Power Plant Boiler Market

Power Plant Boiler Market Outlook (2024 to 2034)

The global power plant boiler market is projected to surpass a valuation of USD 22.7 billion by 2024 and a value of USD 40 billion by 2034, reflecting a CAGR of 5.80% over the assessment period.

Emerging Trends in the Power Plant Boiler Market

• Increasing demand for electricity due to urbanization, population growth, industrial development, and urbanization is creating heightened demand for boiler replacements to expand power generation capacity.
• The rapid shift toward cleaner fuels like natural gas, renewables, and biomass in the power generation sector owing to strict environmental regulations is boosting demand for boilers designed particularly for these fuels.
• Surging advancements in boiler technology provide lower emissions, enhanced efficiency, and greater operational flexibility.
• The emergence of niche markets, such as industrial applications for waste-to-energy facilities and process steam generation, is expected to offer opportunities for specialized boiler manufacturers.
• Rising interest in decentralized power generation, like small-scale modular reactors and combined heat and power (CHP), creates demand for more flexible and smaller solutions.
• Governments are introducing policies to incentivize investments in cleaner and more efficient boilers to lower greenhouse gas (GHG) emissions. These policies include renewable energy mandates, carbon pricing, and subsidies for cleaner technologies.

Attributes	Key Insights
Estimated Global Power Plant Boiler Market Size (2024E)	USD 22.7 billion
Projected Power Plant Boiler Industry Value (2034F)	USD 40 billion
Value-based CAGR (2024 to 2034)	5.80%

Power Plant Boiler Market Statistics by Country

In countries like the United States, China, and the United Kingdom, investments in power plant boilers are expected to increase at a moderate pace. New upgrade projects and demand for efficient power plant boilers are expected to fuel market growth in these countries.

In Japan and South Korea, the market demand is anticipated to be sluggish. Key growth factors in these countries include boilers that deploy renewable fuels and increasing upgrades and replacements in existing power plant boilers.

Countries	Forecast CAGR (2024 to 2034)
United States	6.10%
United Kingdom	6.60%
China	6.80%
Japan	4.40%
South Korea	2.90%

Growth Outlook for Power Plant Boiler Market in the United States

In the United States, the revenue generation by power plant boiler companies is expected to total up to USD 7.2 billion by 2034. As per the latest estimations, the market is anticipated to register a CAGR of 6.1% over the forecast period. The top factors enhancing market growth are:

• New upgrade projects of the existing plants with advanced boilers equipped with emission control technologies, as new, stricter environmental laws emerge.
• There is an emerging shift to natural gas in the United States, which is a cleaner alternative to coal. This, along with its abundance in the United States, is raising the construction of new combined cycle plants, which is consequently raising the demand for boilers.
• In the United States, technological upgrades in boiler design, such as reduced emissions, raised efficiency, and fuel efficiency, are creating business opportunities for players.

Budding Opportunities for Market Players in China

The market for power plant boilers in China is poised to achieve a revenue worth USD 6.7 billion by 2034. Through 2034, the market is anticipated to record a CAGR of 6.8%. Key factors that are impelling market growth are:

• Tremendous use of supercritical boiler technology by players in China to expand their power generation potential amplify growth prospects.
• Rapidly increasing urban population, robust industrialization, and expanding transportation industry are accelerating the regional market growth.
• Government-led initiatives to promote the use of electric vehicles (EVs) are expected to strain power resources further, increasing power demand.

Expansion Scope for Power Plant Boiler Market in the United Kingdom

The United Kingdom power plant boiler industry is estimated to acquire a value of USD 1.6 billion by 2034. The market is projected to expand at a CAGR of 6.6% throughout the forecast period. The demand is expected to be driven by the following factors:

• Factors like population increase and surging electrification of transportation are expected to raise the demand for electricity in the United Kingdom. Thus, an increase in investments in the new boiler capacity is expected to ascertain energy security and grid stability.
• Increasing advancements in boiler technology, such as storage and carbon capture, make them more eco-friendly. In addition, rising initiatives by market players to develop more cost-effective and efficient boilers are propelling market growth.
• Surging government incentives and policies that support investments in power generation infrastructure support market development.

