Boiler Turbine and Generator (BTG) Market Size, Share, Growth Report 2032

Industry Prospective:

The global Boiler Turbine and Generator (BTG) Market size was worth around USD 59.86 Billion in 2022 and is predicted to grow to around USD 77.20 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 3.4% between 2023 and 2030.

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The report analyzes the global Boiler Turbine and Generator (BTG) market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the boiler turbine and generator industry.

Global Boiler Turbine and Generator (BTG) Market: Overview

A boiler turbine generator is a device that uses high pressure built into the boiler to drive turbine blades that can be used to generate electricity by rotating the shaft of the turbine’s electrical coupling. Boiler Turbine and Generator (BTG) is mainly used to generate electricity in thermal power plants. In an electric turbine, the moving fluid (water, steam, combustion gases, or air) pushes the grinding teeth of the rotor shaft. The fluid between the blades rotates the rotor shaft of the generator. The generator converts the kinetic (kinetic) energy of the rotor into electricity.

Key Insights

• As per the analysis shared by our research analyst, the global Boiler Turbine and Generator (BTG) market is estimated to grow annually at a CAGR of around 3.4% over the forecast period (2023-2030).
• In terms of revenue, the global Boiler Turbine and Generator (BTG) market size was valued at around USD 59,860.32 million in 2022 and is projected to reach USD 77,202.62 million, by 2030.
• The rapid increase in the number of power plants in growing economies along with the growing industrialization in developing countries is augmenting the Boiler Turbine and Generator (BTG) market growth over the forecast period.
• Based on the type of components, the power boilers segment captures the largest market share during the forecast period.
• Based on the application, the power plants segment captures the largest market share during the forecast period.
• Based on the type of fuels, the coal and gas segment captures the largest market share during the forecast period.
• Based on region, the Asia Pacific is expected to dominate the market during the forecast period.

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Global Boiler Turbine and Generator (BTG) Market: Growth Drivers

Rising demand for electricity in developing countries

The growing population in developing regions requires more amount of electricity. The rapid use of electrical appliances is in turn driving the usage of electricity. In addition, the industrial sector requires electricity for operating industrial motors, machinery, lighting, computers, and office equipment, as well as heating, cooling, and ventilation equipment. As a country develops, the demand for food increases, leading to more intensive farming techniques.

These techniques require additional energy to power engines and provide lighting & heat. Furthermore, the processing, production, and transportation of food also lead to an increase in energy requirements. According to the Generation Expansion Planning studies, in 2022, the share of non-fossil fuel-based generation capacity in the total installed capacity of India is expected to increase approx. 42% and is predicted to grow by more than 64% by 2030.

Globally increasing electricity demand and high dependency on electrical energy are the main drivers of the BTG market. Besides the difficult economic situation, the main factors affecting BTG's global trade are the shift to oil, the shift to clean energy production, and the change in the cost of fossil fuels.

Global Boiler Turbine and Generator (BTG) Market: Restraints

Increasing Government regulations

Growth in the global economy will not offer viable energy production options using sustainable resources. This could increase the use of coal and natural gas for power generation and affect demand BTG products.

On the other hand, increasing renewable energy capacity is expected to hinder the growth of the boiler turbine and generator industry during the forecast period. Furthermore, the government has imposed various rules and regulations on the operation of the boiler, turbine, and various generator plants. The reason for these regulations is harmful gases that directly affect human health as well as the environment which causes environmental pollution. However, the Central Pollution Control Board (CPCB) revised the particulate matter emission standards for industrial boilers with a capacity of fewer than two tonnes per hour.

Global Boiler Turbine and Generator (BTG) Market: Opportunity

Emerging markets & technological advances are creating lucrative opportunities

The efficient use of supercritical and ultra-supercritical boilers can directly impact growth, leading to technological innovation, and creating markets for a new product. Customers incur significant costs when upgrading their equipment, which is expected to complicate growth. In addition, however, the expansion of the electric power industry in African countries such as Nigeria, Angola, and Ghana is likely to have a positive impact on the boiler turbine & generator industry over the forecast period.

Global Boiler Turbine and Generator (BTG) Market: Challenges

High Cost of BTG

Steam turbines are less efficient than reciprocating machines when operating in load positions. They take longer to start than gas turbines, and certainly longer than conventional engines. They are also less sensitive to changes in electricity demand than gas turbines and reciprocating engines. Thus the disadvantages of steam turbines such as slow response, poor performance, long startup time, high cost, etc. are restraining the boiler turbine and generator market.

Global Boiler Turbine and Generator (BTG) Market: Segmentation

The global boiler turbine and generator market are segmented based on the types of components, types of fuels, applications, and region.

Based on the types of components, the market is divided into power boilers, gas turbines, steam turbines, turbo generators, and heat recovery steam generators. Among these, the power boilers segment holds a significant share during the forecast period. Power boilers are used more in oil and coal power plants for boiling water at a very high temperature for the production of steam. This produced steam is passed through the boiler for various types of applications.

The main parts of the boiler comprise a circulation system, steam pressure vessel, boiler pipes, combustion, ventilation unit, air preheater, and other auxiliary units. Conventional boilers used in power plants are rapidly replaced by powder boilers.

Based on the types of fuels, the boiler turbine and generator industry is segregated into coal, gas, and oil. Among these, the gas segment holds a prominent share during the forecast period. Turbines are operated by steam generated by burning gas in the combustion chamber. Most turbines are based on gas.

A steam turbine converts thermal energy obtained from steam into mechanical energy, which turns the blades of the rotor of the steam turbine. The mechanical energy of the gas turbine is converted to electrical output by means of a turbo generator. A turbo generator is one of the most common pieces of equipment found in all thermal gas power plants.

Based on application, the market is segmented into power plants, and others. Among these, the power plants segment captures the largest market share during the forecast period. The boiler turbine and generator are widely used in power plants. It has various advantages including increased steam power efficiency, enhanced operational flexibility, etc. The increased technological advancement and wide usage of BTG in power plants are propelling the growth of the market.

Recent Developments:

• In September 2022, Honeywell announced that it has signed a memorandum of understanding (MoU) with Hindustan Aeronautics Limited (HAL). The company will provide its 1-megawatt electric machine, to be used as a generator, which can enable a turbogenerator that can power hybrid-electric aircraft, including traditional airframes, and urban air mobility vehicles.
• In June 2022, Rolls-Royce developed its turbogenerator technology which includes a new small engine designed for hybrid-electric aviation applications. The system will complement the Rolls-Royce Electrical propulsion portfolio, enabling an extended range of sustainable aviation fuels.

Boiler Turbine and Generator (BTG) Market: Report Scope

Regional Analysis:

Asia Pacific is expected to dominate the market during the forecast period

The Asia Pacific is expected to dominate the global boiler turbine and generator market during the forecast period owing to an increase in demand and consumption of electricity in countries like China, followed by India and Japan. Most of the electricity in China and India is generated from thermal power plants, due to the more coal deposits in these countries. Therefore, China and India are the biggest boiler turbine and generator markets across the globe.

In addition, the expansion of the economy, growth in urbanization, and rise in demand for electricity is augmenting the boiler turbine and generator market in the Asia Pacific. An increase in demand for electricity in the region owing to the industrial development, an abundance of coal reserves, and aging electricity infrastructure is also driving the overall market. Furthermore, the advanced technological innovation in power generation technologies along with rapid commercialization applications are boosting the targeted market.

Global Boiler Turbine and Generator (BTG) Market: Competitive Analysis

The global boiler turbine and generator (BTG) market is dominated by players like:

• Vestas
• Enercon
• Siemens
• General Electric
• Atlas Copco.
• Caterpillar
• Ingersoll Rand
• Kirloskar
• ABB
• Bosch
• Mitsubishi Heavy Industries Limited
• Dongfang Electric Corporation.

The global boiler turbine and generator market is segmented as follows:

By Type of Components:

• Power Boilers
• Gas Turbines
• Steam Turbines
• Turbo Generators
• Heat Recovery Steam Generators

By Application:

• Power Plants
• Others

By type of fuels:

• Coal
• Gas
• Oil

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • 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