiting a growth rate (CAGR) of 4.45% during 2024-2032. The rising number of large-scale energy generation projects, along with the expanding oil and gas industry, is primarily bolstering the market.

Circulating Fluidized Bed (CFB) Boiler Market Analysis:

• Major Market Drivers: The growing investments in the upgradation of industrial facilities, particularly in developing economies, are among the primary factors catalyzing the market. Additionally, the inflating need for minimizing NOx emissions levels is also acting as another significant growth-inducing factor.
• Key Market Trends: Extensive R&D activities conducted by key players in the oil and gas industry are among the emerging trends stimulating the market. Moreover, continuous improvements in the manufacturing processes will continue to augment the market in the coming years.
• Competitive Landscape: Some of the prominent companies in the global market include Andritz AG, Babcock & Wilcox Enterprises Inc., Formosa Heavy Industries Corp. (Formosa Plastics Corporation), General Electric Company, Industrial Boilers America, JFE Engineering Corporation (JFE Holdings Inc.), Rafako S.A., Shanghai Electric, Sumitomo Heavy Industries Ltd., Valmet Oyj, and Wuxi ZOZEN Boiler Co. Ltd., among many others.
• Geographical Trends: Asia Pacific exhibits a clear dominance in the market, owing to the rising levels of industrialization. Furthermore, the elevating consumer environmental consciousness is also strengthening the regional market.
• Challenges and Opportunities: Some of the primary challenges restraining the growth of the market include the lower possibility of casting materials, the high maintenance cost of CFB boilers, and the depletion of fossil fuels. However, the introduction of environmentally friendly alternatives to coal-fired boilers is expected to drive the overall market over the forecasted period.
   

Circulating Fluidized Bed (CFB) Boiler Market Trends:

Stringent Regulations

The implementation of stringent regulations by government bodies to mandate the adoption of more efficient and cleaner combustion technologies, on account of the increasing consumer environmental concerns, is creating a positive outlook for the market. In April 2024, the U.S. Environmental Protection Agency announced a suite of final rules to minimize pollution levels from fossil fuel-fired power plants to protect all communities and enhance public health without disrupting the delivery of reliable electricity. Moreover, these rules, finalized under separate authorities, including the Clean Water Act, the Clean Air Act, and the Resource Conservation and Recovery Act, aimed to significantly reduce air, water, climate, and land pollution from the power sector, thereby delivering on the commitment of Biden-Harris Administration in the United States to protect public health, advance environmental justice, and confront the climate crisis. Consequently, there is an escalating requirement among industries to comply with these standards, thereby increasing the circulating fluidized bed (CFB) boiler market demand. In December 2022, Valmet announced the supply of a biomass power boiler and flue gas cleaning system to the Tahara Biomass Power LLC, a 112-megawatt (MW) biomass power plant under development in Japan. Additionally, CFB technology allows for the efficient burning of fuels, including low-grade and high-sulfur coals, while incorporating limestone directly into the combustion process to capture sulfur, thereby significantly reducing SO₂ emissions levels. Doosan Lentjes is one of the leaders in circulating fluidized bed (CFB) boiler technologies. In line with this, the company provides industrial and utility-size CFB boilers that focus on high-efficiency generation of power and heat. In June 2022, it was given a contract to deploy its circulating fluidized bed (CFB) boiler technology at a 75MWe biomass-fired power plant located in Sodegaura, Japan.

Growing Renewable Energy Integration

The inflating trend of integrating renewable energy sources with traditional power generation methods is acting as a significant growth-inducing factor. In March 2024, NTPC Limited, a central Public Sector Undertaking under the ownership of the Ministry of Power and the Government of India, introduced significant steps to promote the adoption of renewable energy by petitioning for the approval of tariffs for 1,250 MW solar power projects. This is part of a broader initiative aimed at improving the flexibility of power generation and scheduling by integrating hydropower and thermal stations with renewable energy and storage solutions. CFB boilers, capable of co-firing biomass and other renewable fuels, support this integration, aligning with global sustainability goals. This, in turn, is driving the circulating fluidized bed (CFB) boiler market growth. For instance, Valmet CFB Boiler (formerly CYMIC) is an advanced circulating fluidized bed (CFB) boiler launched by Valmet. It combines high-efficiency combustion of solid fuels with low emissions, even when burning fuels with completely different calorific values at the same time. The wide size range covers boilers from 30 to 1200 MWth.

