According to a new market report published by Acute Market Reports Global Power Plant Boilers Market - Growth, Future Prospects & Competitive Analysis, 2021 - 2029, the Global Power Plant Boilers Market is expected to reach US$ 28.7 Bn by 2029, expanding at a CAGR of 4.0% during the forecast period 2021 - 2029.
Browse the full Global Power Plant Boilers Market by Type, Technology, Fuel Type and Geography - Growth, Future Prospects & Competitive Analysis, 2021 – 2029 report at https://www.acutemarketreports.com/report/power-plant-boilers-market
Market Insights
Power plant boilers market is projected to gain impulse due to growing energy demand with increasing population and growth in application of energy consuming equipment. Rising environmental concerns over the carbon emission due to burning of fossil fuel, increasing complexity in storage and distribution of hydrocarbons due to their hazardous nature and advancement in technology is expected to propel the use of electric vehicles, electric railway engines, etc. Furthermore, favorable government initiatives in key consuming economies such as India to completely switch to electric vehicles completely on the road by 2030 expected to fuel the electricity consumption in India which is subsequently fueling the demand for power plant boilers. Moreover, increasing investment in research and development by key manufacturers and advancement in technology giving rise to low carbon emission boilers which are compliant to stringent regulations. Further, development of boilers which can run on renewable fuel including biogas, biofuels and waste are projected to witness the growth in demand of power plant boilers. However, rising environment concerns and growing inclination towards the clean energy driving the economies to invest in renewable energy such as solar and wind which is projected to restrain the demand for power plant boiler over the forecast period. Thus, power plant boilers market is projected to witness moderate growth over the forecast period (2021-2029).
Competitive Insights:
Global power plant boilers market is segmented on the basis of type, technology, fuel type and geography. By type, pulverized fuel segment was the most dominant segment in global power plant boilers market in 2020 and anticipated to continue its dominance over the forecast period. Increasing use of pulverized technology in coal based thermal power plant is projected to drive the growth of the segment. Based on technology, supercritical technology segment accounted for the largest share in global power plant boilers market owing to easy availability of technology, high efficiency and low carbon emission are the factors projected to drive the growth of the segment during the forecast period. On the basis of geography, Asia Pacific was estimated to be the largest market for power plant boilers in 2020 and projected to maintain its dominance during the forecast period. Increasing urbanization and growing industrial manufacturing impelling the electricity consumption in the region which in turn is anticipated to drive the growth of the segment during the forecast period. Major players in global power plant boilers market are investing in research and development, merger and acquisition with focus on improve their product portfolio and market penetration.
Overall, global power plant boilers market is anticipated to register significant growth over the forecast period (2021-2029).
Key Trends:
- Merger & Acquisition
- Investment in R&D
