INDUSTRIAL BOILERS: TECHNOLOGIES AND DEVELOPING MARKETS

Transcription

1 INDUSTRIAL BOILERS: TECHNOLOGIES AND DEVELOPING MARKETS MFG033A March 2014 Robert Eckard Project Analyst ISBN: BCC Research 49 Walnut Park, Building 2 Wellesley, MA USA (toll-free within the USA), or (+1) information@bccresearch.com

2 TABLE OF CONTENTS CHAPTER 1 INTRODUCTION 2 STUDY GOALS AND OBJECTIVES 2 REASONS FOR DOING THIS STUDY 2 INTENDED AUDIENCE 2 SCOPE OF REPORT AND METHODOLOGY 3 TABLE A INDUSTRIAL BOILER CATEGORIES CONSIDERED IN THIS REPORT 3 WORLDWIDE MARKETS 4 TABLE B LIST OF GLOBAL MARKETS CONSIDERED IN THIS STUDY 4 METHODOLOGY 4 INFORMATION SOURCES 5 TABLE C RESEARCH INFORMATION SOURCES 5 ANALYST CREDENTIALS 5 RELATED BCC RESEARCH REPORTS 6 BCC RESEARCH ONLINE SERVICES 6 DISCLAIMER 6 CHAPTER 2 SUMMARY 8 SUMMARY TABLE GLOBAL INDUSTRIAL BOILER SALES, THROUGH 2018 ($ 9 SUMMARY FIGURE GLOBAL INDUSTRIAL BOILER SALES, ($ 9 CHAPTER 3 OVERVIEW 11 INTRODUCTION TO INDUSTRIAL BOILERS 11 FIGURE 1 INDUSTRIAL BOILER AND APPURTENANT SYSTEMS, SCHEMATIC 12 TABLE 1 INDUSTRIAL BOILER CATEGORIES CONSIDERED IN THIS REPORT 13 NOTE ON BOILER CAPACITIES 13 TABLE 2 BOILER CAPACITY TERMS 13 FIGURE 2 EARLY TO MID 20TH CENTURY WATERTUBE BOILER, CUTAWAY 15 INDUSTRIAL BOILER TECHNOLOGIES AND CLASSIFICATIONS 16 FIRETUBE BOILERS 16 FIGURE 3 FIRETUBE BOILER DIAGRAM 17 WATERTUBE BOILERS 18 FIGURE 4 D-TYPE WATERTUBE BOILER INSTALLATION 19 WATERWALL BOILERS 19 FIGURE 5 WATERWALL BOILER REPLACEMENT (TUBE TYPE) 20 FIGURE 6 WATERWALL BOILER REPLACEMENT (MEMBRANE TYPE) 21 OIL AND GAS BOILERS 21 SOLID FUEL BOILERS 21 Stoker Boilers 21 Traveling or Chain Grate Boilers 22 FIGURE 7 TRAVELING GRATE 22 Vibrating Grate Stoker Boilers 22 FIGURE 8 LARGE, VIBRATING GRATE STOKER DURING FABRICATION 22 Underfeed Stoker Boilers 23 FIGURE 9 UNDERFEED STOKER SCHEMATIC 23 Spreader Stoker Boilers 24 FIGURE 10 SPREADER STOKER SCHEMATIC 24

3 Fluidized Bed Boilers 24 FIGURE 11 FLUIDIZED BED BOILER WITH SUPERHEATER SCHEMATIC 25 Pulverized Fuel Boilers 25 FIGURE 12 PULVERIZED COAL BURNER EMBEDDED IN WATERWALL BOILER 25 HOT WATER OR STEAM BOILERS 26 BOILER FLUIDS 27 PACKAGE AND ENGINEERED BOILERS 27 PRESSURE 27 TABLE 3 INDUSTRIAL BOILER PRESSURE CATEGORIES AND RANGES 28 INDUSTRIAL BOILER AUXILIARY SYSTEMS 28 INDUSTRIAL BOILER EFFICIENCY 29 BOILER EFFICIENCY OVERVIEW 29 TABLE 4 TYPICAL BOILER EFFICIENCY BY FUEL TYPE (%) 30 MAXIMUM CONTINUOUS RATING