Introduction
The market size of field erected boiler is expected to grow at a CAGR of XX% during the forecast period. The report provides a detailed analysis of the market share, demand & supply, competition landscape, and other key factors.
The report also offers an in-depth analysis of the future prospects of the market size of field erected boiler. It provides a detailed overview of the industry, including its history, growth potential, major players, and key trends.
Market Analysis of Field Erected Boiler
The rising demand for power generation from renewable sources is one of the major factors driving the growth of the field erected boiler market. The growing environmental concerns and the need to reduce carbon emissions are also expected to fuel the demand for field erected boilers.
However, the high cost of these boilers is expected to restraint the market growth. Moreover, the stringent government regulations regarding emissions from these boilers are also challenging the market growth.
The Field Erected Boiler market is segmented by type, application, and geography. Based on type, the market is classified into fossil fuel-fired and biomass-fired. The applications covered in this study include power generation, process industries, and others. Geographically, the market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Growth Drivers and Challenges
The major factors driving the growth of the market include the increasing demand for power generation from developing economies and the growing need for process steam in various industries. However, the high cost of installation and maintenance is expected to restraint the market growth over the forecast period.
Regional Analysis
The boiler market is classified into the US, Europe, Asia-Pacific, South America, and the Middle East & Africa. The US holds the largest market share in terms of both value and volume, followed by Europe.
The field erected boiler market in the US is expected to grow at a CAGR of 3.5% from 2019 to 2025. The primary growth drivers for this market are the growing demand for power generation from natural gas and renewable sources, and the need for efficient and clean power generation.
In Europe, the field erected boiler market is expected to grow at a CAGR of 2.8% from 2019 to 2025. The major growth drivers for this market are the stringent emission norms set by the European Union and the growing preference for renewable energy sources.
The Asia-Pacific field erected boiler market is expected to grow at a CAGR of 5.1% from 2019 to 2025. The primary growth drivers for this market are the increasing industrialization and urbanization in developing countries such as China and India, and the growing demand for power generation from coal-fired power plants.
The South American field erected boiler market is expected to grow at a CAGR of 4.6% from 2019 to 2025. The major growth driver for this market is the increasing demand for power generation from hydropower plants in Brazil and Argentina.
Competitive Landscape
The global field-erected boiler market is fragmented with the presence of several small and large manufacturers. Key players in the market include Babcock & Wilcox Enterprises, Inc., General Electric Company, Harbin Electric International Company Limited, Hitachi, Ltd., Mitsubishi Heavy Industries, Ltd., and Siemens AG. These companies hold a significant share in the global field-erected boiler market.
Babcock & Wilcox Enterprises, Inc. is one of the leading manufacturers of boilers and related products in the world. The company offers a wide range of products for different applications including power generation, industrial, and others. It has a strong presence in North America and Europe with manufacturing facilities in the United States, Canada, Germany, Sweden, China, and India.
General Electric Company is another leading player in the field-erected boiler market. The company offers a wide range of products for different applications such as power generation, oil & gas production & processing, petrochemical refining & processing, mining & metals production & processing among others. It has manufacturing facilities across North America (United States and Canada), Europe (Germany), Asia Pacific (China and India), Latin America (Brazil) and Middle East & Africa (Saudi Arabia).