Power Plant Boiler Market Research Report: By Fuel Type (Coal-fired boilers, Gas-fired boilers, Oil-fired boilers, Biomass-fired boilers, Waste-to-energy boilers), By Boiler Type (Drum boilers, Once-through boilers, Circulating fluidized bed boilers, Bubbling fluidized bed boilers, Stoker-fired boilers), By Capacity (Less than 100 MW, 100-500 MW, 500-1,000 MW, 1,000-2,000 MW, Over 2,000 MW), By Application (Power generation, Industrial steam, District heating, Cogeneration, Waste-to-energy) and By Regional (North America, Europe, South Amer

Global Power Plant Boiler Market Overview

As per MRFR analysis, the Power Plant Boiler Market Size was estimated at 53.44 (USD Billion) in 2022. The Power Plant Boiler Market Industry is expected to grow from 55.31 (USD Billion) in 2023 to 75.4 (USD Billion) by 2032. The Power Plant Boiler Market CAGR (growth rate) is expected to be around 3.5% during the forecast period (2024 - 2032).

Key Power Plant Boiler Market Trends Highlighted

The Power Plant Boiler Market is driven by rising energy demand, increasing coal-fired power generation, and growing investments in renewable energy sources. Governments worldwide emphasize decarbonization and environmental sustainability, promoting the adoption of advanced boiler technologies with lower emissions. The market also benefits from technological advancements such as supercritical and ultra-supercritical boilers, which offer improved efficiency and reduced environmental impact.

Opportunities for exploration lie in the integration of renewable energy sources with boiler systems to reduce carbon footprint. Additionally, the development of smart boiler systems that incorporate digitalization and automation technologies presents significant growth potential. Recent market trends include the growing demand for high-efficiency boilers to minimize energy consumption and operating costs. Furthermore, the emphasis on emission control technologies, such as flue gas desulfurization and selective catalytic reduction systems, is gaining traction as governments enforce stricter environmental regulations. The market is also witnessing a shift toward modular boiler systems, offering flexibility and ease of installation, particularly for distributed power generation applications.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Power Plant Boiler Market Drivers

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  Stringent environmental regulations

  
  

One of the major drivers of the Power Plant Boiler Market Industry is the stringent environmental regulation. Governments worldwide are enacting stricter regulations to prevent air pollution and greenhouse gas emissions from power plants. The growing environmental concern has created a demand for more efficient and environment-friendly boiler technology in the market, such as ultra-supercritical and circulating fluidized beds. According to research USC and CFB technologies can reduce emissions by up to 30% than conventional technology.

Moreover, additional financial incentives for the power plants from their respective countries to adopt emissions control technology are also driving the demand. Another significant factor driving the Power Plant Boiler Market Industry is the growing demand for electricity. With the growth in population, the demand for electricity is also increasing. However, the existing power plant infrastructure is aging, and its output is unable to cope with the inflating demand for energy. Hence, the current condition of demand exceeding supply has created room for new power plant installments. In addition, another major driver generating a demand for the new form of boilers is the rising cost of fossil fuel. 

Since their introduction, fossil fuels have been the primary source of power generation. However, with a rise in population, the demand for power is increasing. Moreover, the diminishing stock of fossil fuel sources and the rising price of fossil fuels worldwide is rendering the operating cost of power plants increasingly expensive. Hence, the increasing demand for more efficient boiler technology that consumes less fuel is also driving the demand.

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  Growing demand for electricity

  
  

Another major factor driving the Power Plant Boiler Market Industry is the increasing demand for electricity. The population of the world is expanding and with it, the demand for power. This requirement is being fulfilled by the existing power plants, which are on the verge of completing their life span, and for which there is a need for more power plants, creating a demand for boilers.

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  Technological advancements

  
  

Besides, technological innovations are another factor boosting the Power Plant Boiler Market Industry. Each year, boiler manufacturers come up with new technologies aimed at increasing the efficiency and reliability of their products. These innovations involve new materials, such as high-temperature alloys, as well as advanced control systems. Thus, in the near future, many power plants are likely to adopt these technologies, which will make the work of these facilities more efficient and less damaging to the environment.

Power Plant Boiler Market Segment Insights:

Power Plant Boiler Market Fuel Type Insights

The fuel type segment of the Power Plant Boiler Market includes coal-fired boilers, gas-fired boilers, oil-fired boilers, biomass-fired boilers, and waste-to-energy boilers. In 2023, coal-fired boilers have the largest market share, as they account for over 50% of the global market. However, the market for coal-fired boilers is projected to decrease due to increasing environmental concerns and regulations. Gas-fired boilers are expected to have the fastest growth rate during the forecast period, as they have the advantage of lower emissions and higher efficiency compared with coal-fired boilers.

This market is also expected to benefit due to the increasing availability of natural gas. Oil-fired boilers are also expected to have a negligible share in the Power Plant Boiler Market. The market for oil-fired boilers is expected to be affected by the volatility of oil prices and the increasing availability of alternative fuels. The biomass-fired boilers are expected to have a moderate growth rate compared with the other boilers. The market for this fuel type is expected to advance due to the increasing demand for renewable energy sources. Waste-to-energy boilers are also expected to have a negligible share of the global market, and they are expected to have a marginal growth rate. The market for this fuel type is expected to be fueled by the increasing need for waste management methods and the ability to generate electricity from waste.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Power Plant Boiler Market Boiler Type Insights

The Power Plant Boiler Market is segmented by boiler type into drum boilers, once-through boilers, circulating fluidized bed boilers, bubbling fluidized bed boilers, and stoker-fired boilers. In 2023, the drum boilers segment captured the maximum market shares above 45% and was anticipated to lead the whole market throughout the forecasting period. Drum boilers are highly employed in power plants due to their great ability to manage large variations in load demand along with their high efficiency. 

The once-through boilers will witness the maximum growth over the forecasting period as they are compact designed, and capable of being operated at high pressures and temperatures. Circulating fluidized bed boilers are becoming very popular and highly employed due to their low emissions and high fuel efficiencies. The bubbling fluidized bed boilers are used in small and medium-sized power plants because they have low capital costs. The stoker-fired boilers will be phased out completely as they have low efficiencies and high emissions.

Power Plant Boiler Market Capacity Insights

The Power Plant Boiler Market segmentation by capacity showcases a diverse landscape. In 2023, the 'Less than 100 MW' segment held a significant market share, driven by the growing demand for small-scale power generation solutions in remote areas and developing economies. The '100-500 MW' segment is projected to witness steady growth, attributed to its wide applicability in industrial and commercial applications. The '500-1,000 MW' segment is anticipated to gain traction due to its efficiency and cost-effectiveness for medium-scale power generation. The '1,000-2,000 MW' segment is expected to grow steadily, supported by the increasing demand for large-scale power generation projects. The 'Over 2,000 MW' segment is poised for substantial growth, driven by the need for ultra-efficient and high-capacity power generation solutions for meeting the growing energy demands of urban centers and industrial hubs.

Power Plant Boiler Market Application Insights

The application segment plays a pivotal role in shaping the dynamics of the Power Plant Boiler Market. Power generation remains the dominant application, accounting for the majority of market share in 2023. The rising demand for electricity from various sectors, coupled with the increasing adoption of renewable energy sources, is driving the growth of this segment. Industrial steam is another significant application, with boilers widely used in industries such as chemicals, pharmaceuticals, and food processing for process heating and steam generation. District heating, which involves the centralized generation and distribution of heat to multiple buildings, is gaining traction as a sustainable and efficient heating solution, contributing to the growth of the segment. 

Cogeneration, the simultaneous production of electricity and heat, is also witnessing increased adoption, driven by its ability to improve energy efficiency and reduce emissions. Waste-to-energy applications, where boilers utilize waste materials as fuel, are gaining momentum as a means of sustainable waste management and energy recovery. The Power Plant Boiler Market revenue for waste-to-energy is projected to grow at a CAGR of 4.5% during the forecast period, reflecting the increasing focus on sustainable waste management practices.

Power Plant Boiler Market Regional Insights

The regional segmentation of the Power Plant Boiler Market offers valuable insights into the market's geographical distribution and growth dynamics. In 2023, North America held the largest market share, accounting for around 35% of the global revenue. The region's robust power generation industry and stringent environmental regulations drive the demand for efficient and environmentally friendly power plant boilers. Europe follows closely with a market share of approximately 30%, driven by increasing investments in renewable energy and government initiatives to reduce carbon emissions. The APAC region is expected to witness significant growth over the forecast period, with China and India emerging as key markets due to their expanding power generation capacity and growing focus on industrialization. South America and MEA also present growth opportunities; however, market penetration may be influenced by factors such as economic stability and infrastructure development.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Power Plant Boiler Market Key Players And Competitive Insights:

Major players in the Power Plant Boiler Market industry are continuously investing in research and development to create innovative and efficient products. This has led to the development of advanced technologies such as circulating fluidized bed (CFB) boilers and supercritical boilers, which offer higher efficiency and reduced emissions. Leading Power Plant Boiler Market players are also focusing on providing value-added services to their customers, such as performance optimization and predictive maintenance. 

