Power Boilers Market - Overview
The assessment conducted by Market Research Future (MRFR) has suggested that the global Power Boilers Market is anticipated to record a 4% CAGR over the forecast period of 2016-2022. Power boilers refer to closed vessels where water is converted to steam through heating. Such steam is produced in excessive demand across different industrial processes. The global economy is estimated to strengthen in the coming years, hence, creating more room for industrial development. Such development in the industrial sector is expected to push the global power boilers market growth exponentially. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 on Power Boilers Market is included in the present report.
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Other factors that are working in favour of the global power boilers market include the urban migration and rapid industrialization. It is also projected to acceleration the revenue generation for vendors present in the global power boilers market over the next few years. Additionally, the support extended by governments present in most economies across the globe for the adoption of clean energy in power plants is another factor supplementing growth in the global power boilers market. Investments are observed to compound in the forthcoming years, owing to the rising awareness towards the environment and adoption of environment-friendly ways of energy production. Such ascending investments are bound to poise substantial growth in the global power boilers market.
In developed countries, governments have started recognizing duty towards environment and initiated regulations to curb carbon emissions, hence, encouraging existing power plants and other market players to shift towards cleaner means of energy production. Apart from that, new entrants are also observed to undertake measures that are in alignment with the clean energy movement. All these factors are contributing to the substantial growth noted in the global power boilers market.
Power Boilers Market Segmentation
The global power boilers market is studied for various segments which are segregated on the basis of type, technology, fuel type, and region.
Based on type, the global power boilers market is segmented into circulation fluidized bed, pulverized fuel, and others.
Based on technology, the report has studied the segments of subcritical, supercritical, and ultra-supercritical. The segments included in the report for power boilers market, based on fuel type, include gas, coal, and oil.
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Regional Analysis
The global power boilers market is segmented into the regions of North America, Asia Pacific, South America, Europe, and the Middle East & Africa.
Asia Pacific is expected to secure a prime position in the global power boilers market through the review period. Rapid industrialization in the APAC region, along with the fast-paced internet penetration are expected to drive the expansion of the market primarily. The report has also suggested that the region is expected to emerge as the fastest-growing power boiler market in over the forecast period.
North America and Europe are expected to pose as important growth pockets and are anticipated to upscale at a steady pace over the review period. Such regional markets are poised to attract huge investments for upgrading existing plants and setting up of new plants.
Key Players
Some prominent players present in the global power boilers market include Siemens AG, Hangzhou Boiler Group, Mitsubishi Hitachi Power System, Babcock & Wilcox, AMEC Foster Wheeler, Harbin Electric, Thermax Ltd, and Alstom.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.