POWER PLANT BOILER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2025 - 2032)

Global Power Plant Boiler Market Size and Forecast – 2025-2032

The Global Power Plant Boiler Market is estimated to be valued at USD 24.51 Bn in 2025 and is expected to reach USD 36.13 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 5.7% from 2025 to 2032.

Key Takeaways of the Power Plant Boiler Market

• The pulverized fuel combustion segment is projected to account for 45.7% of the global power plant boiler market in 2025, driven by its proven efficiency and versatility in handling multiple fuel types.
• The subcritical segment is expected to capture 31.6% of the market in 2025, supported by its cost-effectiveness and long-standing use in boilers operating below 22.1 MPa.
• The fuel segment accounts for 42.7% of the global power plant boiler market in 2025, with petroleum fuel leading due to its high energy density, existing infrastructure, and flexibility.
• Asia Pacific is expected to lead the global power plant boiler market in 2025 with a 41.8% share, driven by rising electricity demand, expansion of industrial capacity, and strong government investments in energy infrastructure. North America, with a 27.5% share, will be the fastest-growing region, propelled by technological upgrades, modernization of aging power plants, and stricter emission control regulations.

Market Overview

The market trend highlights a significant shift towards adopting advanced boiler technologies that improve thermal efficiency and reduce emissions, aligning with global sustainability goals. Additionally, there is a growing emphasis on integrating renewable energy sources with traditional power plant boilers, fostering hybrid systems that enhance operational flexibility. Manufacturers are also focusing on digitalization, automation, power monitoring system, and power management system to optimize boiler performance and maintenance, which is gradually transforming the power generation landscape.

Current Events and Its Impact

Uncover macros and micros vetted on 75+ parameters: Get instant access to report

Segmental Insights

To learn more about this report, Download Free Sample

Power Plant Boiler Market Insights, By Process - Pulverized Fuel Combustion Segment Dominates the Market Driven by Efficiency and Versatility

The pulverized fuel combustion segment is expected to hold 45.7% share in the global power plant boiler market in 2025, primarily due to its established efficiency and adaptability across a variety of fuel types. Pulverized fuel combustion technology pulverizes solid fuels, mainly coal, into fine particles before combustion, which allows for rapid and complete burning. This efficient fuel utilization translates directly into higher thermal efficiency and better fuel economy, making it the preferred choice for many power plants globally.

The versatility of PFC lies in its ability to adapt to a wide range of fuel sources, including various grades of coal and biomass blends. This flexibility enables power producers to optimize fuel sourcing based on economic and environmental considerations without significant changes to the combustion system. Additionally, advancements in emission control technologies, such as low NOx burners and improved particulate capture methods, have helped pulverized fuel combustion plants align better with stringent environmental regulations, further bolstering their market position.

Power Plant Boiler Market Insights, By Technology - Subcritical Segment Dominates the Market due to its Proven Reliability and Cost-effectiveness

The subcritical segment is projected to hold 31.6% share of the market in 2025, due to their historical prevalence and economic feasibility. Subcritical technology refers to boilers operating below the critical pressure of water (22.1 MPa), where water undergoes phase change from liquid to steam. These boilers have been the cornerstone of thermal power generation for decades and are favored for their straightforward design and operational stability.

The widespread use of subcritical boilers is driven by their relatively lower capital expenditure compared to more advanced supercritical and ultra-critical units. This cost advantage makes subcritical technology particularly attractive in emerging and developing markets where budget constraints and infrastructure challenges prioritize initial affordability and ease of integration over ultra-high efficiency. Power plants using subcritical boilers can also leverage established supply chains and local manufacturing expertise, further reducing costs and complexity.

Power Plant Boiler Market Insights, By Fuel – Petroleum Segment Dominates the Market due to Infrastructure, Energy Density, and Flexibility

The fuel segment is expected to hold 42.7% share of the global power plant boiler market in 2025. Petroleum fuel contributes the highest share, prominently influenced by the fuel’s energy density, established infrastructure, and operational flexibility. Petroleum fuels, including residual fuel oil and distillates, are known for their high energy content per unit volume, which translates into compact storage, efficient transportation, and relatively easy combustion control.

