Thermal Power Plant & Oil Refinery Steam Boiler Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 1.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Thermal Power Plant & Oil Refinery Steam Boiler Market Analysis
The Steam Boiler Market for thermal power plants and oil refinery market is projected to register a CAGR of over 1.5% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, the primary factors expected to drive the market are the upcoming thermal power plants and refineries worldwide. During the forecast period, an increase in thermal power plants and refineries would lead to higher demand for the steam boiler market.
- On the other hand, increasing focus on renewable sources for electricity generation is expected to decrease the count of coal-powered thermal plants, which is expected to hinder market growth during the forecast period.
- Nevertheless, with the set of targets to reduce greenhouse gas emissions by 2020 and 2050, the European Union is expected to reduce its emissions by 80%-95% by 2050. To abide by the targets, the European Union is expected to increase its investment to increase the thermal power plants' efficiencies and reduce CO2 emissions. Thus, an increase in efficiency is expected to provide an opportunity for the steam boiler market with better technologies and negligible heat losses in European countries.
- Asia-Pacific is expected to dominate the market with the highest number of existing and upcoming thermal power plants and oil refineries.
Thermal Power Plant & Oil Refinery Steam Boiler Market Trends
This section covers the major market trends shaping the Thermal Power Plant & Oil Refinery Steam Boiler Market according to our research experts:
Water Tube Boiler to Dominate the Market
- Water-tube boilers generate vapor from the water that flows through tubes and is heated by the combustion of various fossil fuels, like coal and natural gas. The vapor generated is sent to the steam turbine at a high pressure of around 250 bar that rotates the turbine, thus, helping to generate electricity.
- Water-tube boilers have higher efficiency and a pressure range of around 250 bars. It requires less time to raise steam pressure, provides greater flexibility for responding to load changes, and provides a greater ability to operate at high steam generation rates.
- Water tube boilers generate vapor or steam to rotate the turbines and generate electricity. Water is boiled in tubes by burning fossil fuels, such as coal, gas, and oil. Natural gas-operated power plants are the most eco-friendly power plants that generate a considerable amount of carbon emissions compared to oil and coal.
- As of 2021, there are nearly 176.9 GW of pre-construction coal-powered thermal power plants worldwide. China is the major country to have the highest number of under-construction coal-powered plants. Construction of these plants is estimated to increase the market growth of steam boilers in the near future.
- Further, despite the shrinking number of coal-based power plants globally, the countries (such as India) are still endorsing the new coal-based power generation projects. About 40 GW of the country's coal plants are either financially stressed or are at risk of bankruptcy. Less than 4.5 GW of new capacity was commissioned in 2021, compared to 39 GW in 2010. Due to overcapacity and competition from cheaper renewables, low plant-load factors have made it difficult for coal plants to recover their investments. Despite these unfavorable market conditions for coal-based power, the governments in the region continue to invest in new plants.
- In July 2022, Through its subsidiary, JERA Power Taketoyo G.K., JERA Co., Inc. began commercial operation of Unit 5 of the Taketoyo Thermal Power Station located at 1-1 Ryugu, Taketoyo-Cho, Chita County, Aichi Prefecture, Japan. The company has been replacing aging equipment for the past couple of years. This high-efficiency coal-fired power plant is equipped with Ultra-Supercritical (USC) power generation technology.
- As of 2022, the Quang Trach 1 Coal-fired Power Plant is under construction in Vietnam with a capacity of 1.2 gigawatts, and the estimated plant investment is about USD 1.28 billion. The project is expected to be commissioned by 2025 and generate up to 8.4 billion kilowatt-hours of electricity annually.
- Construction of these plants is estimated to increase the market growth of steam boilers in the near future.
Asia-Pacific to Dominate the Market
- As of 2021, Asia-Pacific dominated the market with the highest number of thermal power plants and refineries. With the increasing population and the growth of urbanization in the region, the demand for energy and power is expected to increase during the forecast period.
- As of July 2022, there were around 1,751 coal power plants in the region, and the majority of the total thermal power plants are operated by coal, the reason being the lower price of coal compared to other fuels. But with the rising consciousness of climate change, the region is likely to decline the uses of coal-powered plants in the near future.
- As of July 2022, there were nearly 176 planned coal-powered plants in the region. Construction of these plants is expected to increase the market growth of steam boilers during the upcoming years.
- Apart from power plants, the region's oil refining capacity was 36,478 thousand barrels per day. It contributes to nearly 35.79% of the global refining capacity and is expected to add to its refining capacity during the forecast period. China is the prominent country in the region, contributing 16.67% of the world's oil refining capacity in 2021. Moreover, the country is planning to make up 44% of the crude oil refining capacity in the region in 2023.
- The Indonesian government announced its plans to more than double the refining capacity during 2018-2025 to reach 2.2 million barrels per day. As a result of these policies, major refinery and petrochemical plant construction and upgradation projects are upcoming and are in the pipeline.
- In October 2022, Pertamina, an Indonesian state-owned oil and gas company, intended to invest up to USD 50 billion in building and expanding refineries next year. About half of this investment will be devoted to developing a greenfield project with the Russian state energy company Rosneft. With the completion of the new refinery, crude refining capacity will increase by 300,000 barrels per day.
- In November 2022, The Indian Oil Corporation Limited (IOCL), its subsidiary Chennai Petroleum Corporation Limited (CPCL), and other seed equity partners formed a joint venture to develop the Nagapattinam refinery and petrochemicals project in Tamil Nadu, India.
