Europe had a share of around 24% in the global advanced boilers market in 2013.
(PRWEB) July 08, 2014
Advanced boilers are one of the most important equipment required to run a thermal power plant to generate electricity. In developing countries, there is a growing need for electricity production due to industrialization, urban development, and changing lifestyles. This growing demand for electricity has led to the installation of new fossil fuel based thermal power plants in the Asia-Pacific region, especially in fast growing economies like China and India. Some countries in Europe like Germany and Poland are depending on coal to meet their electricity demand even in the future. Some countries in Africa and the Middle East are also heavy coal-dependent for their power generation.
Europe is expected to grow at a moderate rate of 5% and reach $631.0 billion by 2019, from an estimated $483.7 billion in 2014. Europe’s advanced boilers market is matured, as this technology was used in this region from many years. However, there is a potential market for the replacement of boiler parts and services. Countries like Poland and Germany are heavily dependent on coal-fired power plants for its growing energy needs. Thus, in these countries, the advanced boiler market will be in demand for coming years.
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Middle Eastern & African Advanced Boilers Market
The Middle Eastern & African advanced boiler markets are growing rapidly due to the presence of developing countries. These countries need fossil fuel based power plants to meet their increasing power demands and strict government regulations on emission control norms. Advanced boilers serve purpose of both generating high capacity power with the least amount of fuel used, and reducing harmful pollutants like SOx and NOx gases. The Middle East and Africa had a share of around 10% in the global advanced boilers market in 2013. The Middle East and Africa is expected to grow at a rate of 10% and reach $318.4 billion by 2019, from an estimated $201.1 billion in 2014.
Asia-Pacific Advanced Boilers Market
The industrial expansion in the Asia-Pacific region is a key driver in the advanced boilers market. In 2013, Asia-Pacific dominated the global advanced boilers market with about 38% of the market share, mainly due to the large power generation market of China and India. The Asia-Pacific is expected to grow at a highest rate of 10% and reach $1,282.4 billion by 2019, from an estimated $814.4 billion in 2014.
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