Mapping the Power Plant Boiler Market Growth in Japan

The power plant boiler industry in Japan is projected to expand at a CAGR of 4.4% over the forecast period. By 2034, the market is anticipated to be valued at USD 3.5 billion. Some common factors that are driving the market growth are:

• Increasing pressure to limit greenhouse gas (GHG) emissions and use cleaner technologies in Japan is forecast to uplift demand for boilers that deploy waste-to-energy, biomass, and other renewable fuels.
• Emerging market for upgrading and retrofitting existing boiler systems as boilers are being increasingly upgraded with newer technologies to enhance boiler efficiency, extend their operational life, and limit emissions.

Market Analysis of Power Plant Boilers in South Korea

The South Korea market is anticipated to expand at a CAGR of 2.9% in the next ten years. By 2034, the market is slated to attain a revenue of USD 1.5 billion. The market is anticipated to be propelled by the following aspects:

• An upsurge in the demand for replacements and upgrades in the existing coal-fired power plants as they end their operational lifespan aids market development.
• Increasing investments in new technologies to enhance boilers' efficiency, safety features, and environmental performance boost market expansion.
• Rising competition from international and domestic players in the power plant boiler industry is driving innovation and potentially impacting the market dynamics positively.

Category-wise Insights

Factors Driving the Adoption of Subcritical Technology in Power Plant Boilers

Historical CAGR % (2019 to 2023)	7.30%
Forecast CAGR % (2024 to 2034)	5.50%

The recent power plant boiler market analysis shows that the subcritical technology is estimated to register a 5.50% CAGR over the forecast period. The main factors that are boosting the segment growth are:

• Lower initial investment for subcritical boilers in comparison to supercritical counterparts is propelling the adoption of these boilers in smaller power plants, developing economies, or projects with tight budgets.
• Subcritical technology is easier to operate and preserve due to its maturity in the market, as opposed to a relatively new supercritical technology. Thus increasing its use in regions with restricted technical expertise or infrastructure.
• The fuel flexibility of subcritical boilers allows them to handle a larger range of fuels like biomass or lower-grade coal. This flexibility allows them to be used in regions with inadequate access to high-quality coal or those finding alternative fuel sources.

Coal Remains a Popular Fuel Type in Power Plant Boilers

Historical CAGR % (2019 to 2023)	7.10%
Forecast CAGR % (2024 to 2034)	5.30%

According to estimates, the coal segment in the power plant boiler market is anticipated to experience a CAGR of 5.30% over the forecast period. Even though the overall trend for coal shows a prominent decline, from a historical CAGR of 7.1% to 5.30% CAGR estimated for the forecast period, certain factors keep the demand for coal in power plant boilers consistent.

• Developing countries are witnessing expanding electricity demand owing to increasing populations and industrialization. Since coal remains a readily available and comparatively inexpensive fuel source, it is finding continuous use to fulfill current fuel demands.
• Limited access to cleaner alternative energy sources like nuclear power or renewables is making the countries dependent on coal to fulfill their baseload electricity requirements.

Competitive Strategies for Key Players to Expand in the Power Plant Boiler Market

• Increasing investments in next-generation boiler systems that have lower emissions, higher efficiency, and enhanced operational flexibility. This, along with the exploration of different technologies like ultra-supercritical and supercritical boilers, advanced emission control systems, and biomass co-firing.
• Players can integrate digital solutions like machine learning (ML), data analytics, and Internet of Things (IoT) sensors for predictive maintenance, remote monitoring, and optimizing performance.
• Players can offer solutions for alternative fuels like natural gas, biomass, and waste-to-energy to meet specific regional regulations and environmental concerns.
• Industry players can develop modular boiler designs that meet varied power generation capacities and site constraints, thus offering faster deployment and flexibility.

