Rapid urbanization and industrial development across the globe have led to an ever increasing demand for power. To cater to this increasing demand, new power plants are being constructed along with upgrading the existing ones. Boilers are one of the most developed and convenient technologies to generate electricity and are widely adopted across the world. Several major companies are collaborating for upgrading their existing boilers to maximize their potential. For example, in 2017, PT United, Kansai Electric Power, and Sumitomo Corporation collaborated to upgrade the TanjungJati thermal power plant in Indonesia.
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However, traditional boilers that burn conventional fuel, such as coal or diesel, produce heavy amount of carbon dioxide and other greenhouse gases, thereby polluting the environment to a great extent, which acts as a restraining factor for the market. Therefore several companies are investing on technological advancements to adopt renewable sources, such as biomass, to produce steam in a more eco-friendly manner. Market developments, such as investment of NTPC in January 2019 on the green thermal & solar power plant in UP, India, are expected to boost the power plant boiler market over the forecast period.
In terms of market share, the North America region holds a significant share of the global power plant boiler market due to high demand for energy in the developed economies of the region such as the U.S. The market in the Asia Pacific region is also expected to witness a lucrative growth, owing to rapid infrastructural development and industrialization in emerging economies of the region, including India and China.
COVID-19 scenario analysis:
The outbreak of the COVID-19 pandemic has severely affected the global power plant boiler market.
- Attributed to the nationwide lockdown imposed by several governments to contain the virus, most of the major business activities were shut down. This has caused a drastic fall in demand for energy across the globe resulting in fall in the applications for power plant boiler, thereby affecting the market.
- The delay in developments of new projects as well as in the maintenance activities caused by the global pandemic caused severe damage to the global power plant boiler market.
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Key benefits of the report:
- This study presents the analytical depiction of the global power plant boiler market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global power plant boiler market share.
- The current market is quantitatively analyzed from 2021 to 2029 to highlight the global power plant boiler market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
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