Power Plant Boiler Market Growth and key Industry Players, 2022 Analysis and Forecast

 global power plant boiler market is poised to chart an upward growth trajectory in the foreseeable future. Since power plant boilers are integral to electricity generation, their demand is expected to surge in the coming years. This increasing demand, coupled with robust R&D potential within electric power plants, is set to attract the attention of key players in the plant boiler market. Collectively, these factors are expected to open sound business opportunities in the global power plant boiler market.

 

Globally, both developed and emerging economies are on course to rapid urbanization and industrialization, with growing involvement from the private sector. International commitments toward smart city development have magnified the demand for sustained electricity supply. Moreover, there has been a consistently rising demand for uninterrupted electricity supply from emerging countries and remote regions of the world.

 

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Rapid Growth in Electricity Consumption to Offer High-Value Economic Opportunities  

 

Electricity is the fundamental source of energy for the majority of the global population. This has resulted in a significant increase in the demand for electricity as efforts are being made to make it more accessible. As the dependence on electricity and electrical appliances is steadily growing, the power plant boiler market is expected to witness highly favorable growth opportunities. Moreover, economic growth across the world is predicted to increase the consumption of electricity, enhancing the economic potential of the power plant boiler market. In the near future, these factors are projected to augment the demand for electricity-generating equipment such as power plant boilers.

 

Adopting Latest Innovations to Create Promising Growth in Power Plant Boiler Market

Various power plants functioning today have obsolete infrastructure and equipment. Market players have identified the need to upgrade them to boost their electricity generation capacity. Several obsolete power plant boilers are being replaced and upgraded with their newer and more advanced counterparts. This is creating a demand for modern power plant boilers. An innovation that is set to gain traction is the manufacturing of power plant boilers equipped with supercritical technology. Supercritical technology is considered to be less fuel-consuming in exchange for a higher rate of electricity generation. The perceived benefits of power plant boilers with supercritical technology are opening new avenues of growth in the global power plant boiler market.

Special Focus on Electricity Generation to Aid Market Expansion in Asia Pacific

 

Sustained economic growth and increasing spending capacity in various countries in the Asia Pacific have helped it to emerge as a promising power plant boiler market. Moreover, China and India also offer lucrative growth prospects due to higher public investments to provide electricity and new development in their electrical network. Various organizations have noted APAC’s focus on boosting the local manufacturing industry. This has incentivized the public and private sectors to focus on electricity generation. These factors are expected to cause higher power generation in APAC which will subsequently translate into the expansion of the power plant boiler market in the Asia Pacific.

Prominent Market Players

Some of the major players in the global power plant boiler market are Babcock & Wilcox Enterprise, GE, Dongfang Electric Corporation, IHI Corporation, Thermax, and Sumitomo Heavy Industries among others.

 

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