In this market research report, Technavio covers the market outlook and growth prospects of the global power boiler market for 2017-2021. The market is further categorized into three major segments based on type of fuel used in coal-fired power boilers, gas-fired power boilers, and oil-fired power boilers. The coal-fired boiler segment accounted for close to 50% of the market share in 2016.
“A major portion of the demand for power boilers is expected to arise from emerging economies, where the population is growing, and urbanization is rapid. These factors will increase the demand for power, which will primarily be met by fossil fuels. Fossil fuels energy is still the most cost-effective and tried and tested technology and it can be scaled up faster. This will drive the demand for power boilers during the forecast period,” says Thanikachalam Chandrasekaran, a lead power research expert from Technavio.
Technavio’s research analysts segment the global power boiler market into the following regions:
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APAC: largest market for power boilers
The power boiler market in APAC is expected to grow rapidly during the forecast period. The market in APAC is the largest and is growing rapidly compared to other regions worldwide. This is because of the increasing demand for electricity and infrastructural development activities in the region. China, India, Australia, South Korea, Taiwan, Singapore, and Japan contribute substantial revenue to the market in the region.
The growth in demand can be attributed to coal's dominance in the overall power mix in the region. Availability of coal from domestic production and global imports is driving the market for coal-fired power boilers. The major contributions are expected to come from China and India. Moreover, availability of many boiler manufacturers in these countries will support the future growth prospects of the market in this region.
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Americas: replacement activities to boost growth
The power boiler market in the Americas is approaching a mature phase, and thus, it is expected to grow slowly. North America contributes the major proportion of the revenue to the region. The demand for power boilers is increasing because of replacement activities. Several power plants are upgrading their plant equipment to improve the overall efficiency. Also, with the advent of unconventional shale gas, gas-fired power boilers have become an attractive option. As a result, most coal-fired power boilers are being converted into gas-fired power boilers.
In 2014, the US Environmental Protection Agency (EPA) passed a law that aims to reduce carbon emissions from coal power plants by 30% by 2030, taking 2005 emission levels as the base value. Rather than shutting down existing coal power plants and building new ones, utilities are focusing on upgrading existing coal power plants to use gas turbines, accompanied with heat recovery steam generator (HRSGs). This move will improve efficiency and reduce fuel costs and will encourage the adoption of superior-quality and energy-efficient boilers in the Americas over the coming years. Also, with the improved economy of several countries in South America, the adoption of power boilers is expected to increase during the forecast period.
EMEA: demand from the Middle East to fuel growth
The power boilers used in Europe have turned old and inefficient. The major demand for power boilers in the region will come from replacement activities. The region is expected to witness a moderate growth because of decreasing importance of thermal energy, decommissioning of thermal power plants, and shift towards renewable energy.
In the Middle East, the demand for oil and gas-fired power boilers will increase. The latest boiler technology, i.e., circulating fluidized bed (CFB) boilers, are extensively used in EMEA as they are efficient and have low carbon emissions, which facilitates compliance with GHG emission norms. As per EU nations 20-20-20 targets, the member nations have the target to increase the renewable share to 20% in order to reduce the GHG emissions by 20% by 2020.
Africa is another high potential market for power boilers. A combined capacity of 42.5 GW of coal power plants are either under planning or development stage in Africa. Most of these projects are being financed through foreign investment, especially from China. Apart from this, the discovery of offshore gas reserves in East Africa will also benefit the growth of the power boiler market in the region.
The top vendors in the global power boiler market as highlighted in this market research analysis are:
- Amec Foster Wheeler
- Babcock & Wilcox Enterprises
- DONGFANG BOILER GROUP
- General Electric
- Harbin Electric
- MITSUBISHI HITACHI POWER SYSTEMS
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