- Such under-construction and planned refineries in the region are expected to increase market growth during the forecast period.
Thermal Power Plant & Oil Refinery Steam Boiler Industry Overview
The Steam Boiler Market for thermal power plants and oil refineries needs to be more cohesive. The market's key players (not in particular order) include Alfa Laval AB, Victory Energy Operations LLC, Babcock Wanson Ltd, and Forbes Marshall Pvt. Ltd, and Viessmann Manufacturing Company Inc., among others.
Thermal Power Plant & Oil Refinery Steam Boiler Market Leaders
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Alfa Laval AB
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Victory Energy Operations LLC
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Babcock Wanson Ltd.
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Forbes Martshall Pvt. Ltd.
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Viessmann Manufacturing Company Inc.
*Disclaimer: Major Players sorted in no particular order
Thermal Power Plant & Oil Refinery Steam Boiler Market News
- December 2022: Ereğli Demir ve Çelik Fabrikaları T.A.Ş., a Turkish steel manufacturer, announced that it had commissioned its sixth steam boiler, which will contribute to generating additional gas and electricity. It replaces the first steam boiler that had been in operation since the company's founding. It has a production capacity of 160 mt per hour and replaces the company's first steam boiler that was in operation since the company's founding.
- August 2022: Babcock Wanson has launched two new product lines of electric boilers: the VAP EL 400V three-phase, 50Hz electric steam boiler with models for 16 to 360 kW; and the e-Pack industrial electric boiler with models for 500 to 17,000 KG/H.
Thermal Power Plant & Oil Refinery Steam Boiler Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Steam Boiler Market for Thermal Power Plant and Oil Refineries in USD billion, till 2027
- 4.3 Existing Thermal Power Plant, by Location and Fuel Type in 2027
- 4.4 Recent Trends and Developments
- 4.5 Government Policies and Regulations
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4.6 Market Dynamics
- 4.6.1 Drivers
- 4.6.2 Restraints
- 4.7 Supply Chain Analysis
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4.8 Porter's Five Forces Analysis
- 4.8.1 Bargaining Power of Suppliers
- 4.8.2 Bargaining Power of Consumers
- 4.8.3 Threat of New Entrants
- 4.8.4 Threat of Substitute Products and Services
- 4.8.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Type
- 5.1.1 Water Tube Boiler
- 5.1.2 Fire Tube Boiler
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5.2 Geography
- 5.2.1 North America
- 5.2.2 Europe
- 5.2.3 Asia-Pacific
- 5.2.4 South America
- 5.2.5 Middle East & Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 Alfa Laval AB
- 6.3.2 Victory Energy Operations LLC
- 6.3.3 Babcock Wanson Ltd
- 6.3.4 Forbes Marshall Pvt. Ltd
- 6.3.5 Viessmann Manufacturing Company Inc.
- 6.3.6 Fulton Boiler Works Inc.
- 6.3.7 Mitsubishi Hitachi Power Systems Ltd
- 6.3.8 General Electric Company
- 6.3.9 Clayton Industries
- 6.3.10 ThyssenKrupp Industries India Pvt. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Thermal Power Plant & Oil Refinery Steam Boiler Industry Segmentation
In a steam boiler, fluid is heated (typically water) but does not necessarily boil. After being heated or vaporized, the fluid leaves the boiler for various processes or heating applications, including cooking, water or central heating, or electricity production. A boiler (or, more specifically, a steam boiler) is an integral part of a thermal power plant.
The steam Boiler Market for thermal power plants and oil refinery market is segmented by type and geography. The market is segmented by type: water tube boiler and fire tube boiler. The report also covers the market size and forecasts for the steam boiler market for thermal power plant and oil refinery markets across major regions. The market size and estimates for each segment have been done regarding revenue (USD billion).
| Type | Water Tube Boiler |
| Fire Tube Boiler | |
| Geography | North America |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle East & Africa |
Thermal Power Plant & Oil Refinery Steam Boiler Market Research FAQs
What is the current Thermal Power Plant and Oil Refinery Steam Boiler Market size?
The Thermal Power Plant and Oil Refinery Steam Boiler Market is projected to register a CAGR of less than 1.5% during the forecast period (2024-2029)
Who are the key players in Thermal Power Plant and Oil Refinery Steam Boiler Market?
Alfa Laval AB, Victory Energy Operations LLC, Babcock Wanson Ltd., Forbes Martshall Pvt. Ltd. and Viessmann Manufacturing Company Inc. are the major companies operating in the Thermal Power Plant and Oil Refinery Steam Boiler Market.
Which is the fastest growing region in Thermal Power Plant and Oil Refinery Steam Boiler Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Thermal Power Plant and Oil Refinery Steam Boiler Market?
In 2024, the Asia Pacific accounts for the largest market share in Thermal Power Plant and Oil Refinery Steam Boiler Market.
What years does this Thermal Power Plant and Oil Refinery Steam Boiler Market cover?
The report covers the Thermal Power Plant and Oil Refinery Steam Boiler Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Thermal Power Plant and Oil Refinery Steam Boiler Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Steam Boiler for Thermal Power Plant and Oil Refinery Industry Report
Statistics for the 2024 Steam Boiler for Thermal Power Plant and Oil Refinery market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Steam Boiler for Thermal Power Plant and Oil Refinery analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
