Summary

The Global Power Plant Boiler Market is valued at approximately USD 23.33 billion in 2024 and is projected to grow at a steady CAGR of 5.46% throughout the forecast period from 2025 to 2035. As energy security takes center stage and industrial economies ramp up electricity production, power plant boilers are once again becoming vital infrastructure assets. These engineered systems lie at the heart of thermal power plants, converting energy from fuels into steam to drive turbines and generate electricity. The transition toward sustainable yet reliable energy solutions, coupled with surging power demands from urbanization and digitalization, is propelling the deployment of next-generation boilers—particularly supercritical and ultra-supercritical units that offer higher efficiencies and lower emissions. The modernization of aging power infrastructure in both emerging and developed economies further underscores the urgency to integrate high-performance boiler systems optimized for diverse fuel inputs and regional grid dynamics.
A noticeable trend is the increased inclination toward cleaner combustion technologies and flexible boiler configurations capable of supporting a wide spectrum of fuels, including coal, oil, natural gas, and even biomass in hybrid forms. Governments across key regions are offering regulatory incentives and emission curbs that are pushing utilities to upgrade or replace conventional subcritical systems. At the same time, the rise of distributed energy systems and grid decentralization is encouraging utilities to invest in mid-range capacity boilers (400–800 MW) that balance scalability with cost-efficiency. Technological advancements such as smart control systems, predictive maintenance tools, and integration of AI-powered energy management platforms are adding a new dimension to boiler operations—enhancing operational uptime, optimizing fuel consumption, and reducing lifecycle costs. As decarbonization targets intensify, nuclear-compatible and gas-fired boiler systems are gaining prominence as transitional solutions bridging the gap toward a cleaner energy future.
From a geographical lens, North America remains a mature but strategically relevant market due to continual upgrades in thermal power facilities and renewed investments in gas-fired capacity. Europe, guided by its carbon neutrality roadmap, is transitioning away from coal toward cleaner fuels and is aggressively deploying ultra-supercritical technologies. Meanwhile, Asia Pacific is commanding the spotlight as the fastest-growing region, driven by industrial expansion, rapid electrification, and large-scale capacity additions in countries like China and India. These nations are focusing on high-efficiency low-emission (HELE) technologies to reconcile their dual goals of energy reliability and environmental responsibility. Latin America and the Middle East & Africa are gradually tapping into advanced boiler systems as part of broader infrastructure expansion strategies, particularly in oil- and gas-rich regions where resource-based power generation remains dominant.
Major market players included in this report are:
• Mitsubishi Hitachi Power Systems, Ltd.
• Siemens AG
• General Electric Company
• Thermax Ltd.
• Babcock & Wilcox Enterprises, Inc.
• Doosan Heavy Industries & Construction Co., Ltd.
• Bharat Heavy Electricals Ltd. (BHEL)
• IHI Corporation
• Harbin Electric Corporation
• Dongfang Electric Corporation
• Ansaldo Energia S.p.A
• Valmet Oyj
• Amec Foster Wheeler
• Alstom SA
• Toshiba Energy Systems & Solutions Corporation
Global Power Plant Boiler Market Report Scope:
• Historical Data – 2023, 2024
• Base Year for Estimation – 2024
• Forecast period – 2025–2035
• Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
• Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
• Customization Scope – Free report customization (equivalent up to 8 analysts’ working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study. The report also provides detailed information about crucial aspects, such as driving factors and challenges, which will define the future growth of the market. Additionally, it incorporates potential opportunities in micro-markets for stakeholders to invest, along with a detailed analysis of the competitive landscape and product offerings of key players.
The detailed segments and sub-segments of the market are explained below:
By Technology:
• Subcritical
• Supercritical
• Ultra-supercritical
By Fuel Type:
• Coal
• Nuclear
• Gas
• Oil
By Capacity:
• Below 400 MW
• 400–800 MW
• Above 800 MW
By Region:
North America
• U.S.
• Canada
Europe
• UK
• Germany
• France
• Spain
• Italy
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia Pacific
Latin America
• Brazil
• Mexico
Middle East & Africa
• UAE
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa
Key Takeaways:
• Market Estimates & Forecast for 10 years from 2025 to 2035.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.

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Table of Contents

Table of Contents
Chapter 1. Global Power Plant Boiler Market Report Scope & Methodology
1.1. Research Objective
1.2. Research Methodology
 1.2.1. Forecast Model
 1.2.2. Desk Research
 1.2.3. Top Down and Bottom-Up Approach
1.3. Research Attributes
1.4. Scope of the Study
 1.4.1. Market Definition
 1.4.2. Market Segmentation
1.5. Research Assumption
 1.5.1. Inclusion & Exclusion
 1.5.2. Limitations
 1.5.3. Years Considered for the Study
Chapter 2. Executive Summary
2.1. CEO/CXO Standpoint
2.2. Strategic Insights
2.3. ESG Analysis
2.4. Key Findings
Chapter 3. Global Power Plant Boiler Market Forces Analysis (2024–2035)
3.1. Market Forces Shaping The Global Power Plant Boiler Market
3.2. Drivers
 3.2.1. Rising demand for efficient and low-emission power generation technologies
 3.2.2. Modernization and replacement of aging power infrastructure
 3.2.3. Surge in industrial energy demand from urbanization and digitalization
3.3. Restraints
 3.3.1. High capital investment and long ROI period
 3.3.2. Regulatory uncertainty around fossil fuel–based power plants
3.4. Opportunities
 3.4.1. Integration of AI and smart control technologies in boiler systems
 3.4.2. Emerging markets expanding their thermal power infrastructure
Chapter 4. Global Power Plant Boiler Industry Analysis
4.1. Porter’s 5 Forces Model
 4.1.1. Bargaining Power of Buyer
 4.1.2. Bargaining Power of Supplier
 4.1.3. Threat of New Entrants
 4.1.4. Threat of Substitutes
 4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Forecast Model (2024–2035)
4.3. PESTEL Analysis
 4.3.1. Political
 4.3.2. Economic
 4.3.3. Social
 4.3.4. Technological
 4.3.5. Environmental
 4.3.6. Legal
4.4. Top Investment Opportunities
4.5. Top Winning Strategies (2025)
4.6. Market Share Analysis (2024–2025)
4.7. Global Pricing Analysis And Trends 2025
4.8. Analyst Recommendation & Conclusion
Chapter 5. Global Power Plant Boiler Market Size & Forecasts by Technology 2025–2035
5.1. Market Overview
5.2. Global Power Plant Boiler Market Performance - Potential Analysis (2025)
5.3. Subcritical
 5.3.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 5.3.2. Market Size Analysis, by Region, 2025–2035
5.4. Supercritical
 5.4.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 5.4.2. Market Size Analysis, by Region, 2025–2035
5.5. Ultra-supercritical
 5.5.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 5.5.2. Market Size Analysis, by Region, 2025–2035
Chapter 6. Global Power Plant Boiler Market Size & Forecasts by Fuel Type 2025–2035
6.1. Market Overview
6.2. Global Power Plant Boiler Market Performance - Potential Analysis (2025)
6.3. Coal
 6.3.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 6.3.2. Market Size Analysis, by Region, 2025–2035
6.4. Nuclear
 6.4.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 6.4.2. Market Size Analysis, by Region, 2025–2035
6.5. Gas
 6.5.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 6.5.2. Market Size Analysis, by Region, 2025–2035
6.6. Oil
 6.6.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 6.6.2. Market Size Analysis, by Region, 2025–2035
Chapter 7. Global Power Plant Boiler Market Size & Forecasts by Capacity 2025–2035
7.1. Market Overview
7.2. Global Power Plant Boiler Market Performance - Potential Analysis (2025)
7.3. Below 400 MW
 7.3.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 7.3.2. Market Size Analysis, by Region, 2025–2035
7.4. 400–800 MW
 7.4.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 7.4.2. Market Size Analysis, by Region, 2025–2035
7.5. Above 800 MW
 7.5.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 7.5.2. Market Size Analysis, by Region, 2025–2035
Chapter 8. Global Power Plant Boiler Market Size & Forecasts by Region 2025–2035
8.1. Power Plant Boiler Market, Regional Market Snapshot
8.2. Top Leading & Emerging Countries
8.3. North America Power Plant Boiler Market
8.3.1. U.S.
 8.3.1.1. Technology breakdown size & forecasts, 2025–2035
 8.3.1.2. Fuel Type breakdown size & forecasts, 2025–2035
 8.3.1.3. Capacity breakdown size & forecasts, 2025–2035
8.3.2. Canada
 8.3.2.1. Technology breakdown size & forecasts, 2025–2035
 8.3.2.2. Fuel Type breakdown size & forecasts, 2025–2035
 8.3.2.3. Capacity breakdown size & forecasts, 2025–2035
8.4. Europe Power Plant Boiler Market
8.4.1. UK
8.4.2. Germany
8.4.3. France
8.4.4. Spain
8.4.5. Italy
8.4.6. Rest of Europe
8.5. Asia Pacific Power Plant Boiler Market
8.5.1. China
8.5.2. India
8.5.3. Japan
8.5.4. Australia
8.5.5. South Korea
8.5.6. Rest of Asia Pacific
8.6. Latin America Power Plant Boiler Market
8.6.1. Brazil
8.6.2. Mexico
8.7. Middle East & Africa Power Plant Boiler Market
8.7.1. UAE
8.7.2. Saudi Arabia
8.7.3. South Africa
8.7.4. Rest of Middle East & Africa
Chapter 9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Mitsubishi Hitachi Power Systems, Ltd.
 9.2.1. Company Overview
 9.2.2. Key Executives
 9.2.3. Company Snapshot
 9.2.4. Financial Performance (Subject to Data Availability)
 9.2.5. Product/Services Port
 9.2.6. Recent Development
 9.2.7. Market Strategies
 9.2.8. SWOT Analysis
9.3. Siemens AG
9.4. General Electric Company
9.5. Thermax Ltd.
9.6. Babcock & Wilcox Enterprises, Inc.
9.7. Doosan Heavy Industries & Construction Co., Ltd.
9.8. Bharat Heavy Electricals Ltd. (BHEL)
9.9. IHI Corporation
9.10. Harbin Electric Corporation
9.11. Dongfang Electric Corporation
9.12. Ansaldo Energia S.p.A
9.13. Valmet Oyj
9.14. Amec Foster Wheeler
9.15. Alstom SA
9.16. Toshiba Energy Systems & Solutions Corporation