The global power boiler market is poised for strong growth over the forecast period due to the increasing demand for electricity. Dependency on coal-fired power generation is expected to encourage the number of power boilers installation globally. Power boilers form a part of fossil fuel-fired thermal power plants that rely on coal, gas, and oil as fuel. Since they are traditional sources of energy with high demand, the market is expected to witness strong growth over the forecast period. Liberalization and privatization of the electricity industry is expected to drive market growth.
The adoption and commercialization of renewable energy sources is expected to restrain power boilers’ market growth. Pricing plays a pivotal role in assigning installation contracts, as a result of which high costs could negatively impact market growth. Key application areas include cycle plants, natural gas plants, clean coal technology plants, diesel oil plants, co-generation plants, and others. Coal-fired plants are expected to emerge as a lucrative market due to the low cost of operation.
The North American and European regional markets have considerably matured. The Asia Pacific and Middle East are poised for high growth over the forecast period owing to a myriad of players in the region. Condensing power boiler market have promising growth in the UK due to building regulations introduced in England to replace oil-gas boilers. China, India, Indonesia, Saudi Arabia, and South Africa are expected to provide substantial opportunities for market growth due to the growing demand for electricity in the regions.
Key players in the power boiler market include Alstom, Babcock & Wilcox, Siemens, Hitachi, Mitsubishi Heavy Industries, Thermax, Miura, Thermogenics, and Wellman Robey.
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