The latest report by IMARC Group, titled "Power Plant Boiler Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," finds that the global power plant boiler market size reached US$ 18.1 Billion in 2021. A power plant boiler is a type of mechanical equipment that produces steam by heating water and utilizes it to generate energy. It comprises a furnace that burns fossil fuels and creates heat which gets transferred to form steam. It is available in varying sizes depending upon the utility and is installed in power stations and industries with steam-based or hot water operations. Owing to these properties, there has been an escalating demand for power plant boilers across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Power Plant Boiler Market Trends:
The market is primarily driven by the escalating energy demand across the globe. In addition, governments of various nations are heavily investing in the development of existing power plants and the construction of new facilities. This, coupled with rapid industrialization in emerging countries, has escalated the demand for power plant boilers. Besides this, the market is also propelled by the growing reliance on electronic appliances such as air conditioners, microwave ovens, and washing machines. Moreover, the rising concerns for carbon emissions, the surging need for highly efficient energy solutions, and various technological advancements in the manufacturing and functioning of boilers are some of the other factors creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market to reach US$ 23.8 Billion by 2027, exhibiting a CAGR of 5% during 2022-2027.
- Based on the type, the market has been classified into pulverized, circulation fluidized bed, and other boilers.
- On the basis of technology, the market has been segregated into subcritical, supercritical, and ultra-supercritical.
- Based on the fuel type, the market has been segmented into coal, oil, gas, and others.
- On the basis of the input capacity, the market has been categorized into < 10, 10-50, 50-100, 100-250, and > 250 MMBtu/Hr.
- Region-wise, the market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being Babcock & Wilcox, AMEC Foster Wheeler, Dongfang Electric Pvt. Ltd, General Electric Company, Doosan Heavy Industries & Construction, Bharat Heavy Electricals Limited (BHEL), Mitsubishi Hitachi Power Systems, Siemens AG, IHI Corporation, Thermax Ltd.
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