Circulating Fluidized Bed (CFB) Boilers Market Set for Rapid Growth and Trend, by 2023
The global circulating fluidized bed boilers market is expected to expand at a staggering CAGR of 11.5% during 2015 to 2023, says an upcoming report by Transparency Market Research (TMR).
Growing concerns over carbon emission is expected to drive the global circulating fluidized bed boilers market. This is because circulating fluidized bed boilers have low heating properties that minimize the harmful emissions.
On the basis of segmentation, in terms of applications, the global circulating fluidized bed boilers market is segmented into oil and gas, chemicals, and manufacturing. Of these, oil and gas is expected to dominate the market due to fuel flexibility it offers. This may push the global circulating fluidized bed boilers market to expand in the upcoming years.
In terms of feedstock, the global circulating fluidized market is segmented into biomass, peat, and coal. Among these, the coal segment is expected to lead the market during the forecast period. This is mainly due to the abundant availability of coal at a cheaper cost.
Power Industry to Boost Circulating Fluidized Bed Boilers Market
The circulating fluidized bed boilers can benefit the power sector in many ways, owing to the expansion of the global circulating fluidized bed boilers market.
Circulating fluidized bed provides higher efficiency in coal fired power by reducing the green house emission. This leads to high steam efficiency which further leads to better performance, thus aiding in the global circulating fluidized bed boilers during the upcoming years.
Further, when there is less carbon emission there are possibilities that more communities, more regions, and more countries may adopt this kind of coal powered fluidized bed boilers. This might lead to various growth opportunities in the global circulating fluidized bed boilers in the upcoming years.
One of the classic examples is Malaysia leading towards being one of the world leaders in boosting demand for coal power energy generation. According to one of the recent studies, Malaysia will adopt the coal as main fuel for energy from 2015 to 2023. This may further expand the global circulating fluidized bed boilers in the forthcoming years.
The high cost of maintenance may hamper the growth in the global circulating fluidized bed boilers market over the forecast period. Nevertheless, the growing demand for clean energy may increase the growth avenues in the global circulating fluidized bed boilers market.
Asia Pacific to Emerge as a Dominant Region
Asia Pacific is likely to position itself as a leader in the global circulating fluidized bed boilers market. The growth in this region can predominantly be due to rising demand for energy due to rapid industrialization. There is a huge need to adopt sustainable methods of energy generation. The majority of the demand is expected to come from India and China, owing to their growing population and growing demand to meet the energy demands.
Among the developed economies, North America is expected to boost the demand for circulating fluidized bed boilers. The growth can be attributed to better awareness and emphasis on clean energy.
Some of the stalwarts operating in the global circulating fluidized bed boilers market include AE&E Nanjing Boiler Co. Ltd., Babcock & Wilcox Enterprises Inc., DongFang Boiler Group Co. Ltd., Amec Foster Wheeler plc, Alfa Laval AB, and Bharat Heavy Electricals Ltd.
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