power boilers market
Technology

Global power boilers market growth expected to be driven by, growing energy demand globally

Power boiler is a device in which steam is generated at a pressure of more than 15 psi (100 kPa). Methods such as radiation, convection, and convention are used for heat transfer in power boilers. Power boilers are divided into two types such as fire tube boiler, and water tube boiler.

A major factor driving growth of the global power boilers market is increasing demand for energy across developed and developing economies. Additionally, stringent environmental regulations for lowering carbon emissions & management of industrial waste, coupled with increasing government funding for development of new power plants & maintenance of existing power plants, also expected to aid in growth of the target market. Furthermore, power boilers utilize clean energy sources such as bio gas, gaseous petrol, and biomass as fuel for power generation. This is another factor anticipated to boost demand of power boilers over the forecast period.

Rising adoption of sustainable power sources as an option for power boiler is a key factor restraining growth of the global power boilers market. Additionally, high costs associated with installation and use of power boilers is another factor hindering growth of the target market over the forecast period.

The global power boilers market is segmented on the basis of type, fuel type, application, and region. On the basis of region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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Asia Pacific market accounted for largest market share in terms of revenue in the global power boilers market, as compared to that of markets in other regions. This can be attributed to rapid industrialization in region and growing demand for energy. Also, owing to increasing government support for adoption of energy efficient power system, and high preference for conventional energy sources in the region, the market in North America accounted for second-largest revenue share in the target market. Moreover, the market in Europe is expected to witness moderate growth over the forecast period, followed by the markets in Latin America and Middle East & Africa.

Prominent players in the global power boilers market include General Electric Company, Babcock & Wilcox Enterprises, Inc., Amec Foster Wheeler plc., Dongfang Electric Corporation Limited, Mitsubishi Hitachi Power Systems, Ltd., Forbes Marshall Private Limited, Siemens AG, Bharat Heavy Electricals Limited, Harbin Electric Corporation, and Doosan Heavy Industries & Construction Co., Ltd.

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