Global Utility Boiler Market is set to exceed 60 GW by 2024
Date: 2018-11-28   Author: Rahul Sankrityayan  Category: #news

Global Utility Boiler Market is set to exceed 60 GW by 2024

Robust energy demand coupled with resurgent economic growth across major economies will stimulate the utility boiler market growth. Growing efforts to mitigate the electricity supply demand gap coupled with stringent emission norms toward carbon emissions will drive the deployment of super-critical boilers.

Furthermore, key developing countries are predominantly focusing toward the expansion of generation capacity to support the industrialization efforts which will further enhance the business landscape. Utility Boiler Market size will surpass USD 20 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.

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>500 MW utility boiler market is projected to witness strong growth on account of rising investments toward deployment of ultra-supercritical technology. Respective governments across Asia Pacific region have announced aggressive expansion plans of generating capacity in order to meet the present and future electricity demand which in turn will boost the product adoption.

Increasing demand for uninterrupted and reliable electricity supply from major economies has resulted in rising investment toward thermal power generation which will stimulate the utility boiler market size. National targets pertaining to reduction in carbon footprints along with regulatory norms to curb emissions will further encourage the adoption of supercritical and ultra-supercritical boilers.

Ultra-supercritical utility boiler market is predicted to expand over 3% by 2024. Improved efficiency, low heating value, environment friendly technology, and compliance with emission standards are some of the prominent features that make the product adoption preferable over other alternatives. Robust expansion of the manufacturing sector driven by increased domestic demand will further augment the business growth.

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Escalating demand for energy efficient power generating systems along with rising investments toward the expansion of industrial sector will drive the supercritical utility boiler market growth. The demand for these units is attributed to their safety features, longer operational life and high capacity range. Shift toward replacement of existing subcritical steam generating systems will positively influence business landscape.

Indonesia, in 2017, accounted for over 8% of the Asia Pacific utility boiler market share. Rising infrastructural investments along with electricity capacity addition across the country will drive the product demand in coming years. Increasing electricity demand along with shift toward energy conservation will further accelerate the adoption of supercritical boilers.

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Middle East & Africa utility boiler market size is anticipated to witness growth on account of government efforts to enhance the electricity generation outlook across the region. Strong economic growth coupled with government efforts toward enhancing industrial output will continue to urge the demand for large-scale power projects, subsequently fueling the demand for utility scale boilers.

Prominent industry participants active across the utility boiler market include Babcock and Wilcox, IHI, CMI, AMEC Foster Wheeler, Siemens, Bharat Heavy Electricals Limited, Doosan Heavy Industries, General Electric, A.C. Boilers, Rentech, Thermax, Mitsubishi Hitachi Power Systems, Victory Energy Operations and Walchandnagar Industries Limited amongst others.



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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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