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).

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