With the emergence and long-term Impact of COVID-19, the Global Circulating Fluidized Bed Boilers Market to reach USD 1046.86 Million by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Circulating Fluidized Bed Boilers Market is poised to raised USD 1046.86 billion by 2030. The circulating fluidized bed (CFB) process enables boilers and power plants to achieve maximum flexibility when it comes to burning a wide range of fuels. CFB boilers are specifically designed to create high gas velocity within the furnace. They have the capability to effectively combust various fuel compounds, including bituminous coal, brown coal, wood biomass, and other types of fuels. They also offer superior combustion efficiency compared to BFB boilers.
Furthermore, CFB boilers have minimal environmental impact, particularly in terms of reducing the production of thermal nitrogen oxides (NOx). Regular boilers operate at combustion temperatures of 1,400–1,500°C, whereas CFB boilers operate at temperatures ranging from 800–900°C, effectively lowering the production of thermal nitrogen oxides. These factors are driving the demand for circulating fluidized bed boilers, leading to the growth of the global market.
Moreover, the growing energy generation sector has been a significant factor in supporting the growth of the Circulating Fluidized Bed (CFB) Boilers market. As global energy demand continues to rise, there is a need for efficient and reliable power generation solutions. CFB boilers have gained popularity in the energy sector due to their ability to burn a wide range of fuels and generate electricity efficiently. This increased demand for power has led to the installation of more CFB boilers worldwide. According to Statista, global electricity generation has witnessed significant growth, increasing from 26,677 terawatt-hours in 2018 to nearly 28,500 terawatt-hours in 2022.
Furthermore, in the year 2022, there was a notable surge in annual global investment of approximately 31 percent in clean energy sources and technology specifically relevant to the energy transition. Moreover, the global investment in the low-carbon energy transition reached an unprecedented milestone in 2022, totaling USD 1.11 trillion, setting a new record high. Additionally, surging energy demand and rise in demand for clean fuel technology provides lucrative market growth opportunities. However, the high maintenance cost of circulating fluidized bed boilers stifles market growth throughout the forecast period of 2022-2030.
The regional analysis of the Global Circulating Fluidized Bed Boilers Market is considered for the key regions such Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with largest market share owing to increasing awareness about the impact of emissions and the industry’s focus on adopting low-carbon technologies. There is a rising awareness of the need to control gas emissions and improve operational efficiency, contributing to the market growth.
Asia Pacific is expected to grow at fastest growth rate during the forecast period, owing to increasing need for clean energy and uninterrupted electricity supply in China and India is leading to a higher installation of circulating fluidized bed boilers for power generation. Furthermore, ongoing R&D activities further fuel the circulating fluidized bed boilers market
The Global Circulating Fluidized Bed Boilers Market is highly competitive owing to the presence of several key manufacturers such as Sumitomo Heavy Industries Limited, Valmet Oyj, JFE Engineering Corporation, Andritz AG, Mitsubishi Power Ltd., EBARA Environmental Plant Co., Ltd. Industrial Boilers America, Babcock & Wilcox Enterprises, Inc. Thermodyne Engineering Systems, Alstom.
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Key findings of the study suggest:
- Global Circulating Fluidized Bed Boilers Market is anticipated to grow with a healthy growth rate of more than 8.8 % over the forecast period 2022-2030
- In the Application segment, Subcritical emerged as the leading market segment in 2022.
- North America dominated the market in 2022 with largest market share owing to increasing awareness about the impact of emissions and the industry’s focus on adopting low-carbon technologies. There is a rising awareness of the need to control gas emissions and improve operational efficiency, contributing to the market growth.
- Asia-Pacific is expected at a high CAGR followed by North America during 2022-2030
Bizwit Research & Consulting has considered the following segments for the study:
By Product:
- Subcritical
- Supercritical
- Ultra-Supercritical
By Capacity:
- Less than 100 MW
- 100-200 MW
- 200-300 MW
- 300 MW & Above
By Fuel Type:
- Coal
- Biomass
- Others
By Application:
- Energy & Power
- Industrial
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROEU
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- ROAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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