Global Steam Boiler Systems Market was valued at USD 19 billion in 2021 and is expected to reach USD 22.90 billion by the year 2028, at a CAGR of 2.7%.
Steam boiler is a type of closed vessel designed and constructed with steel to generate steam by heating water with the help of combustion of various fuels, including oil, coal, gas, and others. It offers various advantages, including low construction cost, less floor area, portable, easy installation, and others. Steam boilers are used in various applications, including generation of power, process industries, heating application in residential & commercial buildings, and others.
Rise in demand for electricity across the globe is expected to increase the demand for steam boilers from the power generation industry, which is anticipated to drive the growth of the market during the forecast period. In addition, rise in oil & gas offshore and onshore exploration activities is further expected to increase the demand for steam boilers in the future. However, high initial cost associated with steam boiler is the key factor expected to hinder the growth of the market during the analyzed timeframe. On the contrary, rapid growth of end-use industries, such as chemical, food processing, pulp & paper, pharmaceutical, and others, by developing and expanding their production bases or expansion of manufacturing facilities is expected to create opportunity for key players in the market in the coming years.
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Some of the leading companies offering Steam Boiler Systems are:
- Alfa Laval Ab
- Thermax Limited
- IHI Corporation
- Babcock & Wilcox Enterprises, Inc.
- Forbes Marshall
- Bharat Heavy Electricals Limited
- Harbin Electric Group (China)
- General Electric
- Hurst Boiler & Welding Co, Inc.
- AC Boilers
- Mitsubishi Heavy Industries, Ltd.
- Thyssenkrupp Ag
- Viessmann Limited and other major players.
Market has segmented the global Steam Boiler Systems market on the basis of type, application, and region:
The Steam Boiler Systems market is segmented by type and application. Growth between segments over the period 2022-2028 provides accurate calculations and forecasts of revenue by type and application in terms of volume and value. This analysis can help you expand your business by targeting eligible niches.
- Water Tube
- Fire Tube
- Power Generation
- Food Industries
By Regional Outlook
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
- Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
- South America (Brazil, Argentina, Rest of South America)
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Covid-19 Impact and Recovery Analysis on Industry:
The COVID-19 pandemic has had devastating effects on several industry verticals globally. To constrain the number of cases and slow the coronavirus spread, various public health guidelines were implemented in different countries across the globe. COVID-19 protocols ranging from declaring national emergency states, enforcing stay-at-home orders, closing nonessential business operations and schools, banning public gatherings, imposing curfews, distributing digital passes, and allowing police to restrict citizen movements within a country, as well as closing international borders. With the growing vaccination rate, governments are uplifting the protocols to give a boost to the stagnant economy. Like other industries, Steam Boiler Systems Market have experienced slowdown the growth, however market is expected bounce back as restrictions are being lifted up by governments across the globe.
Key Important Features Which Are under Offering and Key Highlights of Steam Boiler Systems Market Report:
- Detailed Summary of Market
- Changing market dynamics of this industry
- Forex marketplace segmentation with Type, Program etc.
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Key Benefits For Stakeholders
- The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the market from 2021 to 2028 to determine the prevailing opportunities.
- A comprehensive analysis of the factors that drive and restrict the market growth is provided.
- Estimations and forecast are based on factors impacting the growth, in terms of value.
- Profiles of leading players operating in the steam boiler market are provided to understand the global competitive scenario.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable steam boiler market growth.
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