Circulating fluidized bed (CFB) boiler market growth has registered increased traction as energy consumption has been on the rise while environmental concerns has made the use of more environment friendly solutions imperative. Steady population expansion has augmented industrial sector expansion over the last decade which has in turn increased the need for captive power systems.
Energy efficient generation systems have witnessed popularity as limited transmission & distribution infrastructure have not been sufficient in meeting the growing energy requirement. Such factors have encouraged industry conglomerates to investing towards CFB based captive systems installation due to their reliable operation and energy security capabilities.
Mentioned below are some of the CFB boiler market trends that will be driving industry growth over the coming years:
Biomass fueled CFB boiler market to register growth as environmental standards become more stringent
As CFB boiler systems make it possible to generate power through a sustainable & clean technology, the adoption of such systems in a world concerned for the future impact of global warming has become more widespread. Biomass based CFB systems have been found to be effective when it comes to utilization of clean energy and to counteract climate change, thus adding considerable revenue towards CFB boiler market share.
Biomass based CFB systems are able to incinerate a wide spectrum of biomass fuel sources that include paper sludge, agricultural trash and waste building materials. The use of conventional fuel has raised concerns about adverse effects of global warming and therefore biomass driven technologies are gaining traction, which is also a reason for biomass based CFB systems to register greater adoption. This has led regulators around the world to incentivize the adoption of biomass based CFBC boilers, in turn strengthening CFB boiler market forecast for 2019-2025.
Supercritical CFB boiler witnessing increased adoption in new electricity generation stations
Supercritical boilers are basically steam generators that are registering greater adoption due to their efficacy as well as eco-friendly operating capabilities. Supercritical boilers operate at temperature varying between 538-565°C and pressures of over 3,200 psi. They use a single pass for evaporation as they are drum-less and evaporation endpoint is variable.
The technology has witnessed greater deployment in new electricity generation stations in countries like South Korea, China, India and Japan. Here the technology has also been replacing legacy systems owing to its zero bubble formation thus adding to the growth of CFB boiler market.
CFB boiler market to register increased revenue due to installations by petrochemical products manufacturers
As result of declining crude oil process, petrochemical products have witnessed greater demand. Refinery owners have therefore aggressively invested towards increasing production capacity. However, the inadequate T & D infrastructure in most countries has proved to be a hindrance for the growth of intensified refinery operations.
As refinery owners have been seeking out sustainable & reliable power supply, deployment of CFB boiler based power generator systems has gained traction. Refinery operators are limiting their dependence on utilities for power supply and the effort is also being supported by inflow of FDI in the downstream oil & gas industry, especially in emerging economies.
North America CFB boiler market to expand significantly over the coming years
As the U.S. economy recovered, the country came to hold a dominant market share in CFB boiler industry. In fact the revived economic conditions in North America have led to increased investments in refurbishment of manufacturing facilities which has in turn added impetus to CFB boiler market trends across the region.
In 2018, U.S. manufacturing sector, after several years of low output, registered a revival and accounted for 18% of the global capacity. In the recent years, U.S. workforce has also witnessed revived quality which has added to the production capacity of the nation. With favorable regulatory environment, strong workforce and revived economic strength, North America is investing in the adoption of sustainable power generation technologies which are helping to augment CFB boiler market outlook in the region.
With CFB boiler industry players investing in the betterment of the technology, CFB boiler market is expected to witness exponential growth. As per reports published by Global Market Insights, Inc., CFB boiler market size should surpass $50 billion by 2025.