Thermal Power Equipment Market was valued at USD 160 Billion in 2022 and is projected to reach USD 215 Billion by 2030, growing at a CAGR of 4.5% from 2024 to 2030.
The thermal power equipment market was valued at approximately USD 115 billion in 2022, with a compound annual growth rate (CAGR) of 4.5% projected through 2030. The increasing demand for energy security and the rising need for reliable power generation sources are driving this growth. Significant investments in power infrastructure and advancements in technology to enhance efficiency and reduce emissions are contributing to the expansion of this market. Additionally, emerging markets in Asia-Pacific and Latin America are anticipated to exhibit robust growth due to rapid industrialization, urbanization, and governmental initiatives aimed at improving energy access.Opportunities within the thermal power equipment sector are increasingly centered on innovations in efficiency and sustainability. The adoption of advanced technologies such as supercritical and ultra-supercritical steam cycles is expected to enhance power generation efficiency. Furthermore, the shift towards integrating renewable energy sources with thermal power plants presents new prospects for market players. The emphasis on reducing carbon footprints and adhering to stringent environmental regulations is also creating avenues for the development of cleaner and more efficient thermal power solutions. As such, the market is poised for substantial growth, driven by both technological advancements and evolving energy policies.
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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, Japan, 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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