Growing demand for electricity worldwide is expected to drive power boilers market growth over the forecast period. Installation of power boilers is expected to rise globally over the next few years owing to the high dependency on coal-fired power plants for electricity generation. The global power boilers market is poised for strong growth due to growing demand for traditional energy such as coal, oil, and natural gas. Liberalization and privatization of the industry is further expected to drive power boilers market growth.
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The adoption of renewable energy sources may however, restrain power boilers market growth over the coming years. High costs of installation may also adversely impact market growth. Power boilers find application in natural gas plants, cycle plants, diesel oil plants, coal-fired plants, and co-generation plants. Coal-fired plants are expected to witness lucrative growth over the forecast period owing to their low operating costs.
The power boilers market has significantly matured in the North American and European region due to the presence of a large number of market players in the region. Asia Pacific and Middle East are projected for high growth owing to growing demand for electricity in the region, as well as growing industrialization particularly in regions such as China and India. Furthermore, Asia Pacific Partnership (APP) launched in 2006, is expected to focus on expanding trade and investment in cleaner energy technologies. One of these technologies includes power generation and transmission. APP partners include India, Japan, Korea, China, Australia, Canada, and the U.S. The condensing power boilers market is expected to witness considerable growth in the UK due to building regulations introduced in England, which require substitution of oil-gas boilers.
Installation of several small and economical boilers by utility companies is expected to force large boiler manufacturers to sell boiler equipment at lower price leading towards tight competition. Such price competition among market players may restrain market growth. The key players in the power boilers market include Siemens AG, Hitachi Ltd., Mitsubishi Heavy Industries, Thermogenics, Wellman Robey, Shanghai Electric, Alstom Ltd., Miura, Babcock & Wilcox Co., Siemens AG., Bharat Heavy Electricals Ltd., Hitachi Ltd., and Thermax Ltd.
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