Market Trends of Fuel Flexible Boiler Industry
This section covers the major market trends shaping the Fuel Flexible Boiler Market according to our research experts:
Thermal Power Generation to Dominate the Market
- According to the International Energy Agency (IEA), the thermal power generation in which fuel flexible boilers are widely used is likely to grow at a CAGR of 3% in the upcoming years. Due to which fuel flexible boiler market is expected to have a positive impact in the forecast period.
- In 2018, the electricity generation from thermal power plant was 19787 Tera-watt (TWh), which is more than that was generated in 2017, 19224 Tera-watt (TWh).
- Shandong Shenglu Coal-Fired Power Project in China has the capacity to produce 4000 mega-watts (MW) of energy. Its first phase was started in 2016, and the second phase to be started in 2020.
- The movement in Europe carbon emission targets, which aims to cut down greenhouse gases by at least 40% by 2030, compared to 1990, has increased the usage of fuel flexible boilers in the past both in the thermal power generation sector.
- Patratu Super Thermal Power Project, Jharkhand in India, started in 2018 and is expected to be completed in 2022. The project has the capacity to produce 4000 mega-watts (MW) of power and is likely to use a fuel flexible boiler.
- Hence the above thermal power generation projects are likely to drive the fuel flexible boiler market in the forecast period as the usage of fuel flexible boiler increases efficiency and decreases the greenhouse gas emissions.
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Asia-Pacific to Dominate the Market
- Asia-Pacific has dominated the fuel flexible boiler market in the past and is expected to dominate the market in the forecast period because of the several thermal power generation projects under construction.
- Bharat Heavy Electrical Limited in 2015 began to construct Kothagudem Thermal Power Plant for Telangana state, India. The project included the use of fuel flexible boilers and was completed in 2019.
- Leizhou Thermal Power Project in China has a power generation capacity of 6000 mega-watts (MW). It started in 2015 and is expected to be completed by 2022. This is likely to drive the fuel flexible boiler market in the forecast period.
- Shin Kori Nuclear Power Plant Project Units 4, 5, and 6 in South Korea, is the expansion of Kori Nuclear Power plant by adding three new reactors in it, totally having a power generation capacity of 4200 mega-watts (MW). Reactor 1 was already decommissioned in 2017 while reactors 2 and 3 are to be decommissioned in mid of the 2020s. Construction of reactor 4 started in 2015 and commissioned in 2019. The development of reactors 5 and 6 are under progress and is expected to complete by 2022.
- Hence, from the above points, it can be concluded that Asia-Pacific is going to dominate the fuel flexible boiler market in the forecast period due to several numbers of projects in the future.
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