Steam Boiler Market Analysis and Global Forecast 2023-2033

Steam Boiler Market Overview

The Steam Boiler Market Size is expected to reach USD 30.33 Billion by 2033. The Steam Boiler Market industry size accounted for USD 16.33 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 6.12% from 2023 to 2033. 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.

Global Steam Boiler Market Synopsis

COVID-19 Impact Analysis

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.

Steam Boiler Market Dynamics

The major factors that have impacted the growth of Steam Boiler Market are as follows:

Drivers:

Ø  Rising Energy Demand

The growing demand for electricity globally boosts the need for efficient steam boilers in thermal power plants. Many industrial processes require steam for heating, sterilization, and other applications, driving demand for steam boilers. Advances in boiler technology, such as improved heat transfer efficiency, better fuel combustion, and automated control systems, enhance the performance and appeal of steam boilers. The integration of steam boilers with renewable energy sources, such as biomass and solar thermal systems, is gaining traction. The need to reduce operational costs and improve efficiency encourages industries to invest in modern steam boiler systems.

Restraint:

• Perception of High Initial Investment and Fluctuating Fuel Prices

Steam boilers require significant upfront investment for purchase, installation, and setup, which can be a barrier for small and medium-sized enterprises (SMEs) and industries with budget constraints. Upgrading or retrofitting existing boiler systems to meet new standards can also entail high costs, discouraging some companies from investing. The steam boiler market is sensitive to fluctuations in fuel prices, such as coal, natural gas, and oil, which can impact operating costs and profitability. Boilers that rely heavily on fossil fuels face increased scrutiny and pressure to transition to cleaner energy sources.

Opportunity:

⮚     Growing demand for Retrofit and Upgrade Opportunities

Many industries are investing in retrofitting and upgrading existing steam boiler systems to meet new efficiency and emission standards, providing a market for retrofit solutions and modern technology. Opportunities exist to provide upgrades that enhance the performance, efficiency, and reliability of existing steam boilers. The adoption of Internet of Things (IoT) technologies and automation can improve monitoring, control, and efficiency of steam boilers. Smart boilers with remote diagnostics and predictive maintenance capabilities present growth opportunities. Advanced data analytics and machine learning can be used to optimize boiler performance, reduce downtime, and enhance operational efficiency.

Steam Boiler Market Segment Overview

By Type

Based on Type, the market is segmented based on Water-Tube Boiler, Fire-Tube Boiler and Others. The water tube boiler segment dominated the market. A water tube boiler is a type of steam boiler that transports fumes through the outside surface of water-circulating tubes. It is divided into three types: Stirling boilers, Babcock & Wilcox boilers, and Yarrow boilers. Water-tube boilers are the most often used boiler for producing high-pressure steam. This boiler design separates water into small sections, allowing for faster steam generation.

By Fuel

Based on Fuel, the market segment 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 dominated the market. Increasing demand for coal-fired steam boilers from end-use industries such as electricity, food processing, sugar, cement, and steel will drive market expansion during the forecast period. Furthermore, the growth in global energy demand from developing and developed nations is predicted to encourage the expansion of coal-based power generation, which is expected to drive the coal-fired sector throughout the projection period.

By Component

Based on Component, the market segment has been divided into