Power Plant Boiler Market Size, Share, Trends, Industry Analysis Report: By Process (Fluidized Bed Combustion, Pulverized Fuel Combustion, and Others), Technology, Fuel, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Afr

The global power plant boiler market size is expected to reach USD 40.03 billion by 2034, according to a new study by Polaris Market Research. The report “Power Plant Boiler Market Size, Share, Trends, Industry Analysis Report: By Process (Fluidized Bed Combustion, Pulverized Fuel Combustion, and Others), Technology, Fuel, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2025-2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The power plant boiler market refers to the industry involved in the design, manufacturing, and installation of boilers used in power generation facilities. These boilers are essential for converting fuel into heat, which is subsequently used to produce steam that drives turbines for electricity generation. The market is poised for significant growth, driven by the increasing global demand for electricity, industrialization, and the need for efficient, low-emission power generation systems. Power plant boilers are critical for both traditional and renewable energy plants, including coal, natural gas, biomass, and waste-to-energy plants. The power plant boiler market growth is also fueled by the rising focus on energy security, sustainability, and the transition toward cleaner technologies to meet global environmental goals.

The surge in global energy consumption, which is prompting governments and industries to invest in upgrading and expanding existing power infrastructure, is contributing to the market growth. Moreover, the adoption of advanced technologies, such as supercritical and ultra-supercritical boilers, is enhancing thermal efficiency and minimizing environmental impact. Additionally, the growth of renewable energy sources such as biomass and waste-to-energy plants is driving the demand for specialized boilers designed to handle these fuels. The push for carbon reduction technologies and the implementation of stricter emission regulations are also reshaping the market as stakeholders seek to adopt cleaner, more efficient boiler solutions.

Industry trends indicate an increasing reliance on hybrid power plants, which integrate traditional fossil fuels with renewables. This is expanding the scope of power plant boiler applications. Technological innovations, including AI and IoT-based monitoring systems, are optimizing boiler performance, reducing operational costs, and improving safety. As demand for sustainable and highly efficient power generation systems rises, the power plant boiler market also presents substantial opportunities for manufacturers to expand their product offerings.

Power Plant Boiler Market Report Highlights

In terms of process, the pulverized fuel combustion segment accounted for the largest power plant boiler market share in 2024 due to its high efficiency in generating electricity from coal and its ability to reduce emissions compared to conventional methods.

Based on fuel, the coal segment accounted for the largest market share in 2024 due to coal's continued dominance as a cost-effective and widely available energy source in power generation.

In 2024, Asia Pacific accounted for the largest share due to rapid industrialization, growing electricity demand, and the significant presence of coal-fired power plants in the region.

North America is expected to witness significant power plant boiler market growth over the forecast period due to investments in modernizing aging power infrastructure and increasing adoption of cleaner, advanced boiler technologies.

Some of the global key market players are ANDRITZ; Babcock & Wilcox Enterprises, Inc.; Bharat Heavy Electricals Limited; Dongfang Electric Corporation; Doosan Corporation; General Electric Company; IHI Corporation; John Wood Group PLC; MITSUBISHI HEAVY INDUSTRIES, LTD.; Siemens; Sumitomo Heavy Industries, Ltd.; and Thermax Limited.

Polaris Market Research has segmented the power plant boiler market report based on process, technology, fuel, and region:

By Process Outlook (Revenue USD Billion 2020 - 2034)

Fluidized Bed Combustion

Pulverized Fuel Combustion

Others

By Technology Outlook (Revenue USD Billion 2020 - 2034)

Subcritical

Supercritical

Ultra-Critical

By Fuel Outlook (Revenue USD Billion 2020 - 2034)

Petroleum

Nuclear

Natural gas

Coal

Renewables

By Regional Outlook (Revenue USD Billion 2020 - 2034)

North America

US

Canada

Europe

Germany

France

UK

Italy

Spain

Netherlands

Russia

Rest of Europe

Asia Pacific

China

Japan

India

Malaysia

South Korea

Indonesia

Australia

Vietnam

Rest of Asia Pacific

Middle East & Africa

Saudi Arabia

UAE

Israel

South Africa

Rest of Middle East & Africa

Latin America

Mexico

Brazil

Argentina

Rest of Latin America