This helps them to differentiate themselves from the competition and build long-term relationships with their clients. The Power Plant Boiler Market development is driven by factors such as increasing demand for electricity, rising environmental concerns, and the need for efficient energy production. Among the leading players in the Power Plant Boiler Market, Babcock & Wilcox stands out as a global leader with a comprehensive portfolio of products and services. The company has over 150 years of experience in the industry and has supplied boilers to over 2,000 power plants worldwide. Babcock & Wilcox is known for its innovative technologies, such as the CFB boiler, which has been widely adopted for its high efficiency and low emissions. 

The company also provides a range of services, including engineering, construction, and maintenance, which enables it to offer complete solutions to its customers. A notable competitor in the Power Plant Boiler Market is Doosan Heavy Industries & Construction. This South Korean company is a major player in the global power generation industry and has supplied boilers to over 500 power plants worldwide. Doosan Heavy Industries & Construction is known for its high-quality products and its focus on customer satisfaction. The company offers a wide range of boilers, including CFB boilers, supercritical boilers, and ultra-supercritical boilers, which cater to the diverse needs of its customers. Doosan Heavy Industries & Construction also provides a comprehensive range of services, including engineering, procurement, construction, and commissioning, which allows it to provide turnkey solutions to its clients.

Key Companies in the Power Plant Boiler Market Include:

• Amec Foster Wheeler plc


• CleaverBrooks, Inc.


• Alstom SA


• Doosan Heavy Industries Construction Co. Ltd.


• Mitsubishi Hitachi Power Systems, Ltd.


• Siemens Energy AG


• Babcock Wilcox Enterprises, Inc.


• Austal Limited


• Harsco Infrastructure


• Shanghai Boiler Works, Ltd.


• Rentech Boiler Systems Inc.


• General Electric Company


• Thermax Limited


• Foster Wheeler AG

Power Plant Boiler Market Industry Developments

The Power Plant Boiler Market is expected to witness steady growth over the next decade, driven by increasing demand for electricity and the need for efficient and reliable power generation systems. The market is expected to reach a valuation of USD 55.31 billion by 2023, exhibiting a CAGR of 3.5% from 2024 to 2032. Recent developments in the market include the growing adoption of supercritical and ultra-supercritical boilers, which offer higher efficiency and lower emissions.

Additionally, the increasing focus on renewable energy sources and the need for grid flexibility is expected to drive demand for flexible and efficient power plant boilers. Key players in the market include Babcock Wilcox Enterprises, Inc., Bharat Heavy Electricals Limited, and Mitsubishi Heavy Industries, Ltd., among others. These companies are investing in research and development to enhance the performance and efficiency of their boilers while also exploring opportunities in emerging markets.

Power Plant Boiler Market Segmentation Insights

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  Power Plant Boiler Market Fuel Type Outlook

  
  
  
  
  • Coal-fired boilers
  
  
  • Gas-fired boilers
  
  
  • Oil-fired boilers
  
  
  • Biomass-fired boilers
  
  
  • Waste-to-energy boilers
  
  
  
  

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  Power Plant Boiler Market Boiler Type Outlook

  
  
  
  
  • Drum boilers
  
  
  • Once-through boilers
  
  
  • Circulating fluidized bed boilers
  
  
  • Bubbling fluidized bed boilers
  
  
  • Stoker-fired boilers
  
  
  
  

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  Power Plant Boiler Market Capacity Outlook

  
  
  
  
  • Less than 100 MW
  
  
  • 100-500 MW
  
  
  • 500-1,000 MW
  
  
  • 1,000-2,000 MW
  
  
  • Over 2,000 MW
  
  
  
  

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  Power Plant Boiler Market Application Outlook

  
  
  
  
  • Power generation
  
  
  • Industrial steam
  
  
  • District heating
  
  
  • Cogeneration
  
  
  • Waste-to-energy
  
  
  
  

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  Power Plant Boiler Market Regional Outlook

  
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa