October 08, 2021
According to the business intelligence report titled ‘Global Utility Boiler Market Size Study by Capacity (30-100 MW, 100-250 MW, 250-500 MW, > 500 MW), By Technology (Subcritical, Supercritical, Ultra-Supercritical), and Regional Forecasts 2021-2027.’, available with MarketStudyReport, global utility boiler market is projected to amass lucrative returns between 2021-2027.
Increasing replacement of conventional boilers and positive outlook towards energy intensive sectors are the leading factors driving global utility boiler industry growth. Rising investments for expanding power generation capacity to cater to the growing demand from residential and industrial sectors will also aid revenue inflow.
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For those unversed, utility boilers are large steam turbines which are primarily used for energy manufacturing.
As per ourworldindata.org, 36.7% of the electricity across the world was generated from low carbon sources in 2019, and the remaining two thirds of electricity used was generated from fossil fuels such as gas and coal.
While ability of utility boiler to decrease carbon footprints will aid industry growth, high initial investment costs will act as a challenge for businesses operating in this domain.
Based on technology, global utility boiler market is split into supercritical, subcritical, and ultra-supercritical. As per capacity, the business sphere is divided into >500 MW, 250-500 MW, 100-250 MW, and 30-100 MW.
From a regional frame of reference, the research literature covers Asia Pacific, Europe, North America, Latin America. Among these, Asia Pacific captured a major industry share in the past year, owing to easy availability of coal, and soaring demand for electricity. Meanwhile, Europe market is slated to record significant expansion between 2021-2027, due to growing efforts to conserve energy.
Leading players formulating the competitive landscape of global utility boiler market are Victory Energy Operations LLC, Bharat Heavy Electricals Limited, Babcock and Wilcox Enterprises Inc., CMI Group, IHI Corporation, General Electric Co., AMEC Foster Wheeler Limited, Mitsubishi Hitachi Power Systems Limited, Doosan Heavy Industries & Construction Co. Ltd. and Siemens AG.
These companies are undertaking strategic decisions such as mergers & acquisitions, partnerships, alliances, collaborations, R&D investments, and launch of new products to enlarge profit margins and capture a significant share of the industry.