Future Market Insights
Growing demand of electricity has led to continuous rise in power plant projects and its operations over the last few decades. The increase in number of power plants projects have in turn spurred the demand of chemicals used for process cycles of power generation. Power plant chemicals are employed in plants involving steam generated process with fossil fuels such as oil, coal, radioactive material and natural gas as feedstock. Power plants requires number of chemicals to optimize the process of energy generation. As in thermal, nuclear and combined cycle plants where steam generation is involved, requires water as feed whose hardness and pH level vary from source to source. Moreover, the hardness of the water causes scaling and corrosion of metal fabricated boilers and cooling towers of a power plant. The most sensitive application areas hence are boiler and cooling water treatment, since a failure here impacts directly the continuity of the energy generation process, often by chemical corrosion. The consumption rate of power plants on an average amounts from 50 to 6,000 tons of different chemicals per year.
Moreover, the government of different regions are providing loans, clearing backlogs and subsidies to install power plant in their country. For instance (in 2017), the European commission have cleared the investment in construction of nuclear plant in Hungary. According to Europe Commission report, owing to increase in demand of electricity, Europe energy providers are planning to massive investment in construction of new nuclear plants. Similarly, in North America and APAC regions public bodies are investing in different projects (power plant) to fulfill the future demand of consumers. This massive demand will in turn spur the demand for chemicals used in power plants.
Power Plant Chemicals Market: Dynamics
The growing need of power plants coupled with government support to install power plants in their region is expected to fuel the demand of the global power plant chemicals market. Maintenance activities related to boilers and cooling water units is considered to be the primary driver of power plant chemicals. The dominance of thermal based power plants is expected to sustain the healthy demand of power plant chemicals in the forecast period. Nuclear and Combined Cycle Power Plants are expected to fuel the growth of the power plant chemicals to further extent.
However, paradigm shift from thermal power plants to plants operating on renewable sources of energy such as hydel, solar and wind operated which would eradicate the consumption of power plant chemicals. Also stagnation of ongoing projects of thermal plants or plant closures have affected the business of power plant chemicals to considerable extent in the last 5 years in few regions across the globe. For instance, in India ninety percent of coal-based thermal power plants are unsatisfactory on the environment front. Similarly, the U.S. government initiated a review of the Clean Power Plan which will restrict greenhouse emission from coal powered power plants. Another deterrent for the growth of power plant chemicals might be due to ban or regulations related to chemical content for conformance to environment management
Power Plant Chemicals Market: Outlook/Trend
Manufacturers are introducing new technology (chemicals) for various application in power plants are expected to spur the demand for power plant chemicals globally. Based on regions, North America is expected to be a prominent revenue generating region in the global power plant chemical market. Growing demand of electricity are surging the demand for power plants, which in turn spurring the demand for power plant chemicals market in North America during the forecast period. Europe is projected to witness a relatively faster growth in the near future. In Asia Pacific, China and India are projected to grow at significant rates during the forecast period.
Power Plant Chemicals Market: Segmentation
On the basis of form, the power plant chemicals market can be segmented into:
On the basis of product type, the power plant chemicals market can be segmented into:
On the basis of application, the power plant chemicals market can be segmented into:
Power Plant Chemicals Market: Market Participants
Examples of some of the market participants identified in the Power Plant Chemicals market across the globe are:
MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.
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