CFB boiler Market to witness lucrative growth opportunities over 2019-2025

CFB boiler market from petrochemical application is projected to amass substantial gains over the forecast timeline.

Global CFB (circulating fluidized bed) boiler market is anticipated to be driven by growing energy consumption across the industrial sector. Rising installation of captive power systems is directly influencing CFB industry share. Moreover, steady growth in population has led to expansion of industrial sector over the years, which has resulted in heavy energy consumption in the sector.

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Circulating fluidized bed boiler is a technology for coal combustion to achieve lower emission of pollutants. Up to 95% of pollutants can be absorbed by utilizing this technology before being emitted to the atmosphere.

Availability of limited transmission and distribution infrastructure has in turn fueled adoption of energy efficient generation systems in order to fulfill the growing energy requirement. Keeping limited energy distribution infrastructures in consideration, industry conglomerates are focusing on technologies to produce optimal energy, and hence are investing toward the installation of CFB based captive systems to ensure consistent operation across various business verticals along with enhanced energy security.

Paradigm shift toward adoption of sustainable and clean power generation technologies has provided a boost to the demand for CFB boiler systems across the globe. Rise in number of initiatives to counterbalance climate change is also estimated to fuel deployment of biomass based CFB systems, hence providing impetus to overall CFB boiler market share. In terms of revenue, CFB boiler market size is projected to surpass USD 50 billion by 2025.

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From petrochemical application, CFB boiler market is estimated to amass substantial gains over the forecast timeline. Growing demand for petrochemical products owing to falling crude oil prices has necessitated refinery owners to expand their production capacity with sustainable & reliable power supply.

Several countries have limited transmission & distribution infrastructure which may hinder refinery operations. Therefore, operators across the sector are increasing their focus to limit their dependency on utilities for power supply and are switching to CFB boiler based captive systems to efficiently run plant operations, which in turn will complement CFB boiler market outlook. Moreover, influx of foreign direct investment (FDI) in the downstream oil & gas industry across several emerging economies including India will further supplement CFB boiler market trends over the analysis period.

In the regional landscape, North America CFB boiler market is projected to showcase notable CAGR over the forecast timespan owing to burgeoning economic growth along with rising investments toward the renovation of manufacturing facilities across the region. As of 2018, the United States held a dominant share in the CFB boiler market. Also, in 2018, the CFB boiler manufacturing output in the U.S. accounted for 18% of the global capacity.

Favorable regulatory norms pertaining to environment protection coupled with consolidated economy across the region has improved the workforce quality, which is acting as catalysts in this renewed growth. In addition, ongoing investments toward the adoption of cleaner & sustainable power generation technologies is also anticipated to foster CFB boiler market growth over the analysis period.

Key industry participants contributing towards CFB boiler market includes Bharat Heavy Electricals Limited, AMEC Foster Wheeler, Babcock and Wilcox Enterprises, IHI, General Electric, Forbes Marshall, Bosch Thermotechnology, Thermax, Walchandnagar Industries and Mitsubishi Hitachi Power Systems. These industry players are momentously increasing their presence across the APAC region by adopting strategies including partnerships, collaborations and mergers to expand their dealer network.

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Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/cfb-boiler-market

Release ID: 88930238