Fuel Flexible Boiler Market Analysis APAC, Europe, North America, Middle East and Africa, South America - China, US, India, Germany, Japan - Size and Forecast 2024-2028

Fuel Flexible Boiler Market Size 2024-2028 

The fuel flexible boiler market size is forecast to increase by USD 1.26 billion, at a CAGR of 4.5% between 2023 and 2028. There is a rising demand for natural gas thermal power generation driven by global population growth and urbanization trends. As cities expand, there is an increasing need for reliable energy sources like natural gas to meet electricity demands efficiently. Regulatory frameworks are increasingly focused on reducing carbon footprints, prompting industries and utilities to adopt cleaner energy technologies. Natural gas, known for its lower carbon emissions compared to other fossil fuels, plays a pivotal role in these efforts. Governments worldwide are implementing stringent regulations to encourage the transition towards cleaner energy sources, promoting sustainable development and environmental stewardship. This shift underscores a concerted global effort to balance economic growth with environmental responsibility, ensuring energy security while mitigating the impact of greenhouse gas emissions on climate change.

What will be the Size of the Market During the Forecast Period?

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Market Dynamic and Customer Landscape

In the realm of energy production, black coal remains a significant fuel feed system for thermal power generation, particularly in industries such as textile manufacturing. The evolution towards low-emission boilers underscores efforts to achieve decent combustion while minimizing environmental impact. These boilers are designed to handle various solid, liquid, and gaseous fuels, including biomass, promoting flexible fuel energy options to meet diverse energy needs. The evaluation of such systems involves ensuring coherent allocation of resources and adherence to stringent operational procedures to optimize efficiency. Ultimately, thermal power plants utilize turbines to convert heat energy into electricity, supporting industrial operations and urban infrastructure. As the global demand for sustainable energy solutions grows, innovations in coal-fired technologies continue to drive advancements in power generation, balancing economic feasibility with environmental stewardship in the pursuit of cleaner energy futures. In textile industries, the adoption of lowemission boiler is crucial for reducing environmental impact while meeting energy demands efficiently. These boilers adhere to stringent operational procedure to optimize combustion and minimize emissions. The steam generated by these boilers powers turbine, which convert thermal energy into mechanical energy to drive machinery in textile manufacturing processes. 

Key Market Driver

One of the key factors driving the global market growth is the increasing need for natural gas thermal power generation. To produce electricity, natural gas is used as fuel to run gas turbines. With the growing crisis of natural resource depletion, natural gas is an affordable option that generates electricity. Furthermore, natural gas plants are quick to build overbuilding nuclear or coal power generation plants.

Furthermore, the air quality tends to improve as smog emission reduces when switching to natural gas plants from coal plants. These factors will increase the usage of fuel flexible boilers in the natural gas thermal power plant. Between 2020 and 2050, in the AEO2021 reference model, the demand for geothermal power generation will significantly increase from coal industries. Thus, such contributing factors will drive the global market during the forecast period.

Significant Market Trend

Shifting trends toward low-emission natural gas is one of the key market trends that is expected to impact the industry positively in the forecast period. According to the US Environmental Protection Agency, methane emissions, from natural gas and petroleum systems, as well as abandoned oil and natural gas wells, accounted for around 29% of total US methane emissions and 30% of the total greenhouse gas emissions in 2019. Natural gas emits about 117 pounds of carbon dioxide per million British thermal units (MMBtu), compared to more than 200 pounds per MMBtu from coal and more than 160 pounds per MMBtu from distillate fuel oil. Thus, the governments are now taking positive steps in the right direction. More than 110 countries, including the European Union, Japan, and South Korea, have committed to carbon neutrality by 2050; China has stated that it will do it before 2060. Such factors will further support the market in the coming years.

Major Market Challenge

One of the key challenges to global market growth is resistance to slagging, fouling, and corrosion. Slagging accidents are projected to cost the worldwide utility business several billion dollars per year in lost power generation and equipment repair. Corrosion in boiler furnaces mainly occurs due to two reasons, mostly when dissolved oxygen enters the system through the feed water. Low pH within the boiler furnace is another prominent cause of corrosion in boiler systems. Carbon dioxide infiltration or contamination by other substances could cause the pH to drop. The oxygen creates pitting, which is usually localized. Pits are small but deep pinpoint holes that can eventually puncture tube walls, causing them to fall. Therefore, it is a major restraining factor for the global market during the forecast period.

Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

AE and E Nanjing Boiler Co. Ltd. - The company manufactures heat recovery steam generators, special boilers, power plant boilers, industry boilers, environment new energy equipment, and pressure vessels. 

The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Alfa Laval AB
• ALSTOM SA
• Andritz AG
• Babcock and Wilcox Enterprises Inc.
• Bharat Heavy Electricals Ltd.
• Cheema Boilers Ltd.
• Doosan Heavy Industries and Construction Co. Ltd.
• Fluor Corp.
• General Electric Co.
• Larsen and Toubro Ltd.
• Mitsubishi Heavy Industries Ltd.
• Parker Boiler Co.
• RAJDEEP BOILER PVT. LTD.
• Shanghai Electric Group Co.
• Siemens AG
• Thermax Ltd.
• thyssenkrupp Industries India Pvt. Ltd.
• Walchandnagar Industries Ltd.
• Zhengzhou Boiler (Group) Co. Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Segmentation

By End-user 

The food and beverages segment is estimated to witness significant growth during the forecast period.  The food and beverage industry is highly dependent on heat for food processing such as sterilization, blanching, and packaging. Every step of the food production process necessitates the use of heat. The use of direct heat or heat from hot water is critical in the food processing sector. Steam is utilized in the beverage industry for distillation, disinfecting, cooking, drying, and warming, as well as general cleaning processes. It is widely required in beverage processing, meat processing, food processing and packaging, poultry processing, and vegetable processing.

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The food and beverages segment accounted for USD 1.13 billion in 2018.  Steam can also be used to kill microorganisms in the food processing industry. The boilers in the food sector typically use fossil fuels to produce heat for hot water for cleaning and cooking. Coal, natural gas, fuel, oil, and biomass are generally used in the food and beverage end-user segment. Fuel flexible boilers help in ensuring enhanced combustion and advanced heating with excellent fuel flexibility. For instance, the circulating fluidized bed (CFB) boiler is an advanced boiler produced by Velmet and has high fuel flexibility with high steam parameters suitable for food and beverage end-users.

Moreover, fuel flexible boiler includes steam boilers, hot water boilers, and thermal boilers. The flexible fuel boiler, such as gas fuel boilers, have advantages over regular boilers as they are of low pollution, have fuel channels, do not require storage room, save land usage, and have low infrastructure costs. Thus, the growing food and beverage industry will continue to drive the growth of the market in focus during the forecast period.

By Region

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APAC is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.  APAC has dominated the fuel flexible boiler market and is expected to continue its dominance in the forecast period. The increasing urbanization and industrial development, particularly in emerging economies such as China, India, Malaysia, Thailand, and Vietnam, are the major contributing factors for the growth of the global fuel flexible boiler market. 

Moreover, the need for thermal power has been fueled by a rising population, rapid urbanization, and industrialization. As a result, there is a huge demand for technologies that can deliver larger output at cheaper costs while emitting fewer pollutants. In addition, governments across the APAC countries are looking for improved technical solutions in this area. This market is predicted to increase at a rapid rate in the future due to the need to replace aging inefficient boilers and the scarcity of black coal. India is the third-largest producer of electricity in the world. As of 31 December 2021, the national electric grid has an installed thermal power capacity of 93.389 GW in India.

Segment Overview

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

• End User Outlook
  • Food and beverages
  • Chemicals and petrochemicals
  • Pulp and paper
  • Oil and gas
  • Others
• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

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Market Analyst Overview

In the industrial landscape, low-emission boilers are pivotal in sectors like the textile, chemical, and sugar industries, where fuel flexible energy sources such as waste-derived fuels and brown coal are utilized. These flexible fuel boilers are capable of accommodating various types of fuel, optimizing carbon output while ensuring high energy and lower cost outputs. Modern technological advancements in thermal plants, including CFBC and AFBC technologies, enable efficient electricity generation by harnessing high-pressure steam for enhanced performance. Hydraulic systems with hydraulic motors and pumps facilitate fluid motion for powering external loads, adhering to stringent air pollution regulations by reducing emissions like carbon monoxide, heavy metals, and mitigating environmental impacts such as mercury and sulfur dioxide emissions, which contribute to acid rain. Automatic controls and precise designs ensure reliable operation and maintenance, supporting emerging and developing nations in achieving sustainable energy solutions for economic growth and environmental preservation.

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What are the Key Data Covered in this Market Forecast Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2024 and 2028
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies