Circulating Fluidized Bed Boilers Market Size, Share, Analysis, Growth, Forecasts, 2032

Circulating Fluidized Bed Boilers Industry Prospective:

The global circulating fluidized bed boilers market size was worth around USD 773.3 million in 2023 and is predicted to grow to around USD 1,149.2 million by 2032 with a compound annual growth rate (CAGR) of roughly 4.5% between 2024 and 2032.

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Circulating Fluidized Bed Boilers Market: Overview

The process of giving boilers and power plants the most flexibility in burning a range of fuels is known as circulating fluidized bed (CFB) technology. Boilers with circulating fluidized beds are made to have a high gas velocity in the furnace. Various fuel components, including bituminous coal, brow coal, wood biomass, and others, can be burned in CFB boilers. A larger range of fuels can be used with CFB boilers than with BFB (bubbling fluidized bed) boilers. Bituminous coal, biomass, anthracite, petroleum coke, paper sludge, RPF (refuse paper & plastic fuel), and waste tires are all excellent combinations for CFB boilers. Furthermore, these boilers have a higher combustion efficiency than BFB boilers. The circulating fluidized bed boilers industry is growing due to other aspects like the negligible environmental impact of using boilers.

Key Insights

• As per the analysis shared by our research analyst, the global circulating fluidized bed boilers market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2024-2032).
• In terms of revenue, the global circulating fluidized bed boilers market size was valued at around USD 773.3 million in 2023 and is projected to reach USD 1,149.2 million by 2032.
• The growing demand for renewable energy is expected to drive the global circulating fluidized bed boilers market growth over the forecast period.
• Based on the product, the subcritical segment is expected to hold the largest market share during the forecast period.
• Based on the location, the energy & power segment is expected to capture a significant 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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Circulating Fluidized Bed Boilers Market: Growth Drivers

The high efficiency of CFB boilers drives market growth

Due to their large reduction in greenhouse gas emissions, circulating fluidized bed (CFB) boilers provide impressive efficiency gains over coal-fired power generation. Improved overall performance is the consequence of this improved emission management, which raises steam efficiency. This cutting-edge technology will probably be adopted by more nations as concerns about carbon emissions become more widespread. For the duration of the anticipated period, the growing use of CFB boilers might propel significant expansion in the global CFB boiler market.

Circulating Fluidized Bed Boilers Market: Restraints

High initial cost and technical complexity hinder market growth

In comparison to conventional boiler systems, the initial outlay for establishing a CFB boiler plant is higher. This covers the price of the infrastructure, ancillary equipment, and boiler itself. Exorbitant upfront expenses may put off prospective investors and operators, particularly in areas or sectors of the economy with limited access to capital. Moreover, specific knowledge and technical proficiency are needed to operate a CFB boiler. Due to the system's intricacy, operators who are unfamiliar with the technology may encounter difficulties. In addition to their intricate design, CFB boilers require specialized people and routine maintenance to ensure reliable and efficient operation. Thus, this is expected to hamper the circulating fluidized bed boiler industry expansion during the projected period.

Circulating Fluidized Bed Boilers Market: Opportunities

The growing upgradation of plants offers a lucrative opportunity for market growth

The major players in the circulating fluidized bed boiler market are concentrating on modernizing industrial facilities to meet the diverse needs of industries, such as oil and gas, which is driving the market as a whole. For instance, Aboitiz Data Innovation (ADI), AboitizPower, and REPCO Nex Industrial Solution signed an agreement in May 2024 to optimize the efficiency and reliability of AboitizPower's thermal power plant. Additionally, one of the recent opportunities in the circulating fluidized bed (CFB) boiler market is the growing demand for reliable, efficient, and flexible power generation solutions. In January 2023, an agreement was made by Mitsubishi Heavy Industries, Ltd. (MHI) to work with BLCP Power Limited (BLCP), an independent power producer (IPP) in Thailand and a joint venture between Electricity Generating Public Company Limited (EGCO Group) and Banpu Power Public Company Limited (BPP), to conduct a feasibility study for the development of ammonia co-firing at a coal-fired thermal power plant. By decarbonizing the current power plant, the project aims to help Thailand achieve its climate goals and transition to a low-carbon society.

