The global power boilers market is predicted to grow at a healthy 4% CAGR between 2016- 2022, states the recent Market Research Future (MRFR) analysis.
A power boiler, simply put, is a device that is used for generating steam by applying heat energy to water. The steam produced is in great demand across various industrial processes. Circulation fluidized bed, pulverized fuel, and others are the different types of power boilers. Ultra-supercritical, subcritical, and supercritical are its different technologies, and it works in different types of fuel such as oil, gas, and coal. Convention, convection, and radiation are the different ways in which heat is transferred in the power boiler. Steam produced in the power boiler is used for different purposes such as power generation, humidification, drying, sterilization, and space heating.
Various factors are propelling the global power boilers market share. As per the current MRFR report, such factors include ongoing technological advances, rising energy demand, government-led initiatives, help to clean fuels like biomass, natural gas, and biogas, increasing investments by the government to upgrade existing power plants & to construct new power plants, and strict rules for industrial waste management.
On the contrary, the increasing installation cost of power boiler, increasing use of renewable sources of energy as a substitute to power boilers, and the impact of the ongoing COVID-19 pandemic may limit the global power boilers market growth over the forecast period.
The MRFR report offers an inclusive segmental analysis of the global power boilers market based on fuel type, technology, and type.
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Based on the region, the global power boilers market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA). Of these, the APAC region is predicted to spearhead the market over the forecast period. Rapid industrialization, growing energy demand in India and China, and tremendous economic development are adding to the global power boilers market growth in the region.
The global power boilers market in Europe is predicted to hold the second-largest share over the forecast period. The growing need for energy, booming automotive sector, and increasing investments in power plant deployment are adding to the global power boilers market growth in the region.
The global power boilers market in North America is predicted to have healthy growth over the forecast period. Favorable initiatives by the government to adopt an energy-efficient power system, growing demand for conventional sources of energy, ongoing technological advances, and demand for HVAC due to extreme weather conditions are adding to the global power boilers market growth in the region.
The global power boilers market in the MEA is predicted to have slow growth over the forecast period due to a lack of infrastructural development in the region.
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Industry players have encompassed specific strategies to stay at the forefront and also cater to the customers surging needs such as mergers and acquisitions, partnerships, joint ventures, collaborations, new product launches, new product development, strategic alliances, contracts, extensive research and development activities, geographic expansions, to name a few.
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