Global Circulating Fluid Bed Boilers Market Size 2024, Forecast To 2033
6 Mar, 2024
The circulating fluid bed boilers market size has demonstrated robust growth, escalating from $38.63 billion in 2023 to $41.08 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period is attributed to increased energy demand and security, stringent environmental regulations, coal combustion efficiency, industrial growth and urbanization, and renewable energy integration. Forecasts project strong growth momentum, with the market expected to reach $51 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. This growth trajectory is fueled by the transition to clean energy, government incentives for clean energy adoption, focus on carbon neutrality, increasing demand for biomass energy, and significant public and private sector investments. Major trends in the forecast period include advancements in combustion technology, emphasis on cleaner coal combustion, integration of carbon capture technologies, and digitalization for operational optimization.
Global Circulating Fluid Bed Boilers Market Key Driver
An increase in the usage of coal is expected to propel the growth of the circulating fluid bed boiler market going forward. Coal refers to a mineral that may be mined from the earth and used as fuel, a black rock. A circulating fluid bed boiler is common in coal-fired power plants, where it generates steam to power enormous turbines and the mineral content of coal is transformed into ash after burning. For instance, in April 2023, according to the report published by the US Energy Information Administration, usage of coal increased by 20 million short tons (MMst) in 2022 to a total of 598 MMst for the year, up 14.5% from the level of 545.6 MMst in 2020. Therefore, an increase in the usage of coal is driving the growth of the circulating fluid bed boiler market going forward.
Get A Free Sample Of The Global Circulating Fluid Bed Boilers Market ReportGlobal Circulating Fluid Bed Boilers Market Segments
The circulating fluid bed boilers market covered in this report is segmented –
1) By Product: Subcritical CFB Boilers, Supercritical CFB Boilers, Ultra-Supercritical CFB Boilers
2) By Fuel Type: Coal, Biomass, Other Fuel Types
3) By Capacity: Less Than 100 MW, 100-200 MW, 200-300 MW, 300 MW And Above
4) By Application: Oil And Gas, Power, Chemicals, Manufacturing, Other Application Types
By Geography:The regions covered in the circulating fluid bed boilers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the circulating fluid bed boilers market in 2023 and is expected to be the fastest-growing region in the global circulating fluid bed boilers market report during the forecast period. The regions covered in the circulating fluid bed boilers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Circulating Fluid Bed Boilers Industry Players
Mitsubishi Heavy Industries Ltd., Valmet Corporation, Andritz AG, Industrial Boilers America Inc., Alstom Power Inc., Sumitomo Heavy Industries Ltd., Babcock & Wilcox Enterprises Inc., Thermodyne Engineering Systems, EBARA Environmental Plant Co. Ltd., General Electric Company, JFE Engineering Corporation, Doosan Heavy Industries & Construction Co. Ltd., Taipower Heavy Industries Corporation, Amec Foster Wheeler plc, Harbin Boiler Engineering Co. Ltd., Metso Outotec Corporation, Emerson Boiler Inc., Formosa Heavy Industries Corporation, Zhengzhou Boiler Co. Ltd., Bharat Heavy Electricals Ltd., Ansaldo S.P.A., Siemens AG, Thermax Ltd., Hyundai Heavy Industries Co., Shanghai Boiler Works Co. Ltd., Dongfang Boiler, Kawasaki Heavy Industries Ltd., AE&E Nanjing Boiler Co. Ltd., Alfa Laval AB, Wuxi Huaguang Boiler Co. Ltd., Cethar Limited, Foster Wheeler AG, Rafako S.A.
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Circulating Fluid Bed Boilers Market Overview
Circulating fluid bed boilers refer to a type of power plant boiler that uses a circulating fluidized bed combustion process to burn coal, biomass, waste, or other fuels. It is a flexible and cost-effective power plant boiler that can burn various fuels and offer reliable and sustainable power generation solutions.
Circulating Fluid Bed Boilers Global Market Report 2023 provides data on the global circulating fluid bed boilers market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The circulating fluid bed boilers market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.