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 e...