Increasing Upgradation of Plants

The key players are focusing on upgrading industrial facilities to cater to the various requirements in industries, including oil and gas, which is fueling the overall market. For instance, in May 2024, Aboitiz Data Innovation (ADI), AboitizPower, and REPCO Nex Industrial Solution signed an agreement to optimize the efficiency and reliability of AboitizPower's thermal power plant. Moreover, the increasing need for efficient, sustainable, and flexible power generation solutions is one of the circulating fluidized bed (CFB) boiler market's recent opportunities. For example, in January 2023, Mitsubishi Heavy Industries, Ltd. (MHI) signed a Memorandum of Understanding (MoU) to collaborate in a feasibility study for the development of ammonia co-firing at a coal-fired thermal power plant operated by BLCP Power Limited (BLCP), which is an independent power producer (IPP) in Thailand and a joint-venture between Electricity Generating Public Company Limited (EGCO Group) and Banpu Power Public Company Limited (BPP). The project aimed to decarbonize the existing power plant, supporting Thailand in achieving its climate ambitions and becoming a low-carbon society. Apart from this, prominent players are launching inspection services, which are expected to catalyze the market in the coming years. For instance, in May 2023, Integrated Global Services (IGS) announced the introduction of a fully digitalized circulating fluidized bed (CFB) boiler drone inspection service to meet the demands of the power industry. The drone service enables plant maintenance personnel to inspect boilers for damage while the equipment is cooling down.

Circulating Fluidized Bed (CFB) Boiler Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with the circulating fluidized bed (CFB) boiler market forecast at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on the product, capacity, fuel type, and application.

Breakup by Product:

• Subcritical
• Supercritical
• Ultra-supercritical
   

Currently, subcritical accounts for the largest market share

The report has provided a detailed breakup and analysis of the market based on the product. This includes subcritical, supercritical, and ultra-supercritical. According to the report, subcritical represented the largest market segmentation.

Subcritical circulating fluidized bed (CFB) boilers are an innovative type of boiler technology used for efficient and clean combustion of a wide range of fuels, including coal, biomass, and waste materials. These boilers operate at pressures below the critical point of water, which means the water is heated to generate steam without reaching the supercritical phase. The circulating fluidized bed technology enhances combustion efficiency by creating a turbulent mixture of fuel, air, and inert materials like sand, ensuring thorough mixing and complete combustion at lower temperatures. For example, Shanghai Electric, one of the electrical equipment manufacturing companies, offers a 135-330MW Ultra-High Pressure Subcritical CFB Boiler that exhibits optimal reliability, enhanced combustion efficiency, low electricity consumption, etc. This process significantly reduces the formation of nitrogen oxides (NOx) and allows for the effective capture of sulfur dioxide (SO2) with in-situ desulfurization, resulting in lower emissions, which is propelling the circulating fluidized bed (CFB) boiler market outlook.

 Breakup by Capacity:

• Less than 100 MW
• 100-200 MW
• 200-300 MW
• 300 MW and Above
   

Among these, 100-200 MW exhibits a clear dominance in the circulating fluidized bed (CFB) boiler market share

The report has provided a detailed breakup and analysis of the market based on the capacity. This includes less than 100 MW, 100-200 MW, 200-300 MW, and 300 MW and above. According to the report, 100-200 MW represented the largest market segmentation.

The 100-200 MW range is gaining traction due to its optimal balance between scalability, efficiency, and cost-effectiveness, making it ideal for a wide variety of applications in power generation and industrial processes. This size range provides sufficient capacity to meet the energy demands of medium-sized power plants and industrial facilities while maintaining high operational efficiency and environmental compliance. For example, the Soma Kolin Thermal Power Plant in Turkey, which features a 150 MW CFB boiler, demonstrates the capability of this range to deliver reliable and efficient power with reduced emissions, owing to the advanced combustion and in-situ emission control technologies inherent to CFB systems. Additionally, recent launches, such as the Valmet CFB Boiler designed for 120 MW installations, highlight the ongoing advancements and strong market preference for boilers within this capacity range. These boilers are particularly favored for their ability to handle a diverse array of fuels, including biomass and waste, offering flexibility and sustainability benefits that align with modern energy and environmental goals. This, in turn, is elevating the circulating fluidized bed (CFB) boiler market's recent price.

Breakup by Fuel Type:

• Coal
• Biomass
• Others
   

Currently, coal account for the majority of the global market share

The report has provided a detailed breakup and analysis of the market based on the fuel type. This includes coal, biomass, and others. According to the report, coal represented the largest market segmentation.

Coal exhibits a clear dominance in the market due to its abundant availability, cost-effectiveness, and the capability of CFB technology to efficiently and cleanly combust lower-grade coals and coal blends. CFB boilers are designed to handle a wide range of coal types, including those with high ash and sulfur content, which traditional combustion methods struggle to utilize efficiently. This versatility makes CFB boilers particularly attractive in regions with substantial coal reserves and a reliance on coal for energy production. For instance, the Thermax 225 MW CFB boiler at the Neyveli Thermal Power Station in India exemplifies how CFB technology is leveraged to optimize the combustion of domestic lignite coal, enhancing energy output while minimizing environmental impact through effective in-situ emission controls. Additionally, the launch of advanced CFB boilers by companies like Sumitomo SHI FW, which introduced the 300 MW low-emission CFB boiler for the Dangjin Power Plant in South Korea, highlights ongoing innovations aimed at maximizing the efficiency and sustainability of coal combustion. As per the circulating fluidized bed (CFB) boiler market statistics, these factors collectively reinforce coal's dominance in the market, addressing both energy needs and environmental regulations.