Recent Developments

• In August 2023, Bharat Heavy Electricals Limited, Tiruchi, dispatched boiler components for the 2 X 660 MW supercritical thermal power plant for a thermal power project of NTPC in Angul district of Odisha.
• In November 2023, THDC India Limited, a state-run power utility, completed a boiler test for Unit #2 of the Khurja Super Thermal Power Plant situated in Bulandshahr, Uttar Pradesh.
• In November 2023, Adani Power Ltd. announced that it would use green ammonia and conventional fuel coal to operate the 330 MW boiler in Gujarat. The quantum of green ammonia is going to be 20% of the overall fuel requirement.
• In October 2023, Babcock & Wilcox Enterprises, Inc. officially disclosed that its Canadian subsidiary, Babcock & Wilcox Canada Corp., signed an agreement with a multi-year utility plant maintenance contract with Newfoundland and Labrador Hydro to develop Holyrood Thermal Generating Station situated in Newfoundland, Canada. The contract is worth USD 11 million and allows customers to take up additional work.
• In October 2023, Renova Inc., a Japanese renewable power producer, disclosed that it had postponed the release of commercial operations of two biomass-fired power plants with a consolidated capacity of 150 MW. The 74.8-MW Tokushima Tsuda and the 75-MW Ishinomaki Hibarino plants went live later in October and December 2023. The company backed this delay in launch to final adjustments to turbine and boiler facilities.
• In September 2023, Eskom, which is a state-owned power corporation in South Africa, developed the Medupi coal-fired power station for USD 9.7 billion. This project is one of the top coal-fired power plants and an exceptionally big dry-cooled, coal-fired power station.

Key Coverage in the Power Plant Boiler Market Report

• Deep insight into boiler capacity expansion trends
• Exploration of different boiler combustion technologies in detail
• Adjacent market study on boiler equipment industry and heat generation systems industry.
• Segment-wise estimation of shares in the power plant boiler market.
• Pricing strategy of leading players in the power plant boiler market.

Key Players in the Power Plant Boiler Market

• General Electric
• Babcock & Wilcox Enterprise
• Mitsubishi Hitachi Power Systems
• Siemens AG
• Doosan Heavy Industries & Construction
• Dongfang Electric Corporation
• IHI Corporation
• Andritz Group
• John Wood Group
• Bharat Heavy Electrical Limited
• Thermax
• Sumitomo Heavy Industries
• Others

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
• 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Technology
  • 5.1. Subcritical
  • 5.2. Supercritical
  • 5.3. Ultra-supercritical
• 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Fuel Type
  • 6.1. Coal
  • 6.2. Nuclear
  • 6.3. Gas
  • 6.4. Oil
• 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Capacity
  • 7.1. Below 400 MW
  • 7.2. 400 to 800 MW
  • 7.3. Above 800 MW
• 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
  • 8.1. North America
  • 8.2. Latin America
  • 8.3. Western Europe
  • 8.4. Eastern Europe
  • 8.5. South Asia and Pacific
  • 8.6. East Asia
  • 8.7. Middle East and Africa
• 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 16. Key Countries Market Analysis
• 17. Market Structure Analysis
• 18. Competition Analysis
  • 18.1. General Electric (USA)
  • 18.2. Babcock & Wilcox Enterprise (USA)
  • 18.3. Mitsubishi Hitachi Power Systems (Japan)
  • 18.4. Siemens AG (Germany)
  • 18.5. Doosan Heavy Industries & Construction (South Korea)
  • 18.6. Dongfang Electric Corporation (China)
  • 18.7. IHI Corporation (Japan)
  • 18.8. John Wood Group (UK)
  • 18.9. Bharat Heavy Electrical Limited (India)
  • 18.10. Thermax (India)
  • 18.11. Andritz Group (Austria)
  • 18.12. Sumitomo Heavy Industries (Japan)
• 19. Assumptions & Acronyms Used
• 20. Research Methodology