Regenerative AirPreheaters Market: Increase in Global Power Generation Capacity
· Rapid urbanization and industrialization across the globe is driving thedemand for energy in the past few years. According to the International EnergyAgency, in 2018, the global power demand increased by around 4% from 2017.Moreover, the low-carbon based power generation increased by around 6% in orderto meet the demand in 2018.
· Coal maintained its dominance in the electricity generation mix in 2018.Moreover, power generation from the source rose by 2.6% in 2018. This resultedin a 2.5% increase in carbon (CO2) in 2018, of which, coal contributedaround 80% of the total growth.
· Asia Pacific witnessed a rise in power generation by around 6.1%. Ofwhich, China accounted for approximately 60% of the total power generation dueto rapid advancement in power generation capacity, along with high demand forelectricity in the country. China is followed by India, Japan, South Korea, andIndonesia in terms of rise in power generation in 2018.
· Power generation also rose to around 3.6% from 2017 in the U.S. due toeconomic growth and weather conditions, which spurred electricity consumptionin the country, while power generation marginally declined in Canada. However,in Europe, power generation remained fairly stable regardless of the growth inrenewable power and hydropower production in Turkey and France.
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Key Drivers ofRegenerative Air Preheaters Market
· Increase in power demand across the globe is likely to drive the global regenerativeair preheaters market during the forecast period. Even though powergeneration from renewable sources is growing at a rapid pace, it is unable tomeet the increasing demand for power across the globe. However, this differenceis being met majorly by coal and gas-based power plants.
· Thermal power plants utilize regenerative air preheaters to preheat thecombustion air from turbine output steam in order to increase the overallthermal efficiency of operations. Preheated air helps in efficient and rapidcombustion in the boiler furnace. Gas-based power plants also benefit from useof regenerative air preheaters, as the latter increase efficiency. Thus, risein power demand would drive utility companies to produce power in an efficientand economical way. This would drive the demand for regenerative air preheatersin the near future.
· Industrialization is also likely to drive the global regenerative airpreheaters market in the near future. Industries utilize boilers, steam, andhot air for various applications. These products can utilize regenerative airpreheaters to increase thermal efficiency of their operations. Theseapplications would require comparatively less fuel for similar thermal output,which would also minimize the overall operational costs for these industries.
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Key Developments inGlobal Regenerative Air Preheaters Market
· In August 2018, the ARVOS Group announced that its division LJUNGSTRÖMhad invested in India by establishing their new air preheater production siteat Mahindra World City, Chennai. The facility is expected to have a productioncapacity of around 16,000 metric tons per annum. The company claims that thefacility is the largest heating element manufacturer in the region withadvanced equipment and manufacturing processes.
· In January 2018, the ARVOS Group announced that its division LJUNGSTRÖMhad been awarded a contract by Doosan Power Systems India (DPSI) to supplyLjungström® gas-gas and Ljungström® air preheaters heaters for the Obra-C andJawaharpur coal-based power plant in Sonebhadra and Etah districts of UttarPradesh, India
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Asia PacificExpected to Dominate Global Regenerative Air Preheaters Market
· Asia Pacific is anticipated to hold a major share of the globalregenerative air preheaters market during the forecast period. The growth ofthis market in the region can be attributed to rise in investments in gas andcoal-based power plants in the region, especially in China and India. Theregion is the largest producer of coal-based power and is expected to continueits dominance in the market in the near future.
· The regenerative air preheaters market in North America and Europe islikely to witness sluggish growth during the forecast period, as both regionsare now focusing on renewable energy sources instead of fossil fuels to meettheir electricity demands
· The regenerative air preheaters market in Latin America and Middle East& Africa is anticipated to grow at a moderate pace during the forecastperiod
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Key Players inGlobal Regenerative Air Preheaters Market
Some of the key players operating inthe regenerative air preheaters market include:
· L&T-Howden Limited
· Balcke-Dürr GmbH
· IMECO LIMITED
· Bharat Heavy Electricals Limited
· ARVOS Group
· AMSEnergy
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