Global Boiler Turbine and Generator (BTG) Market Size in Terms of Revenue Was Worth at $59.86 Billion in 2022 is Anticipated to Surpass $77.20 Billion by 2030, Growing at a CAGR 3.4%

Oct 14, 2023

[217 + Pages Report] According to a market research study published by Zion Market Research, the demand analysis of Global Boiler Turbine and Generator (BTG) Market size & share revenue was valued at around USD 59.86 billion in 2022 and is estimated to grow about USD 77.20 billion by 2030, at a CAGR of approximately 3.4% between 2023 and 2030. The key market players are listed in the report with their sales, revenues and strategies are Vestas, Enercon, Siemens, General Electric, Atlas Copco., Caterpillar, Ingersoll Rand, Kirloskar, ABB, Bosch, Mitsubishi Heavy Industries Limited, Dongfang Electric Corporation., and others.

New York, NY, May 31, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled "Boiler Turbine And Generator (BTG) Market 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), And By Region – Global, And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" in its research database.

"According to the latest research study, the demand of global Boiler Turbine and Generator (BTG) Market size & share in terms of revenue was valued at USD 59.86 billion in 2022 and it is expected to surpass around USD 77.20 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 3.4% during the forecast period 2023 to 2030."

What is Boiler Turbine and Generator (BTG)? How big is the Boiler Turbine and Generator (BTG) Industry?

Report Overview:

A device known as a boiler turbine generator is one that makes use of the high pressure that is created inside the boiler to drive turbine blades. These turbine blades can then be utilised to generate electricity by turning the shaft of the electrical connection that is attached to the turbine. The Boiler Turbine and Generator, or BTG, is primarily employed in thermal power plants for the purpose of producing electrical power. The grinding teeth on the rotor shaft of an electric turbine are propelled forward by the moving fluid (which could be water, steam, combustion gases, or air). The rotor shaft of the generator is rotated by the fluid that is located between the blades. The motion of the rotor imparts kinetic energy onto the generator, which is then converted into electrical energy.

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

Increasing requirements for electrical power in emerging countries

The increasing demand for power in developing regions is largely driven by population growth there. The rapidly increasing utilisation of electrical equipment is, in turn, pushing the use of electrical power. In addition, electricity is required in the industrial sector for the operation of industrial motors, machinery, lighting, computers, and other office equipment, as well as for the operation of heating, cooling, and ventilation equipment.

The rising need for food in a developing nation always results in the adoption of farming practices that are more labor-intensive. These methods call for an increase in the amount of energy that is used to power engines and supply lighting and heat. In addition, the processing, manufacturing, and transportation of food all contribute to an increase in the amount of energy that is required. According to research conducted by Generation Expansion Planning, the percentage of non-fossil fuel-based generation capacity in India's total installed capacity is likely to climb by approximately 42% in 2022 and is predicted to grow by more than 64% by 2030. This increase is expected to take place in the country.

The primary forces that are driving the need for BTGs are a rising global demand for electricity as well as a high dependence on electrical energy. The transition to oil, the transition to the generation of clean energy, and the change in the cost of fossil fuels are the primary variables affecting BTG's global trade. This is in addition to the severe economic situation that the world is currently experiencing.

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Report Scope

Report Attribute

Details

Market Size in 2022

USD 59.86 billion

Projected Market Size in 2030

USD 77.20 billion

CAGR Growth Rate

3.4% CAGR

Base Year

2022

Forecast Years

2023-2030

Key Market Players

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

Key Segment

By Type of Components, By Application, By type of fuels, and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Boiler Turbine and Generator (BTG) Market: Segmentation Analysis

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.

The global Boiler Turbine and Generator (BTG) 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

Browse the full "Boiler Turbine And Generator (BTG) Market 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), And By Region – Global, And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" Report at- https://www.zionmarketresearch.com/report/boiler-turbine-generator-market-size

Competitive Landscape

Some of the main competitors dominating the global Boiler Turbine and Generator (BTG) market include -

Vestas

Enercon

Siemens

General Electric

Atlas Copco.

Caterpillar

Ingersoll Rand

Kirloskar

ABB

Bosch

Mitsubishi Heavy Industries Limited

Dongfang Electric Corporation.

Key Insights from Primary Research :

According to the analysis shared by our research forecaster, the Boiler Turbine and Generator (BTG) market is likely to expand at a CAGR of around 3.4% during the forecast period (2023-2030).

In terms of revenue, the Boiler Turbine and Generator (BTG) market size was valued at around US$ 59.86 billion in 2022 and is projected to reach US$ 77.20 billion 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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Key questions answered in this report:

What is the market size and growth rate forecast for Boiler Turbine and Generator (BTG) industry?

What are the main driving factors propelling the Boiler Turbine and Generator (BTG) Market forward?

What are the leading companies in the Boiler Turbine and Generator (BTG) Industry?

What segments does the Boiler Turbine and Generator (BTG) Market cover?

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Key Offerings:

Market Size & Forecast by Revenue | 2023−2030

Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities

Market Segmentation – A detailed analysis By Type of Components, By Application, By type of fuels, and By Region

Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis :

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.

By Region

North America

U.S.

Canada

Rest of North America

Europe

France

UK

Spain

Germany

Italy

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia

South Africa

Rest of the Middle East & Africa

Latin America

Brazil

Argentina

Rest of Latin America

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.

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FREQUENTLY ASKED QUESTIONS

What is the global Boiler Turbine and Generator (BTG)?

Which key factors will influence the Boiler Turbine and Generator (BTG) Market growth over 2023-2030?

What will be the value of the Boiler turbine and generator (BTG) Market during 2023-2030?

What will be the CAGR value of the Boiler Turbine and Generator (BTG) Market during 2023-2030?

Which region will contribute notably towards the Boiler Turbine and Generator (BTG) Market value?

Which are the major players leveraging the Boiler turbine and generator (BTG) Market growth?

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