Evolve Business Intelligence has published a research report on the Global Steam Boiler Market, 2023–2033. The global Steam Boiler Market is projected to exhibit a CAGR of around 6.12% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Steam Boiler Market: Bosch, Cleaver-Brooks, Byworth Boilers, Doosan Heavy Industries & Construction, Forbes Marshall, Fulton Boiler, Parker Boiler, Rentech Boilers, Thermodyne Engineering Systems and GE.
Market Highlights
The Global Steam Boiler Market is projected to be valued at USD 30.33 Billion by 2033, recording a CAGR of around 6.12% during the forecast period. The Steam Boiler Market refers to the global market for steam boilers, which are devices used to generate steam by applying heat energy to water. Steam boilers are widely used in various industries, including power generation, oil and gas, chemicals, food processing, and textiles, among others. The market encompasses the manufacturing, sales, and distribution of steam boilers and related components and services.
The steam boiler market is expected to continue growing as industries seek efficient and environmentally friendly solutions for steam generation. The increasing demand for electricity is driving the need for new power plants, which in turn, is increasing the demand for steam boilers.
The COVID-19 pandemic had a significant impact on the steam boiler market. Lockdowns and restrictions led to the closure of manufacturing facilities and disruptions in production schedules, resulting in delays in the delivery of steam boilers and components. The pandemic caused shortages of critical raw materials and components, leading to increased costs and supply chain challenges. Many industries that utilize steam boilers, such as manufacturing, oil and gas, and textiles, faced reduced demand due to the economic slowdown, leading to a temporary decline in new orders for steam boilers. The energy sector, a major user of steam boilers, experienced reduced demand as industrial and commercial activities slowed, impacting the market. The pandemic highlighted the importance of sustainability, leading to increased interest in energy-efficient and environmentally friendly steam boiler solutions. The pandemic accelerated the adoption of advanced technologies and energy-efficient solutions as companies sought to reduce costs and improve sustainability. The pandemic accelerated digital transformation in the steam boiler industry, with increased adoption of remote monitoring, automation, and IoT technologies to enhance operational efficiency and reduce maintenance costs.
Segmental Analysis
The global Steam Boiler Market has been segmented based on Type, Fuel, Component and End User.
Based on Type, the Steam Boiler Market is segmented into Water-Tube Boiler, Fire-Tube Boiler and Others. The Water-Tube Boiler segment is anticipated to dominate the market.
Based on Fuel, the global Steam Boiler Market has been divided into Coal-Fired Steam Boiler, Gas-Fired Steam Boiler, Oil-Fired Steam Boiler, Biomass-Fired Steam Boiler, Electric Steam Boiler and Others. The Coal-Fired Steam Boiler segment is anticipated to dominate the market.
Based on Component, the global Steam Boiler Market has been divided into Boiler, Economizer, Superheater, Air Preheater, Feed Pump and Others. The Feed Pump segment is anticipated to dominate the market.
Based on End User, the global Steam Boiler Market has been divided into Power Generation, Oil & Gas, Chemical, Process Industry, Primary Metal and Others. The Chemical segment is anticipated to dominate the market.
More Information: https://evolvebi.com/report/steam-boiler-market-analysis/
Regional Analysis
The Steam Boiler Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. The North American market is characterized by mature industrial sectors and a focus on upgrading and retrofitting existing boiler systems. High emphasis on energy efficiency and environmental regulations drives demand for advanced, low-emission steam boilers. Strong focus on innovation and adoption of advanced technologies, including digital and IoT-enabled solutions. Europe has a strong focus on environmental sustainability and energy efficiency, influencing steam boiler technology and market trends. High demand for low-emission and energy-efficient boilers driven by EU regulations and sustainability goals. Growing market for advanced and eco-friendly steam boiler solutions. Asia-Pacific is the largest and fastest-growing market for steam boilers, driven by rapid industrialization and urbanization in countries like China, India, and Southeast Asian nations. High demand in power generation, manufacturing, and chemical industries. Growing energy requirements and government policies supporting industrial growth boost boiler demand. Latin America is experiencing growth in the steam boiler market due to industrial expansion and infrastructure development. Increasing demand for power generation and industrial processes drives boiler requirements. In Middle East and Africa region, Growing industrial sectors, especially in oil and gas, and increasing infrastructure development drive steam boiler demand. Significant demand from the energy sector, including oil, gas, and power generation industries. Market dynamics can vary significantly between countries, with some regions experiencing rapid growth and others facing economic challenges.