Increase in demand for steam boilers from several end-use industries and surge in investment toward adding power generation capacity have boosted the growth of the global steam boiler market.
Portland, Ore. — Allied Market Research recently published a report, titled, “Steam Boiler Market by Type (Water Tube Boiler and Fire Tube Boiler), Fuel Type (Coal Fired, Oil Fired, Gas Fired, and Others), Pressure (Low Pressure and High Pressure), and End-Use Industry (Power Generation, Oil & Gas, Chemical, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027″. As per the report, the global steam boiler industry was accounted for $15.6 billion in 2019, and is projected to reach $20.0 billion by 2027, growing at a CAGR of 3.3% from 2020 to 2027.
Drivers, restraints, and opportunities
Increase in demand for steam boilers from several end-use industries and surge in investment toward adding power generation capacity have boosted the growth of the global steam boiler market. However, implementation of strict government regulations toward environmental pollution and high initial cost and development in the renewable energy sector hinder the market growth. On the contrary, advancements in technology and upgradation of aging power generation infrastructure are expected to open lucrative opportunities for the market players in the future.
- The Covid-19 pandemic and followed lockdown resulted in temporary ban on import & export and hampered the manufacturing & processing activities across various industries. This reduced the demand for electricity from end-user industries.
- However, the demand for steam boilers is expected to rise as the need for electricity has increased in the first quarter of 2021 from individual and commercial customers.
The gas fired segment to manifest the highest CAGR through 2027
By fuel type, the gas fired segment is estimated to register the highest CAGR of 3.6% during the forecast period, due to rise in awareness and stringent government regulations towards low emission fuels. However, the coal fired segment held the lion’s share in 2019, accounting for nearly two-thirds of the global steam boiler market, owing to rise in demand for coal fired steam boilers from the various end-use industries including power, food processing, cement, sugar, and steel.
The chemical segment held the largest share
By end-use industry, the chemical segment dominated in 2019, holding nearly half of the global steam boiler market, due to rise in demand for steam boilers from the chemical processing applications ranging from heating fluids to driving equipment. However, the power generation segment is expected to portray the highest CAGR of 3.5% during the forecast period, owing to increase in electricity demand from the various customers ranging from individual residential customers to industrial customers across the globe.
North America dominated the market
By region, the market across North America held the largest share in 2019, contributing to more than one-third of the market, due to increase in demand for steam boilers from large-scale industries such as mining, power, healthcare, commercial, manufacturing, and data centers. However, the global steam boiler market across Asia-Pacific is projected the highest CAGR of 3.6% during the forecast period, owing to large number of key players and availability of the manufacturing facilities in these countries.
Major market players
- General Electric
- IHI Corporation
- Babcock & Wilcox Enterprises, Inc.
- Mitsubishi Heavy Industries, Ltd.
- Forbes Marshall
- Alfa Laval AB
- Viessmann Limited
- Hurst Boiler & Welding, Inc.
- Thermax Limited
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.”