One of the primary drivers behind petroleum’s market share is the extensive and mature supply infrastructure spanning refining, distribution, and fuel storage that many regions have developed over decades. This well-established logistical framework enables power plants to receive consistent fuel supplies without significant bottlenecks, making petroleum an attractive and reliable option, especially in areas where natural gas pipelines or coal supply chains are less developed.

Regional Insights

To learn more about this report, Download Free Sample

Asia Pacific Power Plant Boiler Market Analysis and Trends

The Asia Pacific region is projected to lead the market with a 41.8% share in 2025, driven by the region's expansive industrial base, rapid urbanization, and surging energy demand. Countries like China, India, and Japan have established robust manufacturing ecosystems for boiler technologies, supported by a substantial presence of major power generation utilities. Government policies in this region strongly emphasize expanding power infrastructure, especially coal-fired and renewable energy projects integrating advanced boiler systems.

Moreover, Asia Pacific benefits from a well-integrated supply chain network, easy access to raw materials, and competitive labor costs, which collectively bolster production capacity and innovation. Notable companies, such as Babcock & Wilcox, Dongfang Electric Corporation, and Harbin Boiler Company, play pivotal roles, delivering state-of-the-art boiler systems tailored to regional requirements, including ultra-supercritical boilers and biomass-compatible solutions.

North America Power Plant Boiler Market Analysis and Trends

The North America region is expected to exhibit the fastest growth in the market contributing 27.5% share in 2025, driven by the dual imperatives of modernizing aging power infrastructure and transitioning toward cleaner energy sources. The U.S. and Canada are spearheading initiatives to retire coal-fired plants and replace them with advanced natural gas, biomass, and renewable-integrated boiler systems. Federal and state-level policies, such as the U.S. EPA’s stricter emissions regulations and Canada’s carbon pricing framework, are compelling utilities to adopt high-efficiency, low-emission (HELE) boilers and carbon capture-compatible systems.

The market ecosystem is reinforced by substantial domestic manufacturing capacity and strong R&D investments from leading players like General Electric, Babcock & Wilcox, and Mitsubishi Power Americas. In addition, strategic partnerships with regional utilities and Independent Power Producers (IPPs) are fostering innovation in hybrid and modular boiler solutions tailored to flexible grid demands. Cross-border trade under USMCA ensures technology transfer and steady supply chains, while investment tax credits for clean energy projects further accelerate adoption.

Power Plant Boiler Market Outlook for Key Countries

China Power Plant Boiler Market Trends

China’s power plant boiler market remains at the forefront due to its massive coal-based power generation infrastructure and ongoing shift towards low-emission technologies. Leading domestic manufacturers such as Dongfang Electric and Harbin Boiler benefit from strong government backing designed to enhance boiler efficiency and environmental compliance. The country’s substantial investments in ultra-supercritical and supercritical boilers underscore its focus on reducing carbon footprints while maintaining energy security. China also pursues export opportunities, making it a significant player influencing global market trends through scale and innovation.

India Power Plant Boiler Market Trends

India’s power plant boiler market is expanding steadily, driven by rising electricity demand and government initiatives aimed at expanding thermal and renewable power capacity. State-owned enterprises and private sector players alike invest in modernizing aging boiler infrastructure and incorporating biomass and coal-gasification technologies. Companies, such as Bharat Heavy Electricals Limited (BHEL), have a strong foothold in boiler manufacturing, supported by government incentives facilitating indigenous production. Additionally, India’s focus on “Make in India” enhances local content in boilers and related services while fostering R&D collaborations with global technology providers.

Japan Power Plant Boiler Market Trends

Japan continues to lead with its advanced technology-oriented power sector and emphasis on high-efficiency, low-emission boiler solutions. Japanese manufacturers like Mitsubishi Hitachi Power Systems and Kawasaki Heavy Industries are recognized for pioneering innovative boiler designs that integrate cutting-edge control systems and emissions reduction technologies. The market in Japan is influenced by stringent environmental regulations and continuous modernization of existing plants to meet global standards. Japan also serves as a hub for exporting advanced boiler technologies to other regions, thereby consolidating its position as a technology leader.

