Thermal power is one of the highly polluting yet prominent sources of electricity production around the globe. Most developed and developing countries are heavily reliant on thermal power for meeting their electricity needs. Rise in need for energy around the globe and increase in environmental pollution have prompted many countries to commercially adopt Carbon Capture and Storage (CCS), Integrated Gasification Combined Cycle (IGCC), and Combined Heat and Power (CHP) technologies to produce power without producing harmful gaseous emissions. These are highly efficient and also produce low environmental emissions. Boiler, turbine, and generators (BTGs) works in combination with thermal power plants to generate electricity. It requires fossil fuels such as coal, gas, or oil for power generation.

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The BTG market can be segmented based on type of component and type of fuel used in power plants for power generation. The types of components can be sub-divided into power boilers, gas turbines, steam turbines, turbo generators, and heat recovery steam generators. Types of fuels can also be sub-divided into coal, gas, and oil. Power boilers are used extensively in oil and coal power plants. These are employed to boil water at high temperature to produce steam. This steam is passed on to boiler for further applications. Major boiler parts comprise circulation system, steam pressure vessel, boiler tubes, combustion, ventilation unit, air preheater, and other auxiliary units. Conventional boilers used in power plants are increasingly being replaced by pulverized coal-fired boilers. Major restraints of pulverized coal-fired boilers include fuel inflexibility, high maintenance costs, and environmental concerns.

Power is generated by turbines. Turbines function by the rotation of the shaft in a magnetic field to produce electricity. Turbines are operated by steam generated by burning gas, coal, or oil in the combustion chamber. Most turbines are based on steam and gas. A steam turbine converts thermal energy obtained from steam into mechanical energy, which turns the blades of a rotor of the steam turbine. The mechanical energy of the steam or gas turbine is converted to electrical output by the means of turbo generator. Turbo generator is one of the most common equipment found in all thermal (coal, gas, and oil) power plants. Key drivers of the BTG market are rise in demand for electricity around the globe, abundance of coal reserves, and high capacity of thermal power plants. Stringent environmental & climate change norms and growth in popularity of renewable power generating technologies are some of the restraints of the BTG market.

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Asia Pacific is a prominent region of the BTG market, led by the increase in demand and consumption of electricity in China, followed by that in India and Japan. Most of the electricity in China and India is generated from thermal power plants, due to the abundance of coal deposits in these countries. Thus, China and India are the biggest BTG markets across the globe. Expansion of the economy, growth in urbanization, and rise in demand for electricity are augmenting the BTG market in Asia Pacific. Increase in demand for electricity in North America and Europe owing to the growing urbanization, industrial development, abundance of coal reserves, and aging electricity infrastructure are also driving the BTG market in these regions. Advanced technological innovation in power generation technologies and their rapid commercialization in power generation applications are boosting the global BTG market.