Advanced Utility Boilers Market

ID: MRFR/E&P/23554-HCR

128 Pages

Priya Nagrale

October 2025

Advanced Utility Boilers Market Research Report By Fuel Type (Coal, Natural Gas, Biomass, Oil), By Boiler Design (Circulating Fluidized Bed (CFB), Pulverized Coal (PC), Stoker, Water Tube), By Capacity (Below 100 MW, 100-500 MW, 500-1000 MW, Above 1000 MW), By End-Use Industry (Power Generation, Industrial Applications, Commercial Applications) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2035

Advanced Utility Boilers Market Infographic

Summary Table of Contents Segmentation Download PDF

1. Market Overview

2. Market Trends

3. Market Segment Insights

4. Key Players and Competitive Insights

5. Industry Developments

6. Market Segmentation

7. Report Scope

8. Market Highlights

9. FAQs

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Advanced Utility Boilers Market Summary

The Global Advanced Utility Boilers Market is projected to grow from 25.49 USD Billion in 2024 to 33.96 USD Billion by 2035.

Key Market Trends & Highlights

Advanced Utility Boilers Key Trends and Highlights

The market is expected to achieve a compound annual growth rate (CAGR) of 2.64 percent from 2025 to 2035.
By 2035, the market valuation is anticipated to reach 34.0 USD Billion, indicating a steady growth trajectory.
in 2024, the market is valued at 25.49 USD Billion, reflecting the current demand for advanced utility boilers.
Growing adoption of energy-efficient technologies due to increasing regulatory pressures is a major market driver.

Advanced Utility Boilers Market

CAGR

2.64%

Market Size & Forecast

2024 Market Size	25.49 (USD Billion)
2035 Market Size	33.96 (USD Billion)
CAGR (2025-2035)	2.64%

Major Players

Babcock & Wilcox, General Electric, Siemens, Mitsubishi Hitachi Power Systems, Shanghai Boiler Works, Dongfang Boiler, Thermax, Acciona Energia, Hyundai Heavy Industries, Alstom, John Zink Hamworthy Combustion, Doosan Heavy Industries, Foster Wheeler, CMI Group, Harbin Boiler, Mitsubishi Heavy Industries

Advanced Utility Boilers Market Trends

Key market drivers for advanced utility boilers include the growing demand for electricity, the need to reduce emissions, and the increasing use of renewable energy sources. Opportunities to be explored or captured in this market include the development of new technologies that can improve efficiency, flexibility, and emissions performance, as well as the expansion into new markets such as developing countries. Recent trends in the market include the increasing adoption of supercritical and ultra-supercritical boilers, the use of advanced materials to improve durability and efficiency, and the integration of renewable energy sources into boiler systems.

Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

The ongoing transition towards cleaner energy sources is likely to drive innovation and demand in the Advanced Utility Boilers Market, as utilities seek to enhance efficiency and reduce emissions.

U.S. Department of Energy

Advanced Utility Boilers Market Drivers

Growing Demand for Energy Efficiency

The Global Advanced Utility Boilers Market Industry is experiencing a notable surge in demand for energy-efficient solutions. As governments worldwide implement stringent regulations aimed at reducing carbon emissions, utility companies are increasingly investing in advanced boiler technologies that optimize fuel consumption. This shift not only aligns with environmental goals but also enhances operational efficiency. For instance, the market is projected to reach 25.5 USD Billion by 2024, reflecting a growing recognition of the need for sustainable energy practices. Such advancements in boiler technology are likely to play a crucial role in meeting global energy demands while minimizing ecological footprints.

Market Segment Insights

Advanced Utility Boilers Market Fuel Type Insights

The Advanced Utility Boilers Market segmentation by fuel type encompasses Coal, Natural Gas, Biomass, and Oil. Coal currently dominates the market, accounting for a significant share due to its abundance and cost-effectiveness. However, stricter environmental regulations and the shift towards cleaner energy sources are driving the adoption of alternative fuels like Natural Gas. The increasing availability of Natural Gas, coupled with its lower emissions profile, is expected to propel segment growth in the coming years.

Biomass, derived from organic materials, is gaining traction as a sustainable fuel source.Its utilization reduces carbon footprint and aligns with environmental goals. Biomass-fired boilers offer stable performance and contribute to waste management initiatives. The segment is poised for substantial growth as countries strive to achieve carbon neutrality. Oil, though traditionally used in utility boilers, is witnessing a decline in market share due to its higher emissions and price volatility. However, it remains a viable option in regions with limited access to other fuel sources.

The segment is expected to remain stable in the medium term, with gradual substitution by cleaner alternatives.Overall, the Advanced Utility Boilers Market is witnessing a shift towards cleaner fuel sources, driven by environmental concerns and sustainability initiatives. Natural Gas and Biomass are anticipated to drive market growth, while Coal and Oil are expected to experience a gradual decline in their respective market shares. The Global Advanced Utility Boilers Market revenue is projected to grow significantly in the coming years, with the market segmentation by fuel type playing a crucial role in shaping its dynamics.

Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

Advanced Utility Boilers Market Boiler Design Insights

The Global Advanced Utility Boilers Market is segmented by boiler design into Circulating Fluidized Bed (CFB), Pulverized Coal (PC), Stoker, and Water Tube. Among these, the Pulverized Coal (PC) segment held the largest market share in 2023. PC boilers are widely used in power plants due to their high efficiency and ability to handle a wide range of fuels. However, the Circulating Fluidized Bed (CFB) segment is expected to witness the highest growth rate during the forecast period.

CFB boilers offer advantages such as low emissions, fuel flexibility, and high thermal efficiency, making them an attractive option for new power plant projects.The Water Tube segment is also expected to grow steadily over the forecast period, driven by the increasing demand for high-pressure and high-temperature boilers in industrial applications.

Advanced Utility Boilers Market Capacity Insights

The Global Advanced Utility Boilers Market segmentation by capacity includes Below 100 MW, 100-500 MW, 500-1000 MW, and Above 1000 MW. Among these, the 100-500 MW segment held the largest market share in 2023, contributing to the Global Advanced Utility Boilers Market revenue of around USD 16.23 Billion. This is due to the increasing demand for electricity from industrial and commercial sectors, which require boilers with higher capacities to meet their energy needs.

The Below 100 MW segment is expected to grow at a significant rate during the forecast period, owing to the rising demand for small and medium-sized boilers in developing countries.Additionally, the 500-1000 MW and Above 1000 MW segments are projected to witness steady growth, driven by the increasing adoption of large-scale power plants to meet the growing energy demand.

Advanced Utility Boilers Market End-Use Industry Insights

The Global Advanced Utility Boilers Market segmentation by End-Use Industry comprises Power Generation, Industrial Applications, and Commercial Applications. Among these, Power Generation holds the largest revenue share in the market. The high demand for electricity and the need for efficient power generation methods are driving the growth of this segment. Industrial Applications is another significant segment, with industries such as manufacturing, mining, and chemical processing relying on advanced utility boilers for process heat and steam generation.

Commercial Applications, including hotels, hospitals, and office buildings, also contribute to the market growth, utilizing advanced utility boilers for heating, cooling, and other energy needs. With increasing urbanization and growing commercial infrastructure, this segment is expected to witness steady growth in the coming years.

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Regional Insights

The Global Advanced Utility Boilers Market is segmented into North America, Europe, APAC, South America, and MEA. The North American region is expected to hold the largest market share in 2023, with a valuation of 7.23 USD billion, owing to the presence of stringent environmental regulations and the rising demand for efficient energy solutions. Europe is expected to follow North America, with a valuation of 6.19 USD billion.

The APAC region is projected to witness the highest growth rate during the forecast period, driven by the increasing demand for electricity and the growing industrial sector in countries such as China and India.South America and MEA are also expected to contribute to the growth of the Global Advanced Utility Boilers Market.

Advanced Utility Boilers Market Regional Insights

Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

Key Players and Competitive Insights

Major players in the Advanced Utility Boilers Market are constantly investing in research and development to improve their product offerings and gain a competitive edge. Leading Advanced Utility Boilers Market players are focusing on developing more efficient and environmentally friendly boilers that meet the increasing demand for sustainable energy sources. The Advanced Utility Boilers Market is expected to witness significant growth in the coming years, driven by increasing demand for electricity and the need for reliable and efficient power generation systems.

The Advanced Utility Boilers Market industry is highly competitive, with several key players vying for market share. Some of the leading players in the Advanced Utility Boilers Market include Babcock & Wilcox, General Electric, Siemens, and Mitsubishi Hitachi Power Systems. These companies offer a wide range of advanced utility boilers, including supercritical, ultra-supercritical, and circulating fluidized bed boilers.A leading company in the Advanced Utility Boilers Market industry is Babcock & Wilcox. The company has a long history of innovation in the boiler industry, dating back to the 19th century.

Babcock & Wilcox offers a wide range of advanced utility boilers, including supercritical, ultra-supercritical, and circulating fluidized bed boilers. The company's boilers are known for their high efficiency, reliability, and durability.

Babcock & Wilcox also provides a range of services, including engineering, procurement, construction, and maintenance.A competitor company in the Advanced Utility Boilers Market industry is General Electric. The company is a global leader in the power generation industry, and it offers a wide range of advanced utility boilers. General Electric's boilers are known for their high efficiency, reliability, and flexibility. The company also provides a range of services, including engineering, procurement, construction, and maintenance. Both Babcock & Wilcox and General Electric are major players in the Advanced Utility Boilers Market industry, and they are constantly competing for market share.

The companies are investing in research and development to improve their product offerings and gain a competitive edge.

Key Companies in the Advanced Utility Boilers Market market include

Industry Developments

The Advanced Utility Boilers Market is projected to witness steady growth, reaching an estimated valuation of USD 30.6 billion by 2032, expanding at a CAGR of 2.64% from 2025 to 2034. The rising demand for electricity, coupled with the need for efficient and reliable power generation, is driving market expansion. Additionally, increasing urbanization and industrialization are contributing to the growing demand for advanced utility boilers.

The market is witnessing advancements in boiler technology, with a focus on reducing emissions and improving efficiency. Key players are investing in research and development to introduce innovative solutions that meet evolving industry standards. Strategic partnerships and collaborations are also shaping the market landscape, enabling companies to combine their expertise and resources to offer comprehensive solutions to customers.

Future Outlook

Advanced Utility Boilers Market Future Outlook

The Advanced Utility Boilers Market is projected to grow at a 2.64% CAGR from 2025 to 2035, driven by technological advancements, regulatory support, and increasing energy demands.

New opportunities lie in:

Invest in R&D for high-efficiency boiler technologies to enhance performance.
Explore partnerships with renewable energy firms for hybrid boiler solutions.
Expand into emerging markets with tailored financing options for utility projects.

By 2035, the Advanced Utility Boilers Market is expected to achieve substantial growth, reflecting evolving energy needs and technological innovations.

Market Segmentation

Advanced Utility Boilers Market Capacity Outlook

Below 100 MW
100-500 MW
500-1000 MW
Above 1000 MW

Advanced Utility Boilers Market Regional Outlook

North America
Europe
South America
Asia Pacific
Middle East and Africa

Advanced Utility Boilers Market Fuel Type Outlook

Coal
Natural Gas
Biomass
Oil

Advanced Utility Boilers Market Boiler Design Outlook

Circulating Fluidized Bed (CFB)
Pulverized Coal (PC)
Stoker
Water Tube

Advanced Utility Boilers Market End-Use Industry Outlook

Power Generation
Industrial Applications
Commercial Applications

Report Scope

Report Attribute/Metric	Details
Market Size 2024	25.49 (USD Billion)
Market Size 2025	26.16 (USD Billion)
Market Size 2035	33.96 (USD Billion)
Compound Annual Growth Rate (CAGR)	2.64% (2025 - 2035)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Base Year	2024
Market Forecast Period	2025 - 2035
Historical Data	2019 - 2023
Market Forecast Units	USD Billion
Key Companies Profiled	Shanghai Boiler Works, Dongfang Boiler, Thermax, General Electric (GE), Siemens, Acciona Energia, Hyundai Heavy Industries, Alstom, John Zink Hamworthy Combustion, Doosan Heavy Industries, Foster Wheeler, Babcock Wilcox, CMI Group, Harbin Boiler, Mitsubishi Heavy Industries
Segments Covered	Fuel Type, Boiler Design, Capacity, End-Use Industry, Regional
Key Market Opportunities	Increasing demand for electricity Rising need for efficient energy generation Government incentives for clean energy Rapid industrialization Adoption of advanced technologies
Key Market Dynamics	Increasing demand for energy efficiency Government regulations on emission standards Rising energy demand from emerging economies Growing adoption of renewable energy sources Technological advancements in boiler designs
Countries Covered	North America, Europe, APAC, South America, MEA

FAQs

What is the current market size of the Global Advanced Utility Boilers Market?

The Global Advanced Utility Boilers Market is expected to reach a valuation of USD 25.49 billion in 2024.

What is the projected CAGR of the Global Advanced Utility Boilers Market?

The Global Advanced Utility Boilers Market is expected to exhibit a CAGR of 2.64% during the forecast period from 2025 to 2034.

Which region is expected to dominate the Global Advanced Utility Boilers Market?

North American region is anticipated to dominate the Global Advanced Utility Boilers Market throughout the forecast period, primarily driven by the increasing demand for electricity and industrialization in developing countries like China and India.

Who are some of the key players in the Global Advanced Utility Boilers Market?

Some of the prominent players in the Global Advanced Utility Boilers Market include Babcock Wilcox Enterprises, Inc., Mitsubishi Hitachi Power Systems, Ltd., Thermax Limited, and Doosan Heavy Industries Construction Co., Ltd.

What are the major applications of Advanced Utility Boilers?

Advanced Utility Boilers are primarily used in power plants, industrial facilities, and district heating systems to generate steam for various applications such as electricity generation, process heating, and space heating.

What are the key growth drivers of the Global Advanced Utility Boilers Market?

The increasing need for efficient and reliable power generation, coupled with stringent environmental regulations, is driving the growth of the Global Advanced Utility Boilers Market.

What are the challenges faced by the Global Advanced Utility Boilers Market?

The high cost of manufacturing and installation, along with fluctuating raw material prices, pose challenges to the growth of the Global Advanced Utility Boilers Market.

What are the expected trends in the Global Advanced Utility Boilers Market?

The increasing adoption of renewable energy sources and the integration of advanced technologies, such as digitalization and automation, are expected to shape the future of the Global Advanced Utility Boilers Market.

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