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Global Boiler, Turbine and Generator (BTG) for Thermal Power Plant Market Size By Component, By Fuel Type, By Application, By Geographic Scope And Forecast

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Boiler, Turbine and Generator (BTG) for Thermal Power Plant Market Size And Forecast

Boiler, Turbine and Generator (BTG) for Thermal Power Plant Market size was valued at USD 64.82 Billion in 2023 and is projected to reach USD 87.54 Billion by 2030, growing at a CAGR of 4.8% during the forecast period 2024-2030.

Global Boiler, Turbine and Generator (BTG) for Thermal Power Plant Market Drivers

The market drivers for the Boiler, Turbine and Generator (BTG) for Thermal Power Plant Market can be influenced by various factors. These may include

  • Growing Global Energy Demand As a result of urbanization, industrialization, and population increase, there is an increasing need for additional thermal power plants to meet the world’s electrical needs. Thermal power plants require BTG components, such as boilers, turbines, and generators, in order to generate electricity.
  • Increasing Power Generation Capacity In order to fulfill the growing demand for energy, governments and utilities around the world are making investments to increase power generation capacity. The need for BTG components is driven by the development of new thermal power plants and the renovation of existing ones.
  • Transition to Cleaner Coal Technologies With the energy industry placing a greater emphasis on environmental sustainability, cleaner and more effective coal technologies, like supercritical and ultra-supercritical steam cycles, are becoming more prevalent. This shift is facilitated by modernizing existing thermal power plants or constructing new ones with enhanced BTG components.
  • Integration of Renewable Energy Thermal power plants are essential for supplying baseload electricity to offset the intermittent nature of renewable energy sources. It is more crucial for preserving grid stability to have dependable and adaptable BTG components as renewable energy is integrated into power networks.
  • Technological Developments Continuous improvements to boiler, turbine, and generator technology increase performance overall, lower emissions, and boost efficiency. More eco-friendly and effective BTG systems are being developed thanks to advancements in materials science, design, and control systems.
  • Government efforts and Policies The growth of thermal power plants is influenced by government efforts and policies, which include regulatory frameworks, subsidies, and incentives. Growth in the market is fueled by supportive policies that encourage the deployment of cutting-edge BTG technology and increase energy security.
  • Growing Investments in Power Infrastructure The market for BTG components is driven by rising investments in power infrastructure projects, especially in emerging nations. Market expansion is facilitated by measures for infrastructure development and the necessity of addressing gaps in access to electricity.
  • Growing Industrialization The need for thermal power generation is driven by the industrial sector’s growing power consumption, notably in industries like mining, petrochemicals, and manufacturing. For industrial establishments to meet their electrical needs, BTG components are necessary.
  • Dependable Baseload Power Source Thermal power plants with BTG components installed offer a dependable baseload power source that guarantees a steady and uninterrupted flow of electricity. In order to meet the energy needs of users in the residential, commercial, and industrial sectors, this reliability is essential.
  • Needs for Replacement and Upgradation In order to improve efficiency, lower emissions, and adhere to changing environmental regulations, it is necessary to replace or upgrade aging power plants and equipment. To satisfy current standards, it becomes imperative to retrofit existing factories with cutting-edge BTG components.

Global Boiler, Turbine and Generator (BTG) for Thermal Power Plant Market Restraints

Several factors can act as restraints or challenges for the Boiler, Turbine and Generator (BTG) for Thermal Power Plant Market. These may include

  • Environmental Issues and Regulations Conventional thermal power plants face difficulties as a result of strict environmental laws designed to lower carbon emissions and promote cleaner energy sources. The cost-effectiveness of BTG components is impacted by the need to make additional investments in pollution control technology in order to comply with emissions requirements.
  • Transition to Renewable Energy Conventional thermal power plants face competition from the worldwide drive toward renewable energy sources like solar, wind, and hydropower. Funds from new BTG installations may be diverted to renewable energy projects, particularly in areas where sustainable energy transitions are prioritized.
  • Growing Adoption of Gas-based Power Generation The market for coal-fired BTG components is impacted by the growing use of gas-based power generation technologies, which are thought to be more ecologically friendly than coal-based plants. The use of gas turbine technology is growing, especially in combined cycle power plants.
  • Investment expenses and Financing Difficulties Building new thermal power plants, which include BTG components, can come with high upfront capital expenses. Large-scale project financing can be difficult to come by, particularly in areas where shorter payback periods and lesser risk are preferred.
  • Fears Regarding Fuel Availability and Security The economics of thermal power projects can be impacted by the availability and security of fuel supplies, particularly for coal-fired power plants. The choice to invest in new BTG installations may be influenced by worries about supply chain disruptions, logistics of transportation, and volatility in fuel prices.
  • Public Opposition and Social Acceptance The construction of new thermal power plants may encounter opposition from nearby communities and environmental advocacy organizations. Project delays or cancellations may result from public concerns regarding land use, air pollution, and the environmental effects of coal-fired power plants.
  • Technological Obsolescence In the long run, conventional thermal power plants may become less appealing due to the quick improvements in energy technology, such as energy storage and smart grid solutions. The possibility of technical obsolescence may have an impact on BTG components’ long-term viability.
  • Extensive Project Lead Times Thermal power projects, which include BTG components, can have extensive lead times during the design, permitting, and construction phases. Delays in project execution, licensing, and regulatory approvals can affect when new facilities are commissioned on schedule.
  • Challenges with Transmission and Distribution There may be obstacles with the transmission and distribution infrastructure when connecting new thermal power plants to the current electrical grid. Increasing or upgrading the grid’s capacity to handle more power generation could provide logistical and legal challenges.
  • Competitive Landscape and Market Saturation The global market for BTG components is characterised by a competitive landscape and potential problems arising from market saturation. Strong rivalry between manufacturers and suppliers could result in lower profit margins and pressure on prices.

