Power Plant Boiler Market Revenue, Driving Factors, Key Players, Strategies, Trends, Forecast Till 2034

The global power plant boiler market value is expected to rise from USD 22.7 Billion in 2024 to USD 40 Billion by 2034. This estimated growth is expected to be driven by a promising CAGR of 5.80% in the power plant boiler industry over the next decade.

Governments around the world are investing in upgrading their present power plants. This, along with the increasing construction of new power plants, is raising the demand for power plant boilers. Furthermore, advancements in technology, such as the advent of supercritical boilers, are positively impacting the power plant boiler market.

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Increasing projects to raise power capacity is augmenting the investments in power plant boilers. Additionally, upgrades in terms of efficiency and reductions in carbon emissions are driving innovations in the market. Rising investment projects in the industrial world also offer adequate business growth opportunities.

Key Takeaways from the Power Plant Boiler Market Report:

In 2023, the power plant boiler market attained a valuation of USD 21.3 Billion by exhibiting a CAGR of 7.5% from 2019 to 2023.
By technology, the subcritical segment is anticipated to record a CAGR of 5.5% over the forecast period.
Based on fuel type, coal segment is projected to record a 5.3% CAGR through 2034.
The United States holds a massive share in the power plant boiler market. By 2034, the country’s market is estimated to acquire USD 7.2 Billion, expanding at a 6.1% CAGR.
China ranks second in terms of market value. By 2034, this market is projected to attain USD 6.7 Billion. China is also anticipated to experience a slightly higher 6.8% CAGR.

“Players are focusing on bringing advancements in their boiler production and boiler design to meet the evolving user demands,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Market Strategies Employed by Players to Get Ahead in the Power Plant Boiler Market:

The power plant boiler market is fairly competitive. Key players are exploring opportunities in niche markets, such as small-scale modular reactors, combined heat and power (CHP) systems, and industrial applications for steam generation. Further, players are providing comprehensive lifecycle management solutions to attract end users. By developing strong after-sales support, the market players can increase their sales.

Industry players further enhance their reach by joining partnerships and participating in exhibitions and industry events. Companies are also prioritizing technologies that comply with stricter environmental regulations and reduce emissions. Additionally, players can build goodwill and brand reputation by engaging in corporate social responsibility initiatives.

Key Companies in the Power Plant Boiler Market:

General Electric
Babcock & Wilcox Enterprise
Mitsubishi Hitachi Power Systems
Siemens AG
Doosan Heavy Industries & Construction
Dongfang Electric Corporation
IHI Corporation
Andritz Group
John Wood Group
Bharat Heavy Electrical Limited
Thermax
Sumitomo Heavy Industries
Others

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New Developments in the Power Plant Boiler Market:

In October 2023, Babcock & Wilcox Enterprises, Inc. announced that its Canadian subsidiary, Babcock & Wilcox Canada Corp., has signed a multi-year maintenance contract with Newfoundland and Labrador Hydro to develop the Holyrood Thermal Generating Station in Newfoundland. The deal is worth USD 11 Million and enables consumers to take on more work.
In October 2023, Renova Inc., a Japanese renewable power producer, postponed the commercial operation of two biomass-fired power stations with a combined capacity of 150 MW. The 74.8-MW Tokushima Tsuda and 75-MW Ishinomaki Hibarino plants went online later in October and December 2023. The business attributed the delay in launch on final changes to turbine and boiler facilities.

Power Plant Boiler Market Segmentation Analysis:

By Technology: