Global Thermal Power Equipment Market was valued at USD 15 Billion in 2022 and is projected to reach USD 18 Billion by 2030, growing at a CAGR of 2.5% from 2024 to 2030.
The thermal power equipment market has witnessed significant growth in recent years, driven by increasing demand for energy and technological advancements. Thermal power generation, which includes the conversion of heat into electricity, relies heavily on equipment such as boilers, turbines, and generators. These components play a crucial role in ensuring the efficient and reliable production of energy from fossil fuels like coal, natural gas, and oil, as well as renewable sources like biomass.
One of the key trends in the market is the shift towards more energy-efficient and environmentally-friendly technologies. Power plants are increasingly adopting advanced thermal power equipment that reduces carbon emissions, improves operational efficiency, and lowers fuel consumption. This is in response to stricter regulations and a global push for cleaner energy solutions.
In terms of market segmentation, the thermal power equipment market is divided into various types, such as steam turbines, gas turbines, boilers, and heat recovery steam generators (HRSGs). Steam turbines dominate the market, accounting for a large share due to their widespread use in coal-fired and nuclear power plants. However, the demand for gas turbines is rising due to their efficiency and flexibility in operating on a variety of fuels.
Geographically, Asia Pacific holds the largest share of the thermal power equipment market, with countries like China and India investing heavily in infrastructure and increasing their energy production capacity. Meanwhile, North America and Europe are focusing more on upgrading and retrofitting existing power plants to meet new environmental standards.
As energy consumption continues to rise worldwide, the need for advanced thermal power equipment is expected to increase. This presents numerous opportunities for manufacturers to develop cutting-edge technologies that can not only enhance power generation but also reduce the overall environmental impact of thermal energy production.
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DEC
GE
Siemens
Elliott
Toshiba
Mitsubishi Hitachi Power Systems
MAN
Bosh
Harbin Power Equipment
IHI Corporation
Babcock & Wilcox
Bharat Heavy Electricals
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Thermal Power Equipment Market
Food & Beverages
Chemical
Oil & Gas
Manufacturing
Others
Based on Types the Market is categorized into Below types that held the largest Thermal Power Equipment market share In 2023.
Boiler
Steam Turbine
Generator
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Global, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Thermal Power Equipment Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Thermal Power Equipment Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Thermal Power Equipment Market, By Type
6. Global Thermal Power Equipment Market, By Application
7. Global Thermal Power Equipment Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Thermal Power Equipment Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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