Circulating Fluidized Bed Boiler Market Projected to Hit $1,042.0 Million by 2030

Circulating Fluidized Bed Boiler Market

Circulating Fluidized Bed Boiler Market

The increasing demand for cost effective and clean fuel combustion technology is driving the growth of the global market for circulating fluidized bed boilers.

PORTLAND, OREGON, UNITED STATES, Nov. 9, 2021 /EINPresswire.com/ – The global Circulating Fluidized Bed Boiler market was estimated at $ 450.4 million in 2020 and is projected to reach $ 1,042.0 million by 2030 , with an annual growth rate of 8.8% from 2021 to 2030. The CFB boiler offers several advantages over other convection boilers, such as feed points for fuel. This factor is expected to create worthwhile opportunities for the expansion of the circulating fluidized bed boiler market.

The circulating fluidized bed boiler market is segmented based on product, capacity, fuel type, application, and region. Depending on the product, the market is divided into subcritical, supercritical and ultra supercritical. The subcritical grades segment dominated the world market in terms of sales in 2020 with over two thirds of the total. Subcritical circulating fluidized bed boilers require a minimum temperature of around 500 degrees Celsius to burn the fuel. Petroleum coke, straw, oil pitch and fuel with an ash content can also be used as fuel.

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According to capacity, the market for circulating fluidized bed boilers is divided into less than 100 MW, 100–200 MW, 200–300 MW and 300 MW and more. The 100–200 MW segment dominated the world market in terms of sales in 2020 with over four ninths of the total. Circulating fluidized bed boilers with a capacity of 100-150 MW are widely used in thermal power plants due to its advantages such as low calorific ignition value, anti-erosion and minimal environmental emissions.

By fuel type, the circulating fluidized bed boiler market is divided into coal, biomass, and others. The coal fuel segment dominated the world market in terms of sales in 2020 with over three quarters of the total. A circulating fluidized bed boiler using coal as fuel offers several advantages over other types of fuel, such as improved firing performance, minimal emissions, improved heat absorption and anti-erosion.

Depending on the application, the market is divided into energy & electricity, industry and others. In 2020, the Energy & Power application segment dominated the world market in terms of sales with over four fifths of the total. In developing and other industrialized countries, new coal-fired thermal power plants are being built to meet the growing demand for energy and electricity sources.

From a regional perspective, the market for circulating fluidized bed boilers is analyzed in North America, Europe, the Asia-Pacific region and in LAMEA. The Asia-Pacific Circulating Fluidized Bed Boiler market size is expected to grow with the highest CAGR during the forecast period, accounting for a 60% market share for Circulating Fluidized Bed Boilers in 2020. The constant technological advancement in the Asia-Pacific region has led to the development of new circulating fluidized bed boilers. For example, ANDRITZ has developed a new boiler with a circulating fluidized bed that offers maximum efficiency and runs on biomass as fuel. This circulating fluidized bed boiler was shipped to Japan.

Major players in the global Circulating Fluidized Bed Boiler market include Mitsubishi Power, JFE Engineering Corporation, Valmet, Andritz, Industrial Boilers America, Alstom, Sumitomo Heavy Industries Ltd., Babcock & Wilcox Enterprise Inc., Thermodyne Engineering Systems, and EBARA Environmental Plant Co . Ltd.

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COVID-19 analysis

The novel coronavirus is an unparalleled global pandemic that has spread to over 180 countries and has caused enormous loss of life and the economy around the world.

The circulating fluidized bed boiler market has been negatively impacted by the COVID-19 pandemic due to its reliance on oil and gas, energy and electricity, and other industrial sectors.

According to a report published by the Energy and Economic Growth Survey, the oil and gas sector is among the worst hit sectors, with an average decline of -2.8% in 2020. In addition, more than 100 countries have closed their international borders to transportation and non-essential trading activities that have disrupted the demand and supply in the circulating fluidized bed boiler market.

In addition, the temporary shutdown of oil refineries during the COVID-19 period has reduced the consumption of circulating fluidized bed boilers for burning a variety of fuels. According to a report released by India’s Ministry of Petroleum and Natural Gas, Central Public Sector Refineries (CPSE) produced 7,103.76,000 tons of crude oil in April 2020, which is 28.91% below target for the month and 36.93% lower than the production achieved in the corresponding month of 2019. This has severely impacted the demand for circulating fluidized bed boilers under oil refineries during the COVID-19 situation. In addition, factors such as financial stress, decreased demand and disruptions in the power supply chain have negatively impacted the electricity sector, which in turn has reduced the demand for circulating fluidized bed boilers in the COVID-19 scenario.

However, the growth in global energy demand and fuel consumption is expected to drive the growth of the circulating fluidized bed boiler market under the COVID-19 scenario. For example, according to a report released by the US Energy Information Administration, the Organization of Petroleum Exporting Countries (OPEC) crude oil production is expected to increase to an average of 28.7 million barrels per day by 2022 as the US, China, India and others are constantly busy to maximize their refining capacities where circulating fluidized bed boilers are widely used for fuel combustion purposes. For example, Numaligarh Refinery Limited (NRL) increased its refining capacity from 3MMTPA to 9MMTPA (million metric tons per year) in February 2021. This is expected to improve the performance of the Circulating Fluidized Bed Boiler market after the COVID-19 scenario.

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David Correa
Allied Analytics LLP
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