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The fuel flexible boiler market share is expected to increase by USD 1.26 billion from 2021 to 2026, at a CAGR of 4.47%.
The market report offers information on several market vendors, including AE and E Nanjing Boiler Co. Ltd., Alfa Laval Corporate 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. Ltd., Thermax Ltd., thyssenkrupp Industries India Pvt. Ltd., Walchandnagar Industries Ltd., Zhengzhou Boiler (Group) Co. Ltd., and Siemens AG among others. This market research report also extensively covers market segmentation by end-user (food and beverages, chemicals and petrochemicals, pulp and paper, oil and gas, and others) and geography (APAC, Europe, North America, Middle East and Africa, and South America).
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The increasing need for natural gas thermal power generation is notably driving the market growth, although factors such as resistance to slagging, fouling, and corrosion may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the fuel flexible boiler industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Fuel Flexible Boiler 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. Also, 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.
Key Fuel Flexible Boiler 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.
Key Fuel Flexible Boiler 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.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying growth strategies such as investments in R&D and continuous efforts to improve their product visibility to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Technavio categorizes the global fuel flexible boiler market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
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48% of the market's growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for fuel flexible boilers in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The increasing urbanization and industrial development, particularly in emerging economies such as China, India, Malaysia, Thailand, and Vietnam will facilitate the market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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The market share growth by the food and beverages segment will be significant during the forecast period. The fuel-flexible 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. Such factors will drive segment growth in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.
Fuel Flexible Boiler Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Decelerate at a CAGR of 4.47% |
Market growth 2022-2026 |
$ 1.26 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.89 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 48% |
Key consumer countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
AE and E Nanjing Boiler Co. Ltd., Alfa Laval Corporate 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. Ltd., Thermax Ltd., thyssenkrupp Industries India Pvt. Ltd., Walchandnagar Industries Ltd., Zhengzhou Boiler (Group) Co. Ltd., and Siemens AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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