; Circulating Fluidized Bed Boilers Market size, share, trend 2034.

Circulating Fluidized Bed Boilers Market

Circulating Fluidized Bed Boilers Market Size, Share, and Analysis, By Type (Subcritical, Supercritical, and Ultra-Supercritical), By Feedstock (Coal, Biomass, and Others), By Capacity (Less than 100 MW, 100-200 MW, 200-300 MW, and 300 MW & Above), By Application (Energy & Power, Industrial, and Others), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034

Published on: Jan-2024
Report Code: FG EP 01833
No. of Pages: 170-350
Report Format: PDF

Circulating Fluidized Bed Boilers Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 0.39 billion and is projected to reach USD 1.18 billion by the completion of 2034.

Product Overview

Circulating Fluidized Bed (CFB) boilers are advanced combustion systems that are used for steam or power generation. They operate by suspending and rotating a bed of granular materials (such as sand or limestone) within the boiler, causing it to become fluidized. This unique arrangement improves heat transfer and mixing, which increases combustion efficiency. CFB boilers supply fuel, such as coal or biomass, into the boiler along with an inert material, forming a fluidized bed in which combustion occurs at lower temperatures than in standard boilers. The turbulence within the bed effectively absorbs sulfur and nitrogen pollutants, thereby reducing environmental impact. Furthermore, CFB boilers offer flexibility in fuel selection, require less limestone for emission control, and have reduced maintenance requirements. Their widespread application in power plants and industries is due to their efficiency and environmental benefits, which makes them essential in sustainable energy production.

Market Highlights

Circulating Fluidized Bed Boilers Market is expected to demonstrate a Compound Annual Growth Rate (CAGR) of 10.6% throughout the forecast period spanning from 2024 to 2034

Circulating Fluidized Bed Boilers Market is projected to reach USD 1.18 billion during the forecast period, due to its eco-friendly energy production and enhanced efficiency. The growth of CFB boilers market is driven by a rising global demand for clean energy solutions and increasing environmental regulations. This market covers a broad range of applications, including power generation, industrial operations, and district heating systems. Additionally, due to rapid industrialization and a focus on sustainable energy solutions, developing nations have emerged as significant contributors in this expansion. Moreover, government policies and initiatives supporting clean technologies have significantly aided in the market expansion. Furthermore, increased R&D efforts are being made in the market to improve combustion efficiency and explore new applications in the production of hydrogen and associated energy systems. Hence, these improvements are expected to push the CFB Boiler market forward, resolving global environmental issues while meeting a wide range of energy requirements.

Source: Fatpos Global

Circulating Fluidized Bed Boilers Market Segmentation

Subcritical segment will gain popularity due to its ability to handle superior fuel types

By Type, Circulating Fluidized Bed Boilers Market is segmented into Subcritical, Supercritical, and Ultra-Supercritical. The subcritical segment is expected to lead the Circulating Fluidized Bed (CFB) boiler market due to its excellent capacity to manage various fuel types. These boilers excel in handling a wide range of fuels, including those with elevated ash or sulfur content, along with diverse waste materials like petroleum coke and sludge. Their operational range allows them to generate steam pressures of up to 2,600 psig, making them a reliable solution for multiple industries. Additionally, owing to their adaptability, subcritical boilers are highly valued across power generation and industrial sectors. They provide low combustion temperatures which reduces emission, aligning with strict environmental standards and solidifying its dominance.

Coal segment is anticipated to grow owing to its widespread availability and existing infrastructure

Based on Feedstock, the Circulating Fluidized Bed Boilers Market is divided into Coal, Biomass, and Others. The coal segment will likely dominate the market due to its vast availability, along with its established infrastructure for extraction and utilization. The capability of CFB boilers to effectively utilize coal provide significant advantages. These boilers outperform conventional boiler systems in terms of fuel adaptability by supporting various types of coal, including damp coal. This flexibility improves operational efficiency and contributes in reducing harmful environmental pollutants. For instance, the usage of damp coal helps in reducing emissions and meeting environmental requirements. Therefore, incorporating coal into circulating fluidized bed boilers provide a strategic advantage and promotes continued trust and growth in this sector.

