Need for Modernization & the Ensuing Opportunity for Legacy Boiler Replacements to Benefit Growth of Smart Boiler Systems and Solutions
Urgent
need to replace legacy boilers with next-gen boiler systems and solutions, and
the resulting popularity of smart power boilers featuring boiler optimization
software tools is poised to drive the global market for Power Boilers
to exceed 130 thousand MW in terms of annual
capacity additions by 2024.
As
the most vital component of thermal power plants, power boilers are highly
influenced by macro trends in the power generation sector. Surging energy
consumption and the resulting rise in power generation offer a stable and
secure business case for power boilers. Continuous industrial development,
improving living standards, and ever growing population have and will remain
major factors driving demand for power. Environmental regulations introduced or
about to be implemented in several countries will influence the need for more
efficient power generating equipment. The establishment of new power plants,
refurbishment of existing power generation facilities, and migration to
energy-efficient models are also propelling sales of power boilers. Environmental regulations and government
incentive programs are helping accelerate the replacement and refurbishment of
aging power generation equipment with energy-efficient boiler technologies
such as circulated
fluidized bed combustion (CFBC) boilers, atmospheric fluidised bed combustion
(AFBC) boilers, sub-critical boilers, supercritical, and ultra-supercritical
boilers.
Future
growth in the market will be driven by steady proliferation of smart power
boilers featuring NOx Reduction, fuel flexibility, and improved operational
efficiency. Myriad benefits of smart boiler solutions include detection of a
wide range of boiler malfunctions; integration of IoT through 4th generation
HMI/SCADA technologies; advanced analytics that identify probable causes of
damage and recommend corrective measures; accessibility to boiler information
remotely, and avoidance of unplanned downtime, enhanced and faster
decision-making through collaborative tasks, cloud-based solutions with no
hardware maintenance costs, and overall low operational costs. Predictive analytics of smart boiler solutions
increases resolution speed and operational efficiency, improving uptime,
lowering fuel consumption, and decreasing energy costs up to 25%. Rising demand
for circulating fluidized bed boilers supported by their inherent benefits of
high efficiency, low costs, and lower carbon footprint; growing number of
thermal power plants with enhanced operational efficiencies and reduced
emissions, along with stringent regulations driving the urgent need for
retrofitting represent other important growth drivers. Increasing cost of
electricity, natural gas and petroleum and with the emergence of stringent regulations
related to emissions, several old boiler systems are likely to become highly
expensive to operate and become non-compliant with federal and state
regulations.
As
stated by the new market research report on Power Boilers, Asia-Pacific represents
the largest and the fastest growing market worldwide with a projected CAGR of 4.4%
over the analysis period. Huge appetite for energy to power the rapid
industrialization, massive investments in new power generation plants, and the
routine replacement of energy generation equipment directly translates into
demand for power boilers in the region. Aging energy infrastructure in need of
equipment replacements, upgrades and modernization represent key factors
sustaining market growth in the developed markets of Europe and the US.
Major
players in the market include ANDRITZ AG, Babcock & Wilcox Enterprises,
Inc., Bosch Industriekessel GmbH, Bharat Heavy Electricals Limited, Cannon Far
East, China Western Power Industrial Co., Ltd., Cleaver-Brooks, Inc., Doosan
Heavy Industries & Construction Co. Ltd., Doosan Lentjes GmbH, GE Power, Wuhan
Boiler Co., Ltd., Hangzhou Boiler Group Co., Ltd., Harbin Boiler Company
Limited, IHI Corporation, John Wood Group PLC, Mitsubishi Hitachi Power
Systems, Ltd., Miura Co., Ltd., Outotec Oyj, Shanghai SMEC Enterprise Co.,
Ltd., Sichuan Dongfang Boiler Group Co., Ltd., Siemens AG, Sumitomo SHI FW,
Takuma Co., Ltd., Thermax Limited, Danstoker A/S, and Valmet Oyj, among others.
The
research report titled “Power Boilers - Market
Analysis, Trends, and Forecasts” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends,
growth drivers and challenges shaping the market, coupled with mergers,
acquisitions and other strategic industry activities. The global market is
quantified in terms of annual capacity additions of Coal, Oil and Biomass based
power boilers for the Utility sector in
Megawatts (MW) for major geographic markets including the United States, Japan,
Europe (Germany, Italy, UK, Russia, Poland, Turkey, Ukraine, and Rest of
Europe), Asia-Pacific (China, India, South Korea, Vietnam, and Rest of
Asia-Pacific), Middle East & Africa (South Africa and Rest of Middle East
& Africa), and Latin America (Chile, Colombia, and Rest of Latin America).
For
enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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