Breakup by Application:

• Energy and Power
• Industrial
• Others
   

According to the report, energy and power accounted for the largest market share

The report has provided a detailed breakup and analysis of the market based on the application. This includes energy and power, industrial, and others. According to the report, energy and power represented the largest market segmentation.

Energy and power represented the largest market segmentation in the market due to the rising need for efficient, reliable, and environmentally friendly solutions for large-scale electricity and heat generation. CFB boilers are particularly well-suited for power generation because they can efficiently combust a wide range of fuels, including coal, biomass, and waste while maintaining low emissions of pollutants such as NOx and SO2. This flexibility and efficiency make CFB technology an attractive option for utility companies and independent power producers looking to meet growing energy demands while adhering to stringent environmental regulations. For example, the 460 MW Lagisza Power Plant in Poland, equipped with a CFB boiler, showcases the technology's capability to deliver high-efficiency power generation with reduced emissions. Furthermore, recent launches, such as the 300 MW CFB boiler by Sumitomo SHI FW for the Dangjin Power Plant in South Korea, underscore the continued investment in CFB technology for energy and power applications. This, in turn, is elevating the circulating fluidized bed (CFB) boiler market revenue.

Breakup by Region:

• North America 
  • United States 
  • Canada 
• Europe 
  • Germany 
  • France 
  • United Kingdom 
  • Italy 
  • Spain 
  • Russia
  • Others 
• Asia Pacific 
  • China 
  • Japan 
  • India 
  • South Korea 
  • Australia 
  • Indonesia 
  • Others 
• Latin America 
  • Brazil 
  • Mexico 
  • Others 
• Middle East and Africa 
   

 According to the circulating fluidized bed (CFB) boiler market overview, Asia Pacific currently dominates the global market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share.

The rising levels of industrialization, the increasing energy demand, and supportive government policies promoting cleaner and more efficient energy solutions are some of the primary factors augmenting the regional market. Countries like China and India are at the forefront, leveraging CFB technology to address their substantial coal reserves while mitigating environmental impact. For example, China has extensively adopted CFB boilers to improve efficiency and reduce emissions in its coal-fired power plants, with significant projects like the 600 MW Baima CFB demonstration plant highlighting the region's commitment to advanced CFB technology. Additionally, India's focus on diversifying its energy mix and reducing dependence on traditional coal-fired methods has led to the deployment of numerous CFB projects, such as the 225 MW Neyveli Thermal Power Station. Government policies in these countries aimed at reducing greenhouse gas emissions and promoting renewable energy sources further bolster the adoption of CFB boilers.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major circulating fluidized bed (CFB) boiler market companies have also been provided. Some of the key players in the market include:

• Andritz AG
• Babcock & Wilcox Enterprises Inc.
• Formosa Heavy Industries Corp. (Formosa Plastics Corporation)
• General Electric Company
• Industrial Boilers America
• JFE Engineering Corporation (JFE Holdings Inc.)
• Rafako S.A.
• Shanghai Electric
• Sumitomo Heavy Industries Ltd.
• Valmet Oyj
• Wuxi ZOZEN Boiler Co. Ltd.
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Circulating Fluidized Bed (CFB) Boiler Market Recent Developments:

• May 2024: Aboitiz Power Corporation (AboitizPower) partnered with REPCO NEX Industrial Solutions (REPCO NEX), one of the Thailand-based companies, to develop digital twins for AboitizPower’s existing circulating fluidized bed (CFB) coal-fired power plants.
• April 2024: The U.S. Environmental Protection Agency implemented stringent final rules to minimize pollution levels from fossil fuel-fired power plants without disrupting the generation of reliable electricity.
• March 2024: NTPC Limited launched policies to promote the usage of renewable energy by petitioning for the approval of tariffs for 1,250 MW solar power projects.

Circulating Fluidized Bed (CFB) Boiler Market Report Scope:

Key Questions Answered in This Report:

• How has the global Circulating Fluidized Bed (CFB) boiler market performed so far and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global Circulating Fluidized Bed (CFB) boiler market?
• What are the key regional markets?
• Which countries represent the most attractive Circulating Fluidized Bed (CFB) boiler markets?
• What is the breakup of the market based on the product?
• What is the breakup of the market based on the capacity?
• What is the breakup of the market based on the fuel type?
• What is the breakup of the market based on the application?
• What is the competitive structure of the global Circulating Fluidized Bed (CFB) boiler market?
• Who are the key players/companies in the global Circulating Fluidized Bed (CFB) boiler market?

Key Benefits for Stakeholders:

• IMARC's report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Circulating Fluidized Bed (CFB) boiler market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global Circulating Fluidized Bed (CFB) boiler market.
• The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Circulating Fluidized Bed (CFB) boiler industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.