Global Boiler, Turbine and Generator (BTG) for Thermal Power Plant Market Segmentation Analysis

The Global Boiler, Turbine and Generator (BTG) for Thermal Power Plant Market is Segmented on the basis of Component, Fuel Type, Application, And Region.

Boiler, Turbine and Generator (BTG) for Thermal Power Plant Market, By Component

  • Boilers This section covers many types of boilers that meet different fuel types and efficiency needs. Examples of these boilers are power boilers, water tube boilers, and fluidized bed boilers.
  • Turbines The most common type in this category are steam turbines, which are categorized according to the steam conditions into high-pressure, intermediate-pressure, and low-pressure turbines. In combined cycle power plants, gas turbines are increasingly becoming more popular.
  • Generators This section covers generators with different capacity and features, such as hydro generators, turbogenerators, and synchronous generators.

Boiler, Turbine and Generator (BTG) for Thermal Power Plant Market, By Fuel Type

  • Coal-fired Once the biggest market, but now facing difficulties because of restrictions and environmental concerns.
  • Gas-fired A growing market since it produces less emissions and is more efficient than coal.
  • Oil-fired This category is in decline because of rising fuel prices and environmental issues; it is mostly used for peak demand or backup power.
  • Biomass-fired Biomass-fired power stations are becoming more popular as a renewable energy source, although they still have scale and fuel availability issues.

Boiler, Turbine and Generator (BTG) for Thermal Power Plant Market, By Application

  • Baseload Power Generation Baseload power generation is the process of continuously supplying electricity, usually using large-scale gas and coal-fired power plants.
  • Peaking Power Generation Utilizing hydroelectric or gas turbines to quickly start in order to meet transient surges in demand.
  • Cogeneration Using biomass or waste heat, this technique generates both thermal energy and electricity for use in industrial processes.

Boiler, Turbine and Generator (BTG) for Thermal Power Plant Market, By Geography

  • Asia Pacific The largest and fastest-growing market, driven by rising energy demand and swift economic growth.
  • Europe An advanced market that prioritizes incorporating renewable energy sources and modernizing the current infrastructure.
  • North America A comparatively steady market where environmental rules and greener technologies are becoming more important.
  • The rest of the world emerging markets that have a lot of promise but are having trouble funding and developing their infrastructure.

Key Players

The major players in the Boiler, Turbine and Generator (BTG) for Thermal Power Plant Market are

  • Siemens (Germany)
  • General Electric (US)
  • Alstom (France)
  • Mitsubishi Hitachi Power Systems (Japan)
  • Doosan Heavy Industries (South Korea)
  • Bharat Heavy Electricals Limited (India)
  • Shanghai Electric Group Company Limited (China)
  • Harbin Electric Corporation Limited (China)
  • IHI Corporation (Japan)
  • Babcock International Group plc

Report Scope

REPORT ATTRIBUTESDETAILS
STUDY PERIOD

2020-2030

BASE YEAR

2023

FORECAST PERIOD

2024-2030

HISTORICAL PERIOD

2020-2022

UNIT

Value (USD Billion)

KEY COMPANIES PROFILED

Siemens (Germany), General Electric (US), Alstom (France), Mitsubishi Hitachi Power Systems (Japan), Doosan Heavy Industries (South Korea), Bharat Heavy Electricals Limited (India), Shanghai Electric Group Company Limited (China)

SEGMENTS COVERED

By Component, By Fuel Type, By Application, By Geography

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