Market outlook
The global utility boiler market is expected to grow at a CAGR of 2.0% from 2022 to 2027. The Asia Pacific region is expected to be the largest market during the forecast period, followed by North America and Europe.
The utility boiler market is expected to witness significant growth in the coming years, driven by the increasing demand for electricity and the need for efficient and environmentally friendly power generation. The market is also being driven by the growing adoption of renewable energy sources, such as solar and wind power, which require reliable and flexible backup power generation.
Key trends in the utility boiler market
Some of the key trends in the utility boiler market include:
- Increasing demand for advanced utility boilers: Advanced utility boilers, such as supercritical and ultra-supercritical boilers, offer higher efficiency and lower emissions than traditional subcritical boilers. As a result, there is a growing demand for these boilers from power utilities around the world.
- Growing adoption of renewable energy: Renewable energy sources, such as solar and wind power, are becoming increasingly popular due to their environmental benefits and declining costs. However, renewable energy sources are intermittent, meaning that they do not generate electricity continuously. This is where utility boilers play a vital role, providing backup power generation and ensuring grid stability.
- Shift to cleaner fuels: Power utilities are shifting to cleaner fuels, such as natural gas and renewable energy, to reduce their environmental impact. This is leading to a decline in the demand for coal-fired boilers.
- Digitalization: The digitalization of the utility boiler industry is gaining traction. Power utilities are using digital technologies to improve the efficiency and reliability of their boiler operations. This includes the use of sensors, artificial intelligence (AI), and machine learning (ML) to monitor and control boiler performance.
Key players in the utility boiler market
Some of the key players in the utility boiler market include:
- Babcock Wilcox
- Doosan Heavy Industries Construction
- General Electric
- Harbin Electric
- Mitsubishi Heavy Industries
- Siemens
- Thermax
- Toshiba
- United Combustion Corporation
- Valmet Oyj
- Viessmann
Conclusion
The utility boiler market is expected to witness significant growth in the coming years, driven by the increasing demand for electricity and the need for efficient and environmentally friendly power generation. The market is also being driven by the growing adoption of renewable energy sources and the shift to cleaner fuels.