Saudi Arabia Power Plant Boiler Market Trends

Saudi Arabia’s power plant boiler market is rapidly evolving under the government’s Vision 2030 framework, which prioritizes diversification and sustainable energy projects. The country’s shift from oil-based power generation towards natural gas and renewable plants is driving the demand for boilers that support combined cycle and solar thermal systems. Major global players, such as GE Power, Siemens Energy, and Ansaldo Energia, play critical roles by supplying customized boiler solutions optimized for the desert climate and specific fuel types. Saudi Arabia’s strategic investments and open trade policies encourage technology transfer and project financing, fueling market expansion.

South Africa Power Plant Boiler Market Trends

South Africa’s power plant boiler market is influenced by its reliance on coal-based power plants amidst efforts to incorporate cleaner technologies and expand renewable energy capacities. Eskom, the country’s leading utility, works closely with regional and international boiler manufacturers like Doosan Lentjes and Babcock & Wilcox to upgrade existing facilities with advanced boiler technologies that emphasize efficiency and emissions control. Government initiatives support the rehabilitation of aging infrastructure while balancing energy security with environmental responsibilities. International cooperation and financing schemes aid the introduction of innovative boiler models suited for local coal qualities and grid demands.

Macro and Micro Factors Impacting on Power Plant Boiler Market Growth

Macro Factors

• Energy Demand: Rapid urbanization, industrialization, and population growth across developing economies (notably China and India) are driving up electricity consumption, necessitating expansion and upgrades of power plants.
• Regulatory Environment: Stricter emissions standards and environmental laws (like the Clean Air Act in the U.S.) are pushing the adoption of cleaner and efficient boiler technologies.
• Technological Advancements: Shifts toward high-efficiency, low-emission boilers, and digital automation (IoT, AI, machine learning) support operational excellence and compliance, while encouraging market penetration.
• Government Investments: Massive capital allocation for infrastructure replacement, refurbishment, and new construction (over US$ 9 trillion estimated globally from 2014–2030), particularly in emerging economies.
• Transition to Renewables: A global move from coal toward biomass, natural gas, and renewables is redefining product requirements and creating new opportunities for manufacturers.
• Economic Trends: Global and regional economic health affects funding and the scale of new power generation projects, influencing demand cycles.

Micro Factors

• Company Strategy: Upgrades, retrofits, and maintenance improve operational efficiency and compliance, directly impacting profitability and competitiveness for plant operators.
• Product Innovation: Advanced boilers (multi-tube, modular, once-through designs) and smart monitoring systems (IoT sensors, predictive maintenance) offer higher efficiency, reliability, and lower emissions, boosting buyer interest.
• End-User Needs: Growing commercial, industrial, and residential electricity use, including demand for uninterrupted power and advanced appliances, increase market size.
• Cost Structure: High initial investment and maintenance costs can challenge market growth for some operators, as boiler installation and operation are capital-intensive processes.

Market Players, Key Development, and Competitive Intelligence

To learn more about this report, Download Free Sample

Key Developments

• In August 2024, Bharat Heavy Electricals Limited (BHEL) secured a significant EPC contract from Damodar Valley Corporation (DVC) to develop a 2x800 MW supercritical thermal power project.
• In August 2024, Babcock & Wilcox Enterprises, Inc. won a USD 25 million contract to modernize boilers, replace pressure components, and deliver outage and maintenance services at a U.S. thermal power facility.
• In July 2024, the Thermax Group obtained an order worth around USD 67 million from a major conglomerate to construct a 600 MW energy project in Botswana.
• In May 2024, Mitsubishi Heavy Industries, Ltd. and CONSAG Engenharia entered into an agreement with Portocem and New Fortress Energy to execute the EPC of the Portocem Thermoelectric Power Plant in Brazil.
• In April 2024, Dongfang Electric Corporation (DEC) announced the appointment of Ms. Zhang Yanjun as President following board approval. Ms. Zhang, an accomplished leader with expertise in power engineering and thermophysics, brings deep industry experience to the role.

