The global advanced utility boiler market is expected to grow at a significant pace over the next seven years. The surge in demand for energy owing to growing industrialization in emerging countries is presumed to positively drive the global market. The boiler includes pressure containment parts such as vessels, coils, interconnecting parts, drums, tubes to generate steam over 100 degree Celsius. It also includes fans, combustion equipment, feed & circulating pumps, super heaters, pressure fittings, re-heaters, economizers, supports, boiler piping, mountings, gauges, valves, and controls which ensures pressure integrity and safety of the boiler. Low operating costs, fuel substitutability, and operational ease are few characteristics of the boilers which are expected to benefit the market. Critical radiant, super critical, sub critical radiant, and ultra super critical boilers are few advanced utility boiler types. These are used in thermal power plants such as combined cycle, cogeneration, natural gas, and diesel oil power plants. Growing urbanization and surge in demand for electricity is expected to have a positive influence on the overall market from 2015 to 2022.
Increasing environmental awareness coupled with stringent emission regulations and standards is projected to aid the global advanced utility boiler market over the next six years. Government incentives to upgrade power plants for reducing greenhouse gas emissions are expected to play a critical role in the emerging markets. Mushrooming power plants, especially in the emerging economies and their over-dependence on fossil fuels is expected to further aid the regional markets. Burgeoning urbanization, growing population, and massive government infrastructure initiatives are slated to drive the regional emerging markets such as the Asia Pacific and Latin America. A massive drive to develop renewable energy in order to reduce the dependence on fossil fuels is anticipated to challenge the global market growth over the forecast period. However, continued dependence on fossil fuels to generate power provides ample opportunities for the market participants. Current power plant up-gradation to adopt advanced utility boilers majorly in the emerging economies provides vast opportunities for market development and growth over the next six years.
North America utility boiler market generated the largest revenue in 2014 owing to its superior technological advancement and industrialization. U.S., Canada, and Mexico promised significant growth over the period. Europe is expected to witness moderate growth over the period. The economic crisis over the past few years had a direct impact on the overall advanced utility boiler industry growth. However, recent economic reforms and initiatives taken by EU-27 members to revive their economic conditions are expected to have a positive influence. Germany, France, the U.K., and Italy are the major countries leading the regional market. Emerging economies such as Asia Pacific, Latin America, and Middle East & Africa are expected to witness considerable growth over the next seven years. Fervent industrialization, coupled with urbanization, growing population, and surge in demand for electricity in countries, such as China, Malaysia, Indonesia, Vietnam, Russia, India, Brazil, Argentina, Saudi Arabia, South Africa, and Australia, are experiencing brisk economic growth and promise abundant opportunities to the industry participants.
The advanced utility boiler industry is moderately fragmented, with major companies only accounting for over 30% of the overall revenue share. There are numerous small to medium scale business players in the market. These unorganized manufacturers present in countries such as China, India, Russia, and Brazil accounts for a significant share in the market. Low switching costs make the buyers a higher position in terms of competitive advantage. Key industry participants operating in the global advanced utility boiler market include Alstom Limited, General Electric, Hitachi Limited, Bharat Heavy Electricals Ltd., Mitsubishi Heavy Industries Ltd. Other business players include Doosan Heavy Industries & Construction, Harbin Electric Company, Babcock & Wilcox Co., Dongfang Electric Corporations, Shanghai Electric Company, and Siemens AG.
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