Power Plant Boiler Market To Cross $28.0 Billion By 2025

The global power plant boiler market is expected to reach USD 28.0 billion by 2025, according to a new report by Grand View Research, Inc. Rising demand for electricity is expected to propel the sector growth. The global population is increasing at a robust pace and likely to reach 2.2 billion by 2050. Moreover, the increase in population has led to rapid urbanization, especially in the developing countries. As per the United Nations World Urbanization Prospects, it is estimated that the urban population, which was 30% of the global population in 1950, is projected to reach 66% by 2050.

The growing urbanization has led to a rise in power consumption. To cope up with the rising power demand, governments across the world are on the lookout for various alternatives to boost power generation capacity. For instance, the government of India is offering power generation subsidiaries to operators to generate power through biogas. The government offers nearly USD 30 thousand per MW. The subsidy is valid only for the boiler manufacturers and steam turbine producers. Such initiatives are likely to produce modest demand for boilers over the forecast period.

Netherlands-based BDR Thermea acquired ECR International in 2016 to expand the company’s existing product portfolio in the North America market via the latter’s distribution network. Key vendors analyzedin the report are Babcock & Wilcox Enterprises; Dongfang Electric Corporation (DEC); Siemens AG; Mitsubishi Heavy Industries, Ltd.; and General Electric (GE). Mergers and acquisitions continue to form an integral part of the market growth.

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Technology Insights         
The subcritical segment is likely to be the most dominating technology over the forecast period. The share of this technology is likely to increase from 73.9% in 2016 to 74% by 2025. The growth can be attributed to the dependency on coal for power generation. The number of coal-based power plants is increasing at a modest rate, especially in the developing economies. The easy availability and low input costs are likely to be the key drivers for the growth of the segment over the predicted timeline.

Competitive Insights
The market is witnessing a change in the market dynamics as the market is moving toward globalization. The boiler manufacturers are branching out into the global market, especially in the developing economies. The rising globalization in the market has created new challenges for the market vendors. The companies operating in the market are required to manage the supply chain to remain competitive. In addition, the manufacturers should remain competitive while adhering to the norms and policy set to design or manufacture boilers.

Key players include Babcock & Wilcox Enterprises; Dongfang Electric Corporation (DEC); Siemens AG; Mitsubishi Heavy Industries Ltd.; and General Electric (GE). Mergers of major players in the industry are likely to consolidate industry in the predicted timeline. The dynamics suggest vendors to focus on the research and development of the new technologies to limit the emissions

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