Global Market Insights, Inc. recently introduced new title on “2018-2024 Utility Boiler Market Report” from its database. The report provides study with in-depth overview, describing about the Product, Industry Scope and elaborates market outlook and status to 2024.
Global Utility Boiler Market is anticipated to exceed USD 20 Billion by 2024. Robust economic growth across developing countries coupled with growing energy demand will drive the utility boiler market. Stringent norms toward reduction of carbon emissions along with efforts to mitigate the electricity demand supply gap will fuel the adoption of super-critical boilers. Ongoing investment toward expansion of generation capacity in order to support industrialization efforts in developing economies will further escalate the business landscape.
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Ultra-supercritical boiler market is anticipated to grow over 3% by 2024. The demand for these systems is attributed to its eco-friendly technology, low heating value, compliance with emission standards and improved efficiency. Increasing investment across manufacturing sector along with strengthening economic growth will positively influence industry landscape.
>500 MW utility boiler market is set to witness robust growth owing to the expansion of thermal electricity generation along with rising focus toward replacement of existing steam generating systems. The rising electricity demand from energy intensive industries along with expansion plan for generating capacity across Asia Pacific region will escalate the demand for high capacity boilers.
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Ongoing investments toward modernization of industrial units coupled with rising demand for energy efficient steam generating systems will augment the supercritical boiler market growth. Longer operational life, high capacity range and safety features are some of the defining features that will support the industry growth during the forecast time period.
Middle East & Africa utility boiler market is predicted to witness strong growth on account of respective government focus to increase the electricity generation capacity along with increasing investment in infrastructural development. Resurgent economic growth coupled with efforts toward increasing industrial output will continue to drive the demand for large-scale utility boilers.
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Escalating demand for reliable and continuous electricity supply from key economies across the globe has resulted in increasing investment toward power generation from thermal sources which will drive the utility boiler market. Furthermore, national targets toward adoption of low-emission fuels coupled with regulatory norms to reduce carbon foot print will augment the deployment of ultra-supercritical boilers.
In 2017, Indonesia accounted for more than 8% of Asia Pacific utility boiler market share. Electricity capacity addition across the region along with strengthening demand for the replacement of subcritical generation technologies will thrust the product demand. Furthermore, shift toward energy conservation coupled with increasing electricity demand will foster the deployment of supercritical boilers.
Eminent industry players operating across global utility boiler market comprise: Bharat Heavy Electricals Limited (BHEL), IHI, A.C. Boilers, Babcock and Wilcox, Mitsubishi Hitachi Power Systems, AMEC Foster Wheeler, Thermax, CMI, Rentech, Doosan Heavy Industries, Siemens, Walchandnagar Industries Limited, Victory Energy Operations and General Electric.