The global power plant boiler market is expected to reach USD 28.0 billion by 2025, according to a new report by Grand View Research, Inc. Rising demand for electricity is expected to propel the sector growth. The global population is increasing at a robust pace and likely to reach 2.2 billion by 2050. Moreover, the increase in population has led to rapid urbanization, especially in the developing countries. As per the United Nations World Urbanization Prospects, it is estimated that the urban population, which was 30% of the global population in 1950, is projected to reach 66% by 2050.
The growing urbanization has led to a rise in power consumption. To cope up with the rising power demand, governments across the world are on the lookout for various alternatives to boost power generation capacity. For instance, the government of India is offering power generation subsidiaries to operators to generate power through biogas. The government offers nearly USD 30 thousand per MW. The subsidy is valid only for the boiler manufacturers and steam turbine producers. Such initiatives are likely to produce modest demand for boilers over the forecast period.
Netherlands-based BDR Thermea acquired ECR International in 2016 to expand the company’s existing product portfolio in the North America market via the latter’s distribution network. Key vendors analyzedin the report are Babcock & Wilcox Enterprises; Dongfang Electric Corporation (DEC); Siemens AG; Mitsubishi Heavy Industries, Ltd.; and General Electric (GE). Mergers and acquisitions continue to form an integral part of the market growth.
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Source: ASDReports - Market Research
Date: Nov 24, 2017