Top Strategies Followed by Global Power Plant Boiler Market Players

• Established market leaders invest heavily in research and development (R&D) to innovate and bring high-performance, energy-efficient products to market. These companies prioritize technological advancements to meet stringent environmental regulations and evolving customer demands, thereby maintaining a competitive edge. To further consolidate their dominance, leading players are actively expanding their global footprint by broadening distribution channels and entering emerging markets, such as Asia Pacific and Africa, where industrial growth drives boiler demand.
  • For example, Mitsubishi Power developed advanced ultra-supercritical boilers capable of achieving higher efficiency and lower CO₂ emissions, aligning with strict EU and Japanese regulations.

• Mid-level players in the power plant boiler market adopt a different, yet effective, competitive stance by focusing on delivering cost-effective solutions that strike a balance between quality and affordability. Recognizing a substantial segment of price-sensitive consumers, these companies tailor their products to offer reliable performance at lower price points, thereby tapping into markets that prioritize budget constraints without compromising basic performance standards. To enhance their operational capabilities and market presence, mid-tier firms often engage in strategic collaborations and partnerships that facilitate technology sharing and optimize production processes.
  • For example, Shanghai Electric collaborates with local utilities in Asia Pacific through joint ventures to deploy low-cost coal-fired and biomass boilers, striking a balance between performance and budget.

• Smaller-scale players in the global power plant boiler market differentiate themselves by targeting niche segments and emphasizing specialized or innovative product features. These firms often pursue cutting-edge technologies—such as modular designs, advanced materials, or digital monitoring systems—to stay competitive despite limited resources. Their agility allows them to quickly adapt to emerging technological trends and customer-specific demands, carving out distinct positions within regional or specialized market segments. To gain market entry and enhance visibility, small players typically form local alliances with startups, regional manufacturers, or distributors.
  • For example, Hangzhou Boiler Group develops industrial boilers with modular designs suitable for small-scale thermal power stations and industrial plants in China.

Market Report Scope

Power Plant Boiler Market Report Coverage

Power Plant Boiler Market Dynamics

To learn more about this report, Download Free Sample

Power Plant Boiler Market Driver - Increasing Demand for Electricity due to Population Growth and Industrialization

The increasing global population combined with rapid industrialization is significantly fueling the demand for electricity, which, in turn, drives the need for efficient and reliable power plant boilers. As more people require access to electricity for residential, commercial, and infrastructural purposes, power generation facilities are compelled to expand their capacity and improve operational efficiency. Industrial development, especially in emerging economies, further accelerates this trend by intensifying electricity consumption across manufacturing, processing, and heavy industries. This heightened energy demand necessitates the deployment of advanced boilers capable of handling diverse fuel types and operating at higher efficiencies to meet stringent environmental regulations.

For instance, in India, electricity demand surged by over 8% in 2023, driven by rapid urbanization, population growth, and expansion of manufacturing hubs, compelling utilities like NTPC Ltd. to expand power generation capacity through new coal- and gas-fired boilers.

Power Plant Boiler Market Opportunity - Technological Advancements in Boiler Efficiency and Emissions Reduction

The global power plant boiler market stands at the cusp of significant transformation driven by rapid technological advancements aimed at enhancing boiler efficiency and minimizing emissions. Innovations in materials science and engineering have led to the development of advanced high-pressure and ultra-supercritical boilers that operate at higher temperatures and pressures, resulting in improved thermal efficiency and reduced fuel consumption. Integration of cutting-edge control systems, such as AI-driven predictive maintenance and automation, further optimizes boiler performance, minimizing downtime and operational costs.

For instance, according to the International Energy Agency's Coal 2023 report, implementing high-efficiency, low-emission (HELE) coal technologies can reduce CO₂ emissions by 35% compared to subcritical plants, while advanced supercritical technologies are achieving efficiency rates exceeding 45%. Current trends indicate accelerating adoption of digital monitoring systems, artificial intelligence-driven predictive maintenance, and smart combustion control technologies that optimize boiler performance in real-time, ensuring maximum efficiency and minimal environmental impact.

Analyst Opinion (Expert Opinion)

• The global power plant boiler market is poised for transformation, driven by the urgent need for cleaner energy solutions and advancements in boiler technology. Insights from the Power-Gen International Conference (2023) and the International Boiler Conference (2022) revealed significant trends, with companies like Siemens Energy and GE Power leading the way in developing high-efficiency, low-emission boiler systems.
• Siemens’ recent introduction of its ultra-supercritical boiler technology exemplifies the industry's shift toward maximizing efficiency while minimizing environmental impact. Discussions at these conferences highlighted the importance of integrating renewable energy sources, particularly biomass and solar, into boiler operations to meet regulatory targets. However, challenges such as the need for substantial capital investment and regulatory compliance were acknowledged as barriers to adoption.
• Companies that invest in R&D for hybrid systems and focus on retrofitting existing infrastructure will likely gain a competitive edge. Ultimately, the future of the power plant boiler market will depend on its ability to innovate and adapt to the evolving energy landscape while addressing the pressing demand for sustainability and efficiency in power generation.

Market Segmentation

• Process Insights (Revenue, USD Bn, 2020 - 2032)
  • Pulverized fuel combustion
  • Fluidized bed combustion
  • Others
• Technology Insights (Revenue, USD Bn, 2020 - 2032)
  • Subcritical
  • Supercritical
  • Ultra-critical
• Fuel Insights (Revenue, USD Bn, 2020 - 2032)
  • Petroleum
  • Nuclear
  • Natural gas
  • Coal
  • Renewables
• Regional Insights (Revenue, USD Bn, 2020 - 2032)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • General Electric Company
  • Siemens AG
  • Mitsubishi Hitachi Power Systems
  • Babcock & Wilcox Enterprises, Inc.
  • Alstom SA
  • Foster Wheeler AG
  • Doosan Heavy Industries & Construction
  • Thermax Limited
  • Hitachi, Ltd.
  • Burns & McDonnell
  • Veolia Environnement S.A.
  • Hurst Boiler & Welding Company, Inc.
  • ANDRITZ AG
  • Babcock International Group
  • SPX Corporation

Sources

Primary Research Interviews

• Plant Engineering Head – Leading Thermal Power Plant Operator
• Procurement Manager – Global Utility & Energy Provider
• Boiler Technology Director – Major Boiler OEM
• Sustainability Manager – Power Sector Regulatory Body

Stakeholders

• Manufacturers: Boiler OEMs, component & accessory makers
• End-use Sectors:
• Thermal Power Plants (coal, gas, biomass)
• Nuclear Power Plants
• Industrial Utilities (chemicals, steel, cement, etc.)
• Regulatory & Certification Bodies
• EPC Contractors (Engineering, Procurement, and Construction firms)
• Energy Utilities & Grid Operators
• Technology Integration Players: AI- and IoT-based predictive maintenance solution providers

Databases

• International Energy Agency (IEA) Database
• U.S. Energy Information Administration (EIA) Data Sets
• UN Comtrade Database (Boiler & Boiler Parts Trade Flows)
• India Import Export (EXIM) Database

Magazines

• Power Engineering International – Boiler technologies and efficiency trends
• Modern Power Systems – Thermal plant and boiler technology insights
• Utility Week – Power sector developments
• Energy Central – Boiler upgrades and digitalization
• Thermal Power News – Global boiler project updates

Journals

• Applied Thermal Engineering – Research on advanced boiler designs
• International Journal of Energy Research – Boiler efficiency & fuel integration studies
• Energy Policy Journal – Regulations and market policies for power plants
• Journal of Power Technologies – Case studies on boiler performance

Newspapers

• The Financial Times – Global power plant investments and energy market
• The Guardian – Environmental regulations and emission norms in power generation
• Economic Times Energy World – Indian power sector and boiler market
• China Daily Energy Section – Boiler market trends in Asia-Pacific

Associations

• American Society of Mechanical Engineers (ASME) – Boiler codes and standards
• International Energy Agency (IEA) – Policy & technology trends
• Indian Boiler Board (IBB) – Boiler regulation and certification in India
• European Committee for Standardization (CEN) – Boiler compliance in Europe
• Clean Energy Council – Sustainable boiler and energy practices

Public Domain Sources

• U.S. Department of Energy (DOE) – Boiler technologies and clean energy reports
• Central Electricity Authority (India) – Power plant boiler statistics and policy guidelines
• International Energy Agency (IEA) – Efficiency, emission, and energy transition data

Proprietary Elements

• CMI Data Analytics Tool, Proprietary CMI Existing Repository of information for last 8 years.