Source: Fatpos Global

Market Dynamics

Growth Drivers

Rising Demand for Clean Energy Solutions Will Open Up New Growth Prospects

Increasing global demand for clean energy solutions contribute in the growth of the Circulating Fluidized Bed (CFB) boiler market. The industrial sector is looking for sustainable energy solutions that can reduce emissions while increasing efficiency simultaneously. Additionally, CFB boilers provide eco-friendly energy solutions which enables them to address strict laws and regulations which are aimed at minimizing carbon emissions. Furthermore, this increase in demand represents a paradigm shift in global energy consumption patterns and encourage developments in boiler technology to maximize energy production and reducing their negative effects on the environment. Therefore, the CFB boiler market will continue to expand as it addresses the growing requirement for greener energy sources across numerous industrial sectors.

Increasing Industrialization in Developing Countries Will Create New Growth Opportunities

Rapid industrialization observed in developing nations serves as a significant catalyst for the CFB boiler market. These regions are undergoing healthy economic expansion which results in increased energy requirements to support their growing industries. CFB boilers have gained popularity for their flexibility and effectiveness, which positions them as essential solutions to meet the rising demand for energy while adhering to severe environmental norms. Moreover, the inherent flexibility of CFB boilers in accommodating various fuel types and the capacity to reduce pollutants seamlessly align with the growing trajectory of several developing nations. Hence, with the thriving of industries such as manufacturing, technology, agriculture, and energy, there's an increasing demand for reliable, eco-friendly energy sources, driving the widespread adoption of CFB boilers.

Restraints

High Initial Investment And Technological Costs May Limit Market Growth

Significant upfront investment and technical expenses required for its setup and operation are important challenges for the CFB boiler business. The substantial capital needs associated with CFB boiler systems provide entry barriers, particularly for smaller businesses with limited financial resources. These initial expenses involve procurement, installation, and technical integration, which may discourage potential buyers or need large financial commitments. Therefore, despite the long-term benefits of CFB boilers, such as increased efficiency and adherence to environmental laws, the initial financial cost is a deterrent in sectors that are bounded by limited capital or for those industries that prioritize short-term financial gains above long-term benefits.

Recent Developments

  • During April 2022, Advanced Emissions Solutions and its subsidiaries disclosed their quarterly earnings report, unveiling an estimated EPS of USD 0.31 for that quarter. The company attained a net margin of 63.35% and an equity return of 45.86% during this period. Concurrently, their revenue stood at USD 25.76 million.
  • Advanced Emissions Solutions, situated in the United States, will specialize in offering environmental and specialized chemicals technologies in April 2022. Refined coal and advanced purification technologies are two of their primary focus areas. They provide CyClean technology, a pre-combustion coal treatment technique designed to improve combustion and minimize mercury and nitrogen oxide emissions from cyclone boilers.
  • In June 2019, San Miguel Corp. announced a $2.4 billion investment in two new coal-fired power projects, both featuring circulating fluidized bed boilers and designed with multi-fuel capabilities. These projects aim to add a 1200MW capacity to the Luzon grid in the Philippines, significantly contributing to the long-term power supply across the country.
  • In May 2019, Hyundai Heavy Industries Co. finalized a $100 million agreement to supply three circulating fluidized bed boilers to a Thai refiner, enhancing refinery capabilities. These boilers utilize oil pitches as fuel, generating 990 tons of steam per hour while effectively reducing harmful gas emissions such as nitrogen oxide and sulfur oxide.

Circulating Fluidized Bed Boilers Market

Key Players:

  • General Electric
  • Babcock & Wilcox Enterprises, Inc.
  • Mitsubishi Hitachi Power Systems
  • Sumitomo SHI FW
  • Valmet Corporation
  • Doosan Heavy Industries & Construction
  • Kawasaki Heavy Industries
  • Amec Foster Wheeler
  • China Western Power Industrial Co., Ltd.
  • Thermax Global
  • Formosa Heavy Industries Corp.
  • Hyundai Heavy Industries Co., Ltd.
  • Andritz AG
  • AE&E Nanjing Boiler Co., Ltd.
  • Jinan Boiler Group Co., Ltd.
  • Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Circulating Fluidized Bed Boilers Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America is expected to maintain its market leadership due to the region's focus on understanding the impact of emissions and an industry shift toward the use of low-carbon technologies. The proactive approach of North America in managing gas emissions and improving operational efficiency significantly contributes in the growth of the market. Furthermore, investments in sustainable energy solutions, along with a strong emphasis on environmentally friendly industrial methods, promotes the adoption of CFB boilers in the region. Therefore, these factors collectively establish the market leadership of North America and displays a commitment to embrace sustainable energy projects.

Source: Fatpos Global

Impact of Covid-19 on Circulating Fluidized Bed Boilers Market

COVID-19 pandemic brought significant disruptions to various industries, including the circulating fluidized bed (CFB) boilers market. The pandemic led to disruption in supply chain, which resulted in the postponement of projects and created logistical hurdles for the manufacturers and suppliers of CFB boiler. Moreover, the adverse impact on the economy due to lockdowns and low industrial activities, affected investment decisions and led many businesses to delay the demand for new CFB boiler installations. However, the pandemic eventually highlighted the importance of clean energy solutions. It encouraged discussions and initiatives regarding environmental sustainability, which can potentially drive the long-term demand for eco-friendly technologies like CFB boilers. Therefore, while the immediate effects included disruptions and reduced demand due to economic slowdowns, the long-term impact potentially benefited the CFB boilers market with the growing importance of sustainability.

Circulating Fluidized Bed Boilers Market is further segmented by region into:

  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
  • Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Circulating Fluidized Bed Boilers Market Scope and Segments:

ATTRIBUTE

  DETAILS

Study Period

2018-2034

Base Year

2023

Forecast Period

2024-2034

Historical Period

2019-2022

Growth Rate

CAGR of 10.6% from 2024-2034

Unit

Value (USD Billion)

Segmentation

Main Segments List

By Type

  • Subcritical
  • Supercritical
  • Ultra-Supercritical

By Feedstock

  • Coal
  • Biomass
  • Others

By Capacity

  • Less than 100 MW
  • 100-200 MW
  • 200-300 MW
  • 300 MW & Above 70ft

By Application

  • Energy & Power
  • Industrial
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Frequently Asked Questions (FAQ):

Circulating Fluidized Bed Boilers Market size was values at USD 0.39 billion in 2023 and is projected to reach the value of USD 1.18 billion in 2034, exhibiting a CAGR of 10.6% during the forecast period.

The CFB Boilers Market uses fluidized beds to produce energy efficiently and eco-friendly. It meets demands for cleaner energy in power generation and industry, driven by global environmental regulations and a focus on sustainability.

The Subcritical segment and the Coal segment accounted for the largest Circulating Fluidized Bed Boilers Market share.

Key players in the Circulating Fluidized Bed Boilers Market include General Electric, Babcock & Wilcox Enterprises, Inc., Mitsubishi Hitachi Power Systems, Amec Foster Wheeler, Doosan Heavy Industries & Construction, Sumitomo SHI FW, Thermax Global, Valmet Corporation, Kawasaki Heavy Industries, China Western Power Industrial Co., Ltd., Formosa Heavy Industries Corp., Hyundai Heavy Industries Co., Ltd., Andritz AG, AE&E Nanjing Boiler Co., Ltd., Jinan Boiler Group Co., Ltd., and Other Prominent

Rising demand for clean energy solutions and increasing industrialization in developing countries are the factors driving the circulating fluidized bed boilers market.

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