Steam Boiler Systems Market Trends, Segments, Opportunities and Growth Forecast 2028
Market Summary: The global market for steam boiler systems exhibited considerable strength in 2020 and is poised to maintain a steady revenue growth rate during the forecast period. Key drivers propelling the growth of the global market include the rapid industrialization and urbanization worldwide, extensive utilization of steam boilers across diverse industrial sectors, technological advancements in steam boiler technology, and a surging global demand for electricity.
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Market Dynamics: Drivers: Steam boilers, characterized by their low water content, convert water into steam through the application of heat energy at low to medium pressure. Their primary function is to generate power in steam turbines or engines, making them widely used across a variety of industrial verticals. Additionally, steam boiler systems find applications in both commercial and domestic settings, as they are easy to install, safe, and require regular monitoring and maintenance. Various industries, such as pharmaceuticals, chemicals, food, and oil & gas, rely on steam boiler systems as an initial energy source. The robust growth in market revenue is attributed to factors such as the increasing demand for energy, heightened usage of electrical appliances and machinery, and growing investments in manufacturing sectors. Furthermore, the high adoption of steam boilers in commercial and residential domains, government initiatives promoting their use, and favorable subsidies and rebate programs are contributing to the rising demand for steam boiler systems. The market is also expected to grow due to continuous developments in steam boiler technology, a focus on enhancing energy efficiency in power plants, and increased investments in highly efficient steam boiler systems.
Restraints: Several factors may impede the overall growth of steam boiler systems during the forecast period, including high capital investments, increased investments in renewable energy sources, a higher likelihood of equipment failures, and stringent regulations concerning greenhouse gas emissions.
Market Insights: Type Outlook: The global steam boiler systems market is categorized into water tube boilers and fire tube boilers based on type. The water tube boiler segment is expected to witness the most substantial revenue growth throughout the forecast period. Water tube boilers offer superior heat transfer, produce steam at higher pressures, and require less floor space. Moreover, these boilers are highly efficient compared to fire tube boilers, providing better water circulation and high-quality steam suitable for power generation.
Fuel Outlook: The global steam boiler market is segmented into coal-fired steam boilers, gas-fired steam boilers, biomass-fired steam boilers, oil-fired steam boilers, and electric steam boilers based on fuel type. Among these, biomass-fired boilers are projected to experience rapid revenue growth in response to increasing environmental concerns and stringent government regulations regarding harmful gas emissions. Biomass boilers generate heat by burning forest and agricultural residues, wood pellets, or logs, contributing to reduced greenhouse gas emissions compared to conventional boilers.
End-Use Outlook: The global market is segmented by end-use into power generation, oil & gas, chemical, process industry, metals, pharmaceuticals, and others. The chemical segment is anticipated to hold a significant share of revenue between 2021 and 2028 due to the widespread use of steam boilers for purposes such as power generation, cleaning and sterilization, humidification, process heating, and atomization.
Regional Outlook: The Asia Pacific steam boiler system market is expected to capture a substantial share of revenue throughout the forecast period. Factors contributing to high revenue growth in this region include rapid urbanization, industrial development, efforts to reduce greenhouse gas emissions, and a focus on upgrading and replacing conventional boilers. The rising number of manufacturing industries and high electricity demand in countries like China, India, and Japan, coupled with increased R&D investments in advanced steam boiler systems, are bolstering market growth in Asia Pacific.
North America is projected to register a rapid revenue growth rate throughout the forecast period. The region's market is driven by increasing electricity demand in various industrial sectors, as well as residential and commercial applications. The growth is further fueled by the rapid expansion of oil and gas refineries, the chemical sector, process industries, and pharmaceuticals. Stringent regulations aimed at curbing gas emissions, coupled with substantial investments by market players, are also contributing to market growth in North America.
Competitive Landscape: Prominent players operating in the global steam boiler systems market include Hurst Boiler & Welding Co. Inc., Fulton Boiler Works Inc., Larsen & Toubro Ltd., BHEL, Alfa Laval, Babcock and Wilcox Enterprises Inc., Thermax, Cochran, Clayton Industries, Byworth Boilers, Doosan Corporation, Buderus, and Cleaver-Brooks, Inc. These major market players are adopting various strategies such as partnerships, collaborations, mergers and acquisitions, investments in research and development activities, and joint ventures to expand their product offerings and strengthen their market presence.
Segments Covered in the Report: This report provides historical data and forecasts for revenue growth at the global, regional, and country levels, offering analysis of industry trends and consumption patterns for each region, major country, and segment from 2018 to 2028. The report encompasses industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contributions for each regional and country market. Additionally, it offers industry analysis and a competitive landscape, including company financials and impact analysis. The report provides a comprehensive view of the global steam boiler systems market, including changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscapes, analysis and evaluation, major investments, product offerings, product launches, and historical, current, and projected revenue details.
For this report, Reports and Data has segmented the global steam boiler systems market based on type, fuel, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018 – 2028)
- Water Tube Boiler
- Fire Tube Boiler
Fuel Outlook (Revenue, USD Billion; 2018 – 2028)
- Coal-fired Steam Boiler
- Gas-fired Steam Boiler
- Biomass-fired Steam Boiler
- Oil-fired Steam Boiler
- Electric Steam Boiler
End-Use Outlook (Revenue, USD Billion; 2018 – 2028)
- Power Generation
- Oil & Gas
- Process Industry
Regional Outlook (Revenue, USD Billion; 2018 – 2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
The report offers valuable insights for stakeholders:
- Historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR presented in table, figure, and chart formats, accompanied by detailed and qualitative supporting information for each.
- Revenue breakdown for each segment at global, regional, and country levels in the respective region for each year from 2018 to 2028.
- Insights on growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- Data and information on customers, competitors, vendors/distributors, and other players in the global marketplace.
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