The demand for steam boilers is driven by the growing industrial sector across the globe. Steam boilers are widely used in various industries such as power generation, food and beverage, chemical, pharmaceutical, and others for heating, sterilization, and process steam generation. The rising demand for energy-efficient steam boilers and the increasing adoption of industrial automation are also driving the market growth. Moreover, the rapid industrialization in emerging economies, particularly in the Asia Pacific region, is expected to boost the demand for steam boilers in the coming years. The COVID-19 pandemic has had a mixed impact on the steam boiler market, with disruptions in the supply chain and temporary closure of manufacturing facilities, but the market is expected to recover in the coming years with the resumption of economic activities.
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Key Players
The key players of the global steam boiler market are GE (US), Bosch (Germany), Thermax (India), Cleaver-Brooks (US), Byworth Boilers (US), Doosan Heavy Industries Construction (South Korea), Forbes Marshall (India), Fulton Boiler (US), Parker Boiler (US), Rentech Boilers (US), Thermodyne Engineering Systems (India).
Steam Boiler Market Overview:
Steam Boiler Market growth is rapid and expected to reach a CAGR of over 4.10% during the forecast period.
Market Segmentation:
By Type
- Water-tube boiler
- Fire-tube boiler
By Component
- Boiler
- Economizer
- Superheater
- Air preheater
- Feed pump
By Fuel
- Coal-fired
- Gas-fired
- Oil-fired
- Biomass-fired
- Electric
By End-User
- Power Generation
- Oil Gas
- Chemical
- Process industry
- Primary metal
By Regions
- North America
- Asia-Pacific
- Europe
- Middle East Africa
- South America
Market Research Analysis
Asia Pacific: The leading market for Steam Boiler
Region wise, Asia Pacific held the largest market share of the global steam boiler market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the growing demand for power and rising investment in setting new power generation plants. China is expected to lead the Asia Pacific steam boiler market during the forecast period and is projected to grow at the highest CAGR from 2022 to 2030. The Chinese and Indian markets are projected to be among the fastest-growing economies during the forecast period. These countries are estimated to account for nearly 70% of all the proposed thermal power capacity addition during the same period.
Based on type, the market is segmented as water-tube boiler and fire-tube boiler. The water-tube boiler segment is estimated to dominate the steam boiler market during the forecast period. Water-tube boiler provides high efficiency and it can produce high temperature steam which is suitable for power generation utilities. Increase in power plant capacity addition would drive the water-tube boiler segment during the forecast period.
