Global Power Plant Boiler Market to Gather .1 Billion at a CAGR of 5.1% by 2031: Allied Market Research

The global power plant boiler market to witness huge growth owing to increasing requirement for sustainable energy and technological advancements in power plant boiler designs.

Wilmington, Delaware, Nov. 17, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, “Power Plant Boiler Market by Fuel Type (Coal-Fired Boilers, Gas-Fired Boilers, Oil-Fired Boilers, Others), by Type (Pulverized Boilers, Circulating Fluidized Boilers, Others), by Technology (Subcritical, Supercritical, Ultra-supercritical), by Capacity (Less than 400 MW, 400-800 MW, More than 800 MW): Global Opportunity Analysis and Industry Forecast, 2021-2031“. As per the report, the global power plant boilers market is anticipated to garner a revenue of $31.1 billion by 2031. The market was valued at $19.0 billion in 2021 and is forecasted to surge at a CAGR of 5.1% during the 2022-2031 period. 

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Primary growth drivers and market restraints 

The growth in the global power plant boilers market can be attributed to a rise in requirement for sustainable energy and technological advancements in power plant boiler designs. On the contrary, fluctuations in prices of fuel and availability of alternative technologies might create hurdles in the growth of the market. Nevertheless, the skyrocketing pace of globalization and industrialization has led to a rise in demand for electricity which will create massive investment opportunities in the market. 

The coal-fired boilers segment to dominate the market in the analysis period 

By fuel type, the coal-fired boilers segment held the largest market share and is predicted to continue its great run during the analysis timeframe. The vital role played by coal-fired power plants in addressing the global energy demands is projected to help in the segment’s growth. On the other hand, the oil-fired boilers segment is estimated to have the highest CAGR of 6.1% during the forecast period. Increasing use of oil-fired power plant boilers in modern power generation due to their flexible and versatile nature is anticipated to drive the market. 

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The pulverized boilers segment generated the maximum revenue in 2021 

Based on type, the pulverized boilers segment garnered the highest revenue in 2021 and is expected to continue on its growth trajectory in 2031. Technological advancements in the form of ultra-supercritical (USC) and supercritical (SC) technology is sure to play a role in the growth  

of this segment. On the other hand, the others segment is expected to be the fastest growing with a CAGR of 5.7% during the analysis timeframe. Escalating demand for multi-tube boilers and modular boilers due to their respective advantages is projected to result in the expansion of this segment. 

The supercritical segment to flourish immensely during the 2022-2031 period 

Based on technology, the supercritical segment accounted for the highest revenue and is predicted to occupy the top position during the 2022-2031 period. Intensifying demand for supercritical power plant boilers for enhancing the efficiency of power generation will push the segment ahead. However, the ultra-supercritical segment is anticipated to have the fastest CAGR of 5.9% during the forecast timeframe. The ability of ultra-critical boilers to work at higher temperatures and pressures has led to a surge in their demand, thereby propelling the segment forward. 

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Asia-Pacific to be the most profitable by 2031 

Based on region, the Asia-Pacific power plant boiler market gathered the highest revenue in 2021 and is estimated to maintain its dominance during the 2022-2031 period. Moreover, the same region is projected to showcase the biggest CAGR of 5.4% in the analysis timeframe. Rapid urbanization resulting in a surge in energy demand, along with growing focus on sustainability will widen the scope of the market in this region. 

Major Companies in the Market 

  • Siemens AG 
  • Mitsubishi Hitachi Power Systems, Ltd. 
  • Alstom SA 
  • Bharat Heavy Electricals Ltd. 
  • General Electric 
  • Doosan Corp. 
  • Harbin Electric Corp. 
  • Babcock & Wilcox Enterprises, Inc. 
  • Dongfang Electric Co. Ltd. 
  • Kawasaki Heavy Industries, Ltd. 

The report also analyses the companies operating in the market and the different types of strategic alliances these companies have entered into for increasing their footprint in the industry. 

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About us: 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

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Originally published at https://www.einpresswire.com/article/669202317/global-power-plant-boiler-market-to-gather-31-1-billion-at-a-cagr-of-5-1-by-2031-allied-market-research

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