The global power plant boiler market fired up to an estimated USD 22.38 billion in 2023 and is set to continue its impressive climb, projected to reach a compound annual growth rate (CAGR) of 5.5% from 2024 to 2030. This powerful surge is being driven by a confluence of factors: groundbreaking technological advancements making boilers more efficient and adaptable, stringent regulatory demands pushing for reduced emissions, an ever-increasing global appetite for energy, and a worldwide push to develop sustainable infrastructure that tackles environmental concerns and promotes carbon reduction.

The escalating global need for electricity, fueled by rapid urbanization, relentless industrialization, and continuous population expansion, is creating a significant surge in demand for all forms of power generation technologies. Notably, the Asia-Pacific region is experiencing explosive growth, largely propelled by industrial development and urbanization in giants like China and India. Consequently, the industry's worldwide expansion is being ignited by several core elements, including this soaring energy demand, continuous technological breakthroughs, and the mounting pressures from regulations and environmental concerns.

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Technological innovations are playing an absolutely pivotal role in supercharging this market. Breakthroughs in boiler design and materials are enabling operations that are both more efficient and significantly more environmentally friendly, making them increasingly attractive to power producers. The adoption of digital technologies and advanced automation systems is also drastically improving operational efficiency and trimming maintenance costs. What's more, the accelerating shift towards cleaner energy sources, such as biomass and natural gas, is being strongly supported by government policies aimed at slashing greenhouse gas emissions.

Regulatory pressures are also a key driver, with governments worldwide enacting stricter environmental laws and more rigorous emission standards, much like the Clean Air Act in the U.S. Another critical catalyst is the urgent need to replace aging infrastructure; many existing power plants are saddled with outdated boiler systems that are crying out for upgrades or complete replacements to meet today's efficiency and environmental benchmarks. The market is anticipated to witness substantial growth in the coming years as power plant operators wisely invest in modern boiler systems that effortlessly comply with these essential standards.

Detailed Segmentation

Process Insights

Pulverized fuel combustion process led the market with a revenue share of 54.8% in 2023. The pulverized fuel combustion technology enables higher heat rates, increasing the surface area burned and reducing unburned carbon emissions. This versatile technology accommodates various solid fuels, including coal, biomass, and waste-derived fuels, offering a sustainable and efficient power generation solution for the industry.

Technology Insights

Subcritical technology segment dominated the market with 73.9% of the total revenue in 2023. Subcritical boilers operate at pressures below 22.1 MPa (3200 psi), yielding thermal efficiencies of 30%-40%. With lower capital costs compared to supercritical and ultra-supercritical boilers, subcritical boilers are a cost-effective option for utilities seeking to replace existing facilities or build new ones, offering a reliable and efficient solution for energy generation.

Fuel Insights

Coal held the largest market share of 37.2% in 2023, as it remains a dominant global fossil fuel resource, with significant reserves in countries such as China, India, the US, and Australia. Coal’s accessibility makes it an attractive option for countries with limited alternative energy sources, particularly due to low extraction and transportation costs. This factors into its widespread use for power generation.

Regional Insights

Asia Pacific power plant boiler market dominated the global power plant boiler market with a revenue share of 54.2% in 2023. The Asia-Pacific region, comprising countries such as China and India, is characterized by rapid economic growth and industrialization, driving high energy demand. In response, countries have implemented large-scale infrastructure development programs to ensure energy security and reliability. These initiatives aim to enhance the region’s energy landscape, supporting sustained economic growth.

Key Power Plant Boiler Companies:

The following are the leading companies in the power plant boiler market. These companies collectively hold the largest market share and dictate industry trends.

• General Electric Company
• Babcock & Wilcox Enterprises, Inc.
• MITSUBISHI HEAVY INDUSTRIES, LTD.
• Siemens
• Doosan Corporation.
• Dongfang Electric Corporation
• IHI Corporation
• John Wood Group PLC
• Bharat Heavy Electricals Limited 
• Thermax Limited.
• ANDRITZ
• Sumitomo Heavy Industries, Ltd.

Power Plant Boiler Market Segmentation

Grand View Research has segmented the global power plant boiler market report based on process, technology, fuel type, and region:

Power Plant Boiler Process Outlook (Revenue, USD Million, 2018 - 2030)

• Pulverized fuel combustion
• Fluidized bed combustion
• Others

Power Plant Boiler Technology Outlook (Revenue, USD Million, 2018 - 2030)

• Subcritical
• Supercritical
• Ultra-critical

Power Plant Boiler Fuel Outlook (Revenue, USD Million, 2018 - 2030)

• Petroleum
• Nuclear
• Natural gas
• Coal
• Renewables

Power Plant Boiler Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Russia
• Asia Pacific
• China
• Japan
• India
• Australia
• Latin America
• Brazil
• Argentina
• Middle East and Africa (MEA)
• South Africa
• Saudi Arabia
• UAE

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Recent Developments

• In August 2024, Bharat Heavy Electricals Limited secured a prestigious order, which included establishing a 2x800 MW supercritical thermal power project for Damodar Valley Corporation (DVC) on an EPC basis.
• In August 2024, Babcock & Wilcox Enterprises, Inc. had awarded a USD 25 million contract to upgrade boilers, replace pressure parts, and provide outage and maintenance services at a US thermal power plant.
• In July 2024, Thermax Group secured an order of approximately USD 67 million from a leading conglomerate to establish a 600 MW Botswana energy project.
• In May 2024, MITSUBISHI HEAVY INDUSTRIES, LTD. and CONSAG Engenharia signed an agreement with Portocem and New Fortress Energy in May 2024 for the EPC of Portocem Thermoelectric Power Plant in Brazil.
• In April 2024, DEC appointed Zhang Yanjun as President in April 2024, following board approval. Zhang, a seasoned executive, brought expertise in power engineering and thermophysics.