The global power plant boiler market size is projected to reach USD 22.8 billion by 2025 from an estimated value of USD 18.1 billion in 2020, at a CAGR of 4.8%. Increasing demand for electricity and growing focus on clean fossil fuels such as natural gas, which helps reduce greenhouse gas emissions, are the key factors driving the power plant boiler market.
The key players in the power plant boiler market include companies such as Babcock & Wilcox (US), Dongfang Electric Corporation (China), Doosan Heavy Industries & Construction (Korea), General Electric (US), and Mitsubishi Hitachi Power Systems (Japan).
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Major strategies adopted by the players are contracts & agreements, new product launches, investments & expansions, partnerships, joint ventures, collaborations, and mergers & acquisitions, from April 2017 to July 2020. Contracts & agreements was the most commonly adopted strategy. Industry players also adopted mergers & acquisitions as the second most widely followed strategy during the same period.
General Electric is a multinational conglomerate manufacturing products and offering services for various sectors, such as aviation, power generation, oil & gas production, medical, financial, and industrial. The company offers a wide range of products and services, from aircraft engines, power generation, transmission & distribution, water processing, and household appliances to medical imaging, business and consumer financing, and industrial products. It operates through 5 business segments, namely, Power, Renewable Energy, Aviation, Capital, and Healthcare. The power business segment is further sub-segmented into gas power and power portfolio. The power portfolio sub-segment offers steam power technology for fossil and nuclear applications, including boilers, generators, steam turbines, and air quality control systems (AQCS). Some of the major end-use industries of these products are marine, oil & gas, renewable energy, mining, rail, metals, test systems, and water. The company marks a strong presence across 170 countries. It has 94 manufacturing plants located in 30 states of the US and Puerto Rico (territory) and has 190 manufacturing plants located in 37 other countries. In February 2020, General Electric was awarded a contract by Hitachi Zosen Corporation. Under the contract, General Electric will offer a steam turbine generator, CFB boiler, and air quality control system to the Kamisu Biomass Power Generation plant in Japan.
Babcock & Wilcox Enterprises is one of the leading manufacturers of power generation equipment and environmental equipment for industrial use. The company operates through 3 business segments, namely, Babcock & Wilcox, Vølund & Other Renewable, and SPIG. The Babcock & Wilcox business segment is further sub-segmented into steam generating, environmental, and auxiliary equipment to cater to the demand in the power generation, oil & gas, and other industrial sectors. The steam-generating subsegment offers various boiler products such as advanced supercritical boilers, subcritical boilers, fluidized boilers, package boiler, heat recovery steam generators, waste heat boilers, chemical recovery boilers, and industrial boilers. It also offers various services, including engineering, procurement, specialty manufacturing, construction, and commissioning of new and retrofit utility boilers and industrial boilers fired with coal and natural gas. Babcock & Wilcox has manufacturing facilities in Scotland, Mexico, the US, and China. Babcock & Wilcox Enterprises marks presences in more than 90 countries. Moreover, the company has its manufacturing facility in Mexico, China, the US, Denmark, and Scotland and a research facility in Ohio, US. Some of the major competitors of the Babcock & Wilcox business segment are General Electric, Mitsubishi Hitachi Power Systems, Babcock Power, Clyde Bergemann, Doosan Heavy Industries, and Enerfab. In May 2020, Babcock & Wilcox Enterprises, Inc.’s subsidiary named Babcock & Wilcox Construction Co. (BWCC), was awarded a contract to install B&W-designed engineered components at a power plant in North America. It is the second phase of a multi-year plant maintenance project in which the company will offer boiler equipment and other plant components.
Power Plant Boiler Market by Type (Pulverized Coal Towers, CFB, Others), Capacity (<400 MW, 400–800 MW, ≥800 MW), Technology (Subcritical, Supercritical, Ultra-supercritical), Fuel Type (Coal, Gas, Oil), and Region- Global Forecast to 2025
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