Rising Energy Demand Fuels Power Plant Boiler Market Growth to $31.1 Billion by 2031

Rising power demand, aging plant replacements, and energy efficiency needs drive steady growth in the power plant boilers market.

WILMINGTON, DE, UNITED STATES, July 9, 2025 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Power Plant Boiler Market," The power plant boiler market size was valued at $19.0 billion in 2021, and power plant boiler industry is estimated to reach $31.1 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.

A power plant boiler is an essential component of thermal power plants, designed to convert water into high-pressure steam through the application of heat. This steam is then directed to drive turbines, which in turn generate electricity. Operating at elevated temperatures and pressures, power plant boilers play a vital role in the efficient production of electrical energy.

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The power plant boiler market is primarily driven by the increasing global demand for electricity due to rapid urbanization, industrialization, and population growth. Developing nations are witnessing a surge in energy consumption, prompting governments to invest in new power plants and modernize aging thermal power infrastructure. Power plant boilers remain vital in thermal power generation, especially in coal- and gas-based plants, due to their ability to generate high-pressure steam efficiently.

Technological advancements in boiler systems have led to the development of supercritical and ultra-supercritical boilers that offer higher efficiency and reduced emissions. These innovations are particularly important in regions committed to lowering their carbon footprint while meeting energy demands. The growing focus on reducing greenhouse gas emissions has accelerated the adoption of cleaner and more efficient boiler technologies.

Government regulations on emissions and environmental concerns are pushing power producers to upgrade older boilers or shift toward renewable and cleaner power generation alternatives. However, in many regions where coal continues to be a major source of energy, retrofitting older plants with modern boilers is seen as a transitional solution to balance energy demands and emission targets.

Despite the ongoing transition to renewables, the cost of installing and maintaining advanced boiler systems poses a challenge, especially in price-sensitive markets. The high capital expenditure and long return on investment periods associated with power plant boilers can deter smaller utilities and regional power producers.

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Nevertheless, opportunities abound with the growing adoption of biomass and waste-to-energy power plants. The rise in demand for decentralized energy systems and increasing investments in sustainable energy projects worldwide are expected to positively impact the power plant boiler market. With appropriate policy support and technological innovation, the market is poised for steady growth during the forecast period.

Segment Overview
The power plant boiler market analysis is segmented based on type, technology, fuel type, and application. By type, the market includes pulverized fuel boilers, circulating fluidized bed (CFB) boilers, and others. Based on technology, it is categorized into subcritical, supercritical, and ultra-supercritical. In terms of fuel type, the market is divided into coal, natural gas, oil, biomass, and others. Applications include thermal power plants, industrial utilities, and others. Among these, supercritical and ultra-supercritical boilers are witnessing rapid growth due to their high efficiency and compliance with stringent emission norms.

Asia-Pacific dominates the power plant boiler market, driven by heavy investments in energy infrastructure across countries like China, India, and Southeast Asian nations. Rapid industrialization, population growth, and rising power demand in the region are key contributors. China’s significant coal dependency and efforts to modernize existing plants further strengthen the market. Additionally, India's “Power for All” initiative and increasing energy capacity installations are driving the demand for advanced power plant boilers.

In North America and Europe, stringent environmental regulations and a focus on reducing carbon emissions are prompting upgrades to cleaner and more efficient boiler systems. The U.S. market is seeing moderate growth due to the transition to natural gas and the retirement of older coal plants. In Europe, investments in biomass and waste-to-energy projects are contributing to steady growth. Meanwhile, the Middle East and Africa region is experiencing an uptick in demand due to infrastructure development and the expansion of industrial zones.

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Competitive Analysis
The power plant boiler market is highly competitive, with key players focusing on innovation, strategic partnerships, and geographical expansion to strengthen their market position. Leading companies include General Electric, Mitsubishi Hitachi Power Systems, Siemens Energy, Babcock & Wilcox Enterprises, and Doosan Heavy Industries. These players are investing in R&D to develop high-efficiency, low-emission boiler technologies to align with global sustainability goals.

Strategic collaborations between OEMs and power utilities are driving growth through the integration of advanced monitoring and automation technologies in boiler systems. Mergers, acquisitions, and long-term service agreements are common strategies employed by major firms to enhance their product offerings and capture a larger share of the global market.

Key findings of the study
• Supercritical and ultra-supercritical boilers are witnessing strong demand due to improved efficiency and reduced emissions.
• Asia-Pacific dominates the market, led by China and India’s ongoing power infrastructure expansion.
• Biomass and waste-to-energy power plants are creating new growth avenues for power plant boiler manufacturers.
• High capital investment and long ROI periods are major challenges in market expansion.
• Leading players are focused on innovation, digital integration, and strategic alliances to remain competitive.

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David Correa
Allied Market Research
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