Circulating Fluidized Bed Boilers Market: Challenges

Competition with alternative technology poses a major challenge to market expansion

Operators may favor conventional pulverized coal boilers and other well-established combustion technology because of their experience and track record. CFB boilers may face competition from cutting-edge alternative energy technologies including gasification, solar thermal, and advanced nuclear reactors.

Circulating Fluidized Bed Boilers Market: Segmentation

The global circulating fluidized bed boilers industry is segmented based on product, capacity, fuel type, application, and region.

Based on the product, the global circulating fluidized bed boilers market is bifurcated into subcritical, supercritical, and ultra-supercritical. The subcritical segment is expected to hold the largest market share during the forecast period. Subcritical CFB boilers are becoming more common due to strict rules aimed at reducing emissions of SO2, NOx, and particulate matter. When compared to conventional combustion methods, these boilers provide superior emission control. The market for subcritical CFB boilers is increased by global initiatives to promote cleaner energy sources and reduce carbon footprints. Furthermore, a variety of fuels, such as waste materials, biomass, and low-grade coal, can be burned in subcritical CFB boilers. Because operators may manage fuel costs and adjust to fuel availability, this flexibility helps to promote revenue growth. Because subcritical CFB boilers can use less expensive and alternative fuels, they are more economically advantageous.

Based on the capacity, the global circulating fluidized bed boilers industry is bifurcated into less than 100 MW, 100-200 MW, 200-300 MW, and 300 MW & above.

Based on the fuel type, the global circulating fluidized bed boilers market is bifurcated into coal, biomass, and others.

Based on the application, the global circulating fluidized bed boilers industry is bifurcated into energy & power, industrial, and others. The energy & power segment is expected to capture a significant market share during the forecast period. Financial incentives and subsidies, in conjunction with government policies that support clean and renewable energy sources, are driving the use of CFB boilers in power generation. The installation of CFB boilers is aided by the availability of finance and financial support for clean energy initiatives. Better performance and lower operating costs are also a result of technological advancements in CFB boilers that enhance heat transfer and combustion efficiency. By ensuring adherence to strict environmental regulations, the integration of cutting-edge emissions control systems promotes market expansion.

Circulating Fluidized Bed Boilers Market: Report Scope

Circulating Fluidized Bed Boilers Market: Regional Analysis

• Asia Pacific leads the market over the projected period

The Asia Pacific is expected to lead the global circulating fluidized bed boilers market growth during the forecast period. Large expenditures in power generation infrastructure have been fueled by the region's fast industrialization, urbanization, and rising energy consumption. A further factor driving the use of biomass-fired CFB boilers for the production of renewable energy is the abundance of biomass resources in some nations. Asia Pacific is now considered a major market for CFB boiler installations due to the region's manufacturing sector's ongoing growth and the region's demand for reliable power supplies. Asia Pacific is also the region with the quickest growth rate, it should be noted. Increased demand for energy, along with fast industrialization and urbanization in nations like China and India, has led to a growth in power generation capacity. In Asia Pacific, the increasing use of CFB boilers is further facilitated by favorable government policies and infrastructural expenditures in renewable energy.

Circulating Fluidized Bed Boilers Market: Competitive Analysis

The global circulating fluidized bed boilers market is dominated by players like:

• General Electric
• John Wood Group PLC
• Babcock & Wilcox Enterprises Inc.
• Bharat Heavy Electricals Limited
• IHI Corporation
• Mitsubishi Hitachi Power Systems Ltd.
• Thermax Limited
• ANDRITZ
• Siemens
• ALFA LAVAL
• Bryan Steam
• Hurst Boiler & Welding Co Inc.
• Superior Boiler Works Inc.
• Sofinter S.p.a
• Cleaver-Brooks Inc
• Vapor Power
• Doosan Lentjes
• ZOZEN boiler Co. Ltd.
• AE&E Nanjing Boiler Co. Ltd.
• Hamon Group

The global circulating fluidized bed boilers market is segmented as follows:

By Product

• Subcritical
• Supercritical
• Ultra-supercritical

By Capacity

• Less than 100 MW
• 100-200 MW
• 200-300 MW
• 300 MW and Above

By Fuel Type

• Coal
• Biomass
• Others

By Application

• Energy & Power
• Industrial
• Others

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