Circulating Fluidized Bed Boilers Market Key Players
Key players operating in the global circulating fluidized bed boilers market include Mitsubishi Power, JFE Engineering Corporation, Valmet, Andritz, Industrial Boilers America, Alstom, Sumitomo Heavy Industries Ltd., Babcock & Wilcox Enterprise Inc., Thermodyne Engineering Systems, and EBARA Environmental Plant Co. Ltd.
According to a new report published by Allied Market Research, titled, the global circulating fluidized bed boiler market was valued at $450.4 million in 2020, and is projected to reach $1,042.0 million by 2030, growing at a CAGR of 8.8% from 2021 to 2030.
The supercritical product type is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 9.6% from 2021 to 2030.
The 200-300 MW capacity type is anticipated to register the highest CAGR of 9.7% during the forecast period.
The biomass fuel type is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 9.2% from 2021 to 2030.
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The energy & power application is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 9.0% from 2021 to 2030.
The Asia-Pacific circulating fluidized bed boiler market size is projected to grow at the highest CAGR during the forecast period and accounted for 60% circulating fluidized bed boiler market share in 2020. Constant technological advancement in Asia-Pacific has led to development of new circulating fluidized bed boiler.
Industry News:
For instance, ANDRITZ has developed a new circulating fluidized bed boiler that offer maximum efficiency and it is powered with biomass as fuel. This circulating fluidized bed boiler has been supplied to Japan.
COVID-19 analysis
According to a report published by the Energy and Economic Growth Survey, the oil & gas sector is among the hardest hit sector with an average contraction of -2.8% in 2020. In addition, more than 100 countries have locked their international borders for transportation and non-essential trade activities, which have led to demand-supply disruptions for the circulating fluidized bed boilers market.
The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe.
However, growth in global energy needs and fuel consumption is anticipated to push growth of the circulating fluidized bed boilers market post COVID-19 scenario. For instance, according to a report published by the U.S. Energy Information Administration, the organization of petroleum exporting countries (OPEC) crude oil production is expected to rise to an average of 28.7 million barrel per day by 2022. Also, both developed and developing economies such as the U.S., China, India, and others are constantly engaged in maximizing their refining capacities where circulating fluidized bed boilers are widely employed for fuel burning purpose. For instance, in February 2021 Numaligarh Refinery Limited (NRL) has increased its refining capacity from 3MMTPA to 9MMTPA (million metric tons per annum). This is expected to enhance the performance of the circulating fluidized bed boilers market post-COVID-19 scenario.
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Supercritical CFB boiler is designed to meet EU emission limits and they are affordable & efficient type of boilers that are used in energy & power plants. In addition, CFB boilers are capable of cofiring biofuels with different coal grades that further reduces carbon dioxide emissions.
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