AND ANNUAL AVERAGE RATING 31 INDUSTRIAL SYSTEM EFFICIENCY 31 INDUSTRIAL BOILER APPLICATIONS AND CAPACITY 31 FIGURE 13 COMMON COMMERCIAL, INDUSTRIAL, AND UTILITY BOILER APPLICATIONS, BY CAPACITY (MMBTU/HR) EMERGING TECHNOLOGIES AND DEVELOPMENTS 33 TECHNOLOGIES NOT CONSIDERED CHAPTER 4 REGULATORY CONSIDERATIONS 36 NORTH AMERICA 36 US EPA BOILER MACT 36 FIGURE 14 APPLICABILITY OF BOILER MACT STANDARDS TO U.S. INDUSTRIAL AND COMMERCIAL BOILERS (%) NEW SOURCE PERFORMANCE STANDARDS 38 CANADIAN COUNCIL OF MINISTERS OF THE ENVIRONMENT 38 GREENHOUSE GAS EMISSIONS REGULATIONS 39 WATER QUALITY REGULATIONS 39 NORTH AMERICA ANALYSIS 39 EUROPE 40 EUROPEAN ENERGY EFFICIENCY AND GREENHOUSE GAS EMISSIONS 40 EUROPEAN PARLIAMENT DIRECTIVE 2001/80/EC 40 PRESSURE EQUIPMENT DIRECTIVE 97/23/EC 41 OTHER BOILER REGULATIONS 41 EUROPE ANALYSIS 41 ASIA 42 CHINA 42 FIGURE 15 AIR POLLUTION IN BEIJING, CHINA ON JANUARY 16, Twelfth Five-Year Plan on Air Pollution Prevention and Control in Key Regions TABLE 5 CHINA'S 2013 AIR POLLUTION CONTROL TARGETS (PERCENT REDUCTION FROM EXISTING) JAPAN 44 INDIA AND SOUTHEAST ASIA 45 ASIA ANALYSIS

4 CHAPTER 5 INDUSTRY AND TRENDS 48 INDUSTRIAL BOILER SUPPLY CHAINS 48 FIGURE 16 SUPPLY CHAIN, PACKAGE INDUSTRIAL BOILERS 49 FIGURE 17 SUPPLY CHAIN, ENGINEERED (NON-PACKAGE) INDUSTRIAL BOILERS 50 INDUSTRY ORGANIZATIONS 54 TABLE 6 MAJOR ACTIVE BOILER AND RELATED INDUSTRY ORGANIZATIONS 54 KEY TRENDS INFLUENCING MARKETS 60 KEY RETROFIT MARKETS IN DEVELOPED NATIONS 61 FIGURE 18 NUMBER OF INDUSTRIAL BOILERS SOLD IN THE U.S. BY YEAR, (NO. OF UNITS) FIGURE 19 AGEING U.S. BOILER POPULATION: HEATING CAPACITY BY YEAR OF INSTALLATION, PRE (%) MANUFACTURING GROWTH DRIVES MARKETS IN DEVELOPING NATIONS 65 REGULATORY CONCERNS 65 COMMON AREAS OF BOILER SYSTEM IMPROVEMENT 66 RETROFIT FINANCING 66 QUEST FOR ENERGY EFFICIENCY 68 ENVIRONMENTAL AND PERMITTING REQUIREMENTS AND TRENDS 69 TRENDS IN FUEL SOURCES 70 Fuel Characteristics 70 TABLE 7 FUEL CHARACTERISTICS 70 Low US Natural Gas Prices 71 FIGURE 20 HENRY HUB SPOT PRICE, 1997 TO 2013 ($/MMBTU) 71 Unclean Coal 72 FIGURE 21 CARBON DIOXIDE EMISSIONS FOR ELECTRICITY GENERATION FROM COAL VERSUS NATURAL GAS (KG CO2E/MWH*) CHAPTER 6 COMPANY PROFILES 75 AE&E NANJING BOILER 75 TABLE 8 COMPANY OVERVIEW - AE&E NANJING BOILER 76 ALFA LAVAL AALBORG 76 TABLE 9 COMPANY OVERVIEW - ALFA LAVAL AALBORG 77 ALSTOM POWER GENERATION 77 TABLE 10 COMPANY OVERVIEW - ALSTOM POWER GENERATION 78 ANDRITZ ENERGY & ENVIRONMENT GMBH 78 TABLE 11 COMPANY OVERVIEW - ANDRITZ ENERGY & ENVIRONMENT 79 ANSALDO BOILER 79 TABLE 12 COMPANY OVERVIEW-ANSALDO BOILER 80 BABCOCK HITACHI 80 TABLE 13 COMPANY OVERVIEW-BABCOCK-HITACHI 81 BABCOCK WANSON UK 81 TABLE 14 COMPANY OVERVIEW - BABCOCK WANSON UK 82 BABCOCK & WILCOX CO. 82 TABLE 15 COMPANY OVERVIEW-BABCOCK & WILCOX COMPANY 83 BURMEISTER & WAIN ENERGY 84 TABLE 16 COMPANY OVERVIEW-BURMEISTER & WAIN ENERGY 85 BHARAT HEAVY ELECTRICAL LIMITED 85 TABLE 17 COMPANY OVERVIEW-BHARAT HEAVY ELECTRICAL LTD 86

5 BOILERWORKS 86 TABLE 18 COMPANY OVERVIEW-BOILERWORKS 87 BOSCH GROUP 87 TABLE 19 COMPANY OVERVIEW-BOSCH GROUP 88 CHEEMA BOILERS LIMITED 88 TABLE 20 COMPANY OVERVIEW-CHEEMA BOILERS 89 CLAYTON INDUSTRIES 89 TABLE 21 COMPANY OVERVIEW-CLAYTON INDUSTRIES 90 CLEAVER-BROOKS 90 TABLE 22 COMPANY OVERVIEW-CLEAVER-BROOKS 91 DANSTOKER 91 TABLE 23 COMPANY OVERVIEW-DANSTOKER 92 DETROIT STOKER 92 TABLE 24 COMPANY OVERVIEW-DETROIT STOKER 93 DONGFANG ELECTRIC 93 TABLE 25 COMPANY OVERVIEW-DONGFANG BOILER WORKS 94 DOOSAN HEAVY INDUSTRIES & CONSTRUCTION 94 TABLE 26 COMPANY OVERVIEW-DOOSAN HEAVY INDUSTRIES & CONSTRUCTION 95 ENGLISH BOILER 95 TABLE 27 COMPANY OVERVIEW-ENGLISH BOILER AND TUBE 96 FOSTER WHEELER 96 TABLE 28 COMPANY OVERVIEW-FOSTER WHEELER 97 FULTON BOILER WORKS 98 TABLE 29 COMPANY OVERVIEW-FULTON BOILER WORKS 98 HAMON DELTAK 99 TABLE 30 COMPANY OVERVIEW: HAMON DELTAK 99 HANGZHOU BOILER GROUP 100 TABLE 31 COMPANY OVERVIEW-HANGZHOU BOILER GROUP 101 HARBIN ELECTRIC CO. 101 TABLE 32 COMPANY OVERVIEW-HARBIN ELECTRIC COMPANY 102 HKB 102 TABLE 33 COMPANY OVERVIEW-HKB 103 ICI CALDAIE 103 TABLE 34 COMPANY OVERVIEW-ICI CALDAIE 104 IMEX 104 TABLE 35 COMPANY OVERVIEW-IMEX 105 INNOVATIVE STEAM TECHNOLOGIES 105 TABLE 36 COMPANY OVERVIEW-INNOVATIVE STEAM TECHNOLOGIES 106 JOHN THOMPSON 106 TABLE 37 COMPANY OVERVIEW-JOHN THOMPSON 107 JOHNSTON BOILER CO. 107 TABLE 38 COMPANY OVERVIEW-JOHNSTON BOILER COMPANY 108 KAWASAKI THERMAL ENGINEERING 108 TABLE 39 COMPANY OVERVIEW-KAWASAKI THERMAL ENGINEERING 109 MACCHI 109 TABLE 40 COMPANY OVERVIEW-MACCHI 110 METSO CORP. 110

