The power boilers market is expected to grow with the CAGR of 4.4% during the forecasted period. The power boilers market is rising in the global market with the growing consumption of renewable energy sources such as Biomass, Biogas etc., reliance on coal fired power generation, growing power plant installations globally etc. There are approximately 442 nuclear power plants globally. But, the demand is still rising for nuclear power plants.Reactors can generate huge amounts of electricity and could alternate for coal-powered plants. Dozens of new plants are expected to open in U.K, South Korea, India, China and other nations. In the United states, the Obama administration has planned up to $58 billion in loan guarantees to commence new construction, and the Nuclear Regulatory Commission is handing out applications for approximately two dozen proposed reactors. The market has some hindering factors such as commercialization of renewable energy sources and reliability issues in power boilers. But, the market has lot of potential with the rising government support to control emission, growing technological innovations and increasing demand for electricity worldwide. The demand for electricity is rising with the growing industrialization globally. The market is facing a challenge i.e. high installation cost. The global power boiler market has been segmented on the basis of type, fuel type and technology. According to type, the market is further segmented into circulating fluidized bed boiler, pulverized coal tower boiler and others. The pulverized coal tower boiler holds the largest share in type segment due to high number of coal-based power plant projects majorly in India and China. According to fuel type, the market is further segmented into oil based, gas based, coal based and others. According to technology, the market is further segmented into subcritical, supercritical and ultra-supercritical. Supercritical technology holds the largest share in the technology segment due to its efficiency as compared to subcritical. Growing technological advancements in supercritical technology is also supporting for his growth. The technological advent in ultra-Supercritical technology is also increasing and it is also a better alternative because it has less pollutant emissions. Due to this, Ultra-Supercritical is expected to grow with the fastest rate during the forecasted period.
On the basis of geography, Asia Pacific is leading the power boilers market due to growing industrialization and urbanization in the region and presence of some major players in the region is increasing advancement opportunity for power boilers in the region. North America is the second leading region, growing due to rising consumption of renewable energy sources such as nuclear energy in the region, majorly by US.
The major companies profiled in the report are Thermax Ltd, IHI Corporation, Mitsubishi Hitachi power systems Ltd, BFS Industries LLC, BGR Energy Systems Ltd, GE Steam Power, Aerco Corporation, Bharat Heavy Electrical Ltd, Alzeta Corporation, IBL group, Siemens AG and so on. These major companies are trying to gain major competitive advantage by using strategies i.e. mergers & acquisitions, product launches etc.