6 TABLE 41 COMPANY OVERVIEW-METSO POWER AND AUTOMATION 111 MITSUBISHI HEAVY INDUSTRIES 111 TABLE 42 COMPANY OVERVIEW: MITSUBISHI HEAVY INDUSTRIES 112 MIURA CO. 112 TABLE 43 COMPANY OVERVIEW-MIURA BOILER 113 NATIONWIDE BOILER 113 TABLE 44 COMPANY OVERVIEW: NATIONWIDE BOILER 114 NOOTER/ERIKSEN INC 114 TABLE 45 COMPANY OVERVIEW: NOOTER/ERIKSEN 115 OMNICAL 115 TABLE 46 COMPANY OVERVIEW-OMNICAL 116 OPTIMUS ENGINEERED PRODUCTS 116 TABLE 47 COMPANY OVERVIEW-OPTIMUS ENGINEERED PRODUCTS 117 RAFAKO GRUPA 117 TABLE 48 COMPANY OVERVIEW-RAFAKO GRUPA 118 RENTECH BOILER SYSTEMS INC. 118 TABLE 49 COMPANY OVERVIEW-RENTECH BOILER SYSTEMS 119 SHANGHAI BOILER WORKS 119 TABLE 50 COMPANY OVERVIEW-SHANGHAI BOILER WORKS 120 SIEMENS ENERGY 120 TABLE 51 COMPANY OVERVIEW-SIEMENS ENERGY 121 STANDARDKESSEL- BAUMGARTE 121 TABLE 52 COMPANY OVERVIEW: STANDARDKESSEL-BAUMGARTE 122 SUPERIOR BOILER WORKS INC. 122 TABLE 53 COMPANY OVERVIEW-SUPERIOR BOILER WORKS 123 TAKUMA 123 TABLE 54 COMPANY OVERVIEW-TAKUMA 124 TEI-STRUTHERS WELLS 124 TABLE 55 COMPANY OVERVIEW: TEI-STRUTHERS WELLS 125 THERMAX LIMITED 125 TABLE 56 COMPANY OVERVIEW-THERMAX 126 POU CHEN MACHINERY GROUP 126 TABLE 57 COMPANY OVERVIEW: TIANJIN BAOCHENG MACHINERY GROUP 127 VICTORY ENERGY OPERATIONS LLC. 127 TABLE 58 COMPANY OVERVIEW: VICTORY ENERGY 128 VOGT POWER INTERNATIONAL 128 TABLE 59 COMPANY OVERVIEW: VOGT POWER INTERNATIONAL 129 WARTSILA CORP. 129 TABLE 60 COMPANY OVERVIEW-WARTSILA 130 WELLMAN ROBEY 130 TABLE 61 COMPANY OVERVIEW-WELLMAN ROBEY 131 WUHAN BOILER CO 131 TABLE 62 COMPANY OVERVIEW-WUHAN BOILER COMPANY 132 YORK-SHIPLEY GLOBAL 132 TABLE 63 COMPANY OVERVIEW-YORK-SHIPLEY GLOBAL 133 CHAPTER 7 MAJOR MARKETS AND TRENDS IN PRICE AND PERFORMANCE 135

7 SCOPE OF MARKET ANALYSIS 136 STEAM-GENERATING INDUSTRIAL BOILERS 136 WATERWALL BOILERS 137 TABLE 64 GLOBAL WATERWALL BOILER SALES, BY REGION, THROUGH 2018 (UNITS UNDER CONSTRUCTION OR RETROFIT) FIGURE 22 GLOBAL WATERWALL BOILER SALES, BY REGION, (UNITS) 138 TABLE 65 GLOBAL WATERWALL BOILER SALES, BY REGION, THROUGH 2018 ($ FIGURE 23 GLOBAL WATERWALL BOILER SALES, BY REGION, ($ TABLE 66 GLOBAL WATERWALL BOILER SALES, REGIONAL BREAKDOWNS, THROUGH 2018 ($ FIGURE 24 GLOBAL WATERWALL BOILER SALES, REGIONAL BREAKDOWNS, ($ WATERTUBE BOILERS 141 TABLE 67 GLOBAL WATERTUBE BOILER SALES, BY REGION, THROUGH 2018 (UNITS) 142 FIGURE 25 GLOBAL WATERTUBE BOILER SALES, BY REGION, (UNITS) 142 TABLE 68 GLOBAL WATERTUBE BOILER SALES, BY REGION, THROUGH 2018 ($ FIGURE 26 GLOBAL WATERTUBE BOILER SALES, BY REGION, ($ TABLE 69 GLOBAL WATERTUBE BOILER SALES, REGIONAL BREAKDOWNS, THROUGH 2018 ($ FIGURE 27 GLOBAL WATERTUBE BOILER SALES, REGIONAL BREAKDOWNS, ($ FIRETUBE BOILERS 145 TABLE 70 GLOBAL FIRETUBE BOILER SALES, BY REGION, THROUGH 2018 (UNITS) 146 FIGURE 28 GLOBAL FIRETUBE BOILER SALES, BY REGION, (UNITS) 146 TABLE 71 GLOBAL FIRETUBE BOILER SALES, BY REGION, THROUGH 2018 ($ FIGURE 29 GLOBAL FIRETUBE BOILER SALES, BY REGION, ($ 148 TABLE 72 GLOBAL FIRETUBE BOILER SALES, REGIONAL BREAKDOWNS, THROUGH 2018 ($ FIGURE 30 GLOBAL FIRETUBE BOILER SALES, REGIONAL BREAKDOWNS, ($ FLUIDIZED BED BOILERS 150 TABLE 73 GLOBAL FLUIDIZED BED BOILER SALES, BY REGION, THROUGH 2018 (UNITS) FIGURE 31 GLOBAL FLUIDIZED BED BOILER SALES, BY REGION, (UNITS) 151 TABLE 74 GLOBAL FLUIDIZED BED BOILER SALES, BY REGION, THROUGH 2018 ($ FIGURE 32 GLOBAL FLUIDIZED BED BOILER SALES, BY REGION, ($ TABLE 75 GLOBAL FLUIDIZED BED BOILER SALES, REGIONAL BREAKDOWNS, THROUGH 2018 ($ FIGURE 33 GLOBAL FLUIDIZED BED BOILER SALES, REGIONAL BREAKDOWNS, ($ HOT WATER BOILERS 154 FIGURE 34 COMPARISON OF INDUSTRIAL HOT WATER BOILER SALES TO INDUSTRIAL STEAM BOILER SALES, 2013 (PERCENT OF TOTAL SALES)

8 TABLE 76 COMPARISON OF INDUSTRIAL HOT WATER BOILER SALES TO INDUSTRIAL STEAM BOILER SALES, 2013 (PERCENT OF TOTAL SALES) TABLE 77 GLOBAL HOT WATER BOILER SALES, BY REGION, THROUGH 2018 (UNITS) 156 FIGURE 35 GLOBAL HOT WATER BOILER SALES, BY REGION, (UNITS) 156 TABLE 78 GLOBAL HOT WATER BOILER SALES, BY REGION, THROUGH 2018 ($ FIGURE 36 GLOBAL HOT WATER BOILER SALES, BY REGION, ($ TABLE 79 GLOBAL HOT WATER BOILER SALES, REGIONAL BREAKDOWNS, THROUGH 2018 ($ FIGURE 37 GLOBAL HOT WATER BOILER SALES, REGIONAL BREAKDOWNS, ($ GLOBAL SUMMARY 158 TABLE 80 GLOBAL INDUSTRIAL BOILER SALES, BREAKDOWNS BY REGION, THROUGH 2018 ($ FIGURE 38 GLOBAL INDUSTRIAL BOILER SALES, BREAKDOWNS BY REGION, ($ TABLE 81 GLOBAL INDUSTRIAL BOILER SALES, BREAKDOWNS BY TECHNOLOGY, THROUGH 2018 ($ FIGURE 39 GLOBAL INDUSTRIAL BOILER SALES, BREAKDOWNS BY TECHNOLOGY, ($ TABLE 82 GLOBAL HOT WATER BOILER SALES, REGIONAL BREAKDOWNS, THROUGH 2018 ($ FIGURE 40 GLOBAL INDUSTRIAL BOILER SALES, REGIONAL BREAKDOWNS, ($ CHAPTER 8 APPENDIX I: ACRONYMS AND ABBREVIATIONS OF MEASUREMENTS 164 CHAPTER 9 REFERENCES 166

9 LIST OF TABLES TABLE HEADING TABLE A INDUSTRIAL BOILER CATEGORIES CONSIDERED IN THIS REPORT 3 TABLE B LIST OF GLOBAL MARKETS CONSIDERED IN THIS STUDY 4 TABLE C RESEARCH INFORMATION SOURCES 5 SUMMARY TABLE GLOBAL INDUSTRIAL BOILER SALES, THROUGH 2018 ($ 9 TABLE 1 INDUSTRIAL BOILER CATEGORIES CONSIDERED IN THIS REPORT 13 TABLE 2 BOILER CAPACITY TERMS 13 TABLE 3 INDUSTRIAL BOILER PRESSURE CATEGORIES AND RANGES 28 TABLE 4 TYPICAL BOILER EFFICIENCY BY FUEL TYPE (%) 30 TABLE 5 CHINA'S 2013 AIR POLLUTION CONTROL TARGETS (PERCENT REDUCTION FROM EXISTING) TABLE 6 MAJOR ACTIVE BOILER AND RELATED INDUSTRY ORGANIZATIONS 54 TABLE 7 FUEL CHARACTERISTICS 70 TABLE 8 COMPANY OVERVIEW - AE&E NANJING BOILER 76 TABLE 9 COMPANY OVERVIEW - ALFA LAVAL AALBORG 77 TABLE 10 COMPANY OVERVIEW - ALSTOM POWER GENERATION 78 TABLE 11 COMPANY OVERVIEW - ANDRITZ ENERGY & ENVIRONMENT 79 TABLE 12 COMPANY OVERVIEW-ANSALDO BOILER 80 TABLE 13 COMPANY OVERVIEW-BABCOCK-HITACHI 81 TABLE 14 COMPANY OVERVIEW - BABCOCK WANSON UK 82 TABLE 15 COMPANY OVERVIEW-BABCOCK & WILCOX COMPANY 83 TABLE 16 COMPANY OVERVIEW-BURMEISTER & WAIN ENERGY 85 TABLE 17 COMPANY OVERVIEW-BHARAT HEAVY ELECTRICAL LTD 86 TABLE 18 COMPANY OVERVIEW-BOILERWORKS 87 TABLE 19 COMPANY OVERVIEW-BOSCH GROUP 88 TABLE 20 COMPANY OVERVIEW-CHEEMA BOILERS 89 TABLE 21 COMPANY OVERVIEW-CLAYTON INDUSTRIES 90 TABLE 22 COMPANY OVERVIEW-CLEAVER-BROOKS 91 TABLE 23 COMPANY OVERVIEW-DANSTOKER 92 TABLE 24 COMPANY OVERVIEW-DETROIT STOKER 93 TABLE 25 COMPANY OVERVIEW-DONGFANG BOILER WORKS 94 TABLE 26 COMPANY OVERVIEW-DOOSAN HEAVY INDUSTRIES & CONSTRUCTION 95 TABLE 27 COMPANY OVERVIEW-ENGLISH BOILER AND TUBE 96 TABLE 28 COMPANY OVERVIEW-FOSTER WHEELER 97 TABLE 29 COMPANY OVERVIEW-FULTON BOILER WORKS 98 TABLE 30 COMPANY OVERVIEW: HAMON DELTAK 99 TABLE 31 COMPANY OVERVIEW-HANGZHOU BOILER GROUP 101 TABLE 32 COMPANY OVERVIEW-HARBIN ELECTRIC COMPANY 102 TABLE 33 COMPANY OVERVIEW-HKB 103 TABLE 34 COMPANY OVERVIEW-ICI CALDAIE 104 TABLE 35 COMPANY OVERVIEW-IMEX 105 TABLE 36 COMPANY OVERVIEW-INNOVATIVE STEAM TECHNOLOGIES 106 TABLE 37 COMPANY OVERVIEW-JOHN THOMPSON 107 TABLE 38 COMPANY OVERVIEW-JOHNSTON BOILER COMPANY 108 TABLE 39 COMPANY OVERVIEW-KAWASAKI THERMAL ENGINEERING 109 TABLE 40 COMPANY OVERVIEW-MACCHI 110 TABLE 41 COMPANY OVERVIEW-METSO POWER AND AUTOMATION 111 TABLE 42 COMPANY OVERVIEW: MITSUBISHI HEAVY INDUSTRIES

10 TABLE HEADING TABLE 43 COMPANY OVERVIEW-MIURA BOILER 113 TABLE 44 COMPANY OVERVIEW: NATIONWIDE BOILER 114 TABLE 45 COMPANY OVERVIEW: NOOTER/ERIKSEN 115 TABLE 46 COMPANY OVERVIEW-OMNICAL 116 TABLE 47 COMPANY OVERVIEW-OPTIMUS ENGINEERED PRODUCTS 117 TABLE 48 COMPANY OVERVIEW-RAFAKO GRUPA 118 TABLE 49 COMPANY OVERVIEW-RENTECH BOILER SYSTEMS 119 TABLE 50 COMPANY OVERVIEW-SHANGHAI BOILER WORKS 120 TABLE 51 COMPANY OVERVIEW-SIEMENS ENERGY 121 TABLE 52 COMPANY OVERVIEW: STANDARDKESSEL-BAUMGARTE 122 TABLE 53 COMPANY OVERVIEW-SUPERIOR BOILER WORKS 123 TABLE 54 COMPANY OVERVIEW-TAKUMA 124 TABLE 55 COMPANY OVERVIEW: TEI-STRUTHERS WELLS 125 TABLE 56 COMPANY OVERVIEW-THERMAX 126 TABLE 57 COMPANY OVERVIEW: TIANJIN BAOCHENG MACHINERY GROUP 127 TABLE 58 COMPANY OVERVIEW: VICTORY ENERGY 128 TABLE 59 COMPANY OVERVIEW: VOGT POWER INTERNATIONAL 129 TABLE 60 COMPANY OVERVIEW-WARTSILA 130 TABLE 61 COMPANY OVERVIEW-WELLMAN ROBEY 131 TABLE 62 COMPANY OVERVIEW-WUHAN BOILER COMPANY 132 TABLE 63 COMPANY OVERVIEW-YORK-SHIPLEY GLOBAL 133 TABLE 64 GLOBAL WATERWALL BOILER SALES, BY REGION, THROUGH 2018 (UNITS UNDER CONSTRUCTION OR RETROFIT) TABLE 65 GLOBAL WATERWALL BOILER SALES, BY REGION, THROUGH 2018 ($ TABLE 66 GLOBAL WATERWALL BOILER SALES, REGIONAL BREAKDOWNS, THROUGH 2018 ($ TABLE 67 GLOBAL WATERTUBE BOILER SALES, BY REGION, THROUGH 2018 (UNITS) 142 TABLE 68 GLOBAL WATERTUBE BOILER SALES, BY REGION, THROUGH 2018 ($ TABLE 69 GLOBAL WATERTUBE BOILER SALES, REGIONAL BREAKDOWNS, THROUGH 2018 ($ TABLE 70 GLOBAL FIRETUBE BOILER SALES, BY REGION, THROUGH 2018 (UNITS) 146 TABLE 71 GLOBAL FIRETUBE BOILER SALES, BY REGION, THROUGH 2018 ($ TABLE 72 GLOBAL FIRETUBE BOILER SALES, REGIONAL BREAKDOWNS, THROUGH 2018 ($ TABLE 73 GLOBAL FLUIDIZED BED BOILER SALES, BY REGION, THROUGH 2018 (UNITS) TABLE 74 GLOBAL FLUIDIZED BED BOILER SALES, BY REGION, THROUGH 2018 ($ TABLE 75 GLOBAL FLUIDIZED BED BOILER SALES, REGIONAL BREAKDOWNS, THROUGH 2018 ($ TABLE 76 COMPARISON OF INDUSTRIAL HOT WATER BOILER SALES TO INDUSTRIAL STEAM BOILER SALES, 2013 (PERCENT OF TOTAL SALES) TABLE 77 GLOBAL HOT WATER BOILER SALES, BY REGION, THROUGH 2018 (UNITS) 156 TABLE 78 GLOBAL HOT WATER BOILER SALES, BY REGION, THROUGH 2018 ($ TABLE 79 GLOBAL HOT WATER BOILER SALES, REGIONAL BREAKDOWNS, THROUGH 2018 ($

11 TABLE HEADING TABLE 80 GLOBAL INDUSTRIAL BOILER SALES, BREAKDOWNS BY REGION, THROUGH 2018 ($ TABLE 81 GLOBAL INDUSTRIAL BOILER SALES, BREAKDOWNS BY TECHNOLOGY, THROUGH 2018 ($ TABLE 82 GLOBAL HOT WATER BOILER SALES, REGIONAL BREAKDOWNS, THROUGH 2018 ($

12 LIST OF FIGURES FIGURE TITLE SUMMARY FIGURE GLOBAL INDUSTRIAL BOILER SALES, ($ 9 FIGURE 1 INDUSTRIAL BOILER AND APPURTENANT SYSTEMS, SCHEMATIC 12 FIGURE 2 EARLY TO MID 20TH CENTURY WATERTUBE BOILER, CUTAWAY 15 FIGURE 3 FIRETUBE BOILER DIAGRAM 17 FIGURE 4 D-TYPE WATERTUBE BOILER INSTALLATION 19 FIGURE 5 WATERWALL BOILER REPLACEMENT (TUBE TYPE) 20 FIGURE 6 WATERWALL BOILER REPLACEMENT (MEMBRANE TYPE) 21 FIGURE 7 TRAVELING GRATE 22 FIGURE 8 LARGE, VIBRATING GRATE STOKER DURING FABRICATION 22 FIGURE 9 UNDERFEED STOKER SCHEMATIC 23 FIGURE 10 SPREADER STOKER SCHEMATIC 24 FIGURE 11 FLUIDIZED BED BOILER WITH SUPERHEATER SCHEMATIC 25 FIGURE 12 PULVERIZED COAL BURNER EMBEDDED IN WATERWALL BOILER 25 FIGURE 13 COMMON COMMERCIAL, INDUSTRIAL, AND UTILITY BOILER APPLICATIONS, BY CAPACITY (MMBTU/HR) FIGURE 14 APPLICABILITY OF BOILER MACT STANDARDS TO U.S. INDUSTRIAL AND COMMERCIAL BOILERS (%) FIGURE 15 AIR POLLUTION IN BEIJING, CHINA ON JANUARY 16, FIGURE 16 SUPPLY CHAIN, PACKAGE INDUSTRIAL BOILERS 49 FIGURE 17 SUPPLY CHAIN, ENGINEERED (NON-PACKAGE) INDUSTRIAL BOILERS 50 FIGURE 18 NUMBER OF INDUSTRIAL BOILERS SOLD IN THE U.S. BY YEAR, (NO. OF UNITS) FIGURE 19 AGEING U.S. BOILER POPULATION: HEATING CAPACITY BY YEAR OF INSTALLATION, PRE (%) FIGURE 20 HENRY HUB SPOT PRICE, 1997 TO 2013 ($/MMBTU) 71 FIGURE 21 CARBON DIOXIDE EMISSIONS FOR ELECTRICITY GENERATION FROM COAL VERSUS NATURAL GAS (KG CO2E/MWH*) FIGURE 22 GLOBAL WATERWALL BOILER SALES, BY REGION, (UNITS) 138 FIGURE 23 GLOBAL WATERWALL BOILER SALES, BY REGION, ($ 139 FIGURE 24 GLOBAL WATERWALL BOILER SALES, REGIONAL BREAKDOWNS, ($ FIGURE 25 GLOBAL WATERTUBE BOILER SALES, BY REGION, (UNITS) 142 FIGURE 26 GLOBAL WATERTUBE BOILER SALES, BY REGION, ($ 143 FIGURE 27 GLOBAL WATERTUBE BOILER SALES, REGIONAL BREAKDOWNS, ($ FIGURE 28 GLOBAL FIRETUBE BOILER SALES, BY REGION, (UNITS) 146 FIGURE 29 GLOBAL FIRETUBE BOILER SALES, BY REGION, ($ 148 FIGURE 30 GLOBAL FIRETUBE BOILER SALES, REGIONAL BREAKDOWNS, ($ FIGURE 31 GLOBAL FLUIDIZED BED BOILER SALES, BY REGION, (UNITS) 151 FIGURE 32 GLOBAL FLUIDIZED BED BOILER SALES, BY REGION, ($ FIGURE 33 GLOBAL FLUIDIZED BED BOILER SALES, REGIONAL BREAKDOWNS, ($ FIGURE 34 COMPARISON OF INDUSTRIAL HOT WATER BOILER SALES TO INDUSTRIAL STEAM BOILER SALES, 2013 (PERCENT OF TOTAL SALES) FIGURE 35 GLOBAL HOT WATER BOILER SALES, BY REGION, (UNITS) 156 FIGURE 36 GLOBAL HOT WATER BOILER SALES, BY REGION, ($

13 FIGURE TITLE FIGURE 37 GLOBAL HOT WATER BOILER SALES, REGIONAL BREAKDOWNS, ($ FIGURE 38 GLOBAL INDUSTRIAL BOILER SALES, BREAKDOWNS BY REGION, ($ FIGURE 39 GLOBAL INDUSTRIAL BOILER SALES, BREAKDOWNS BY TECHNOLOGY, ($ FIGURE 40 GLOBAL INDUSTRIAL BOILER SALES, REGIONAL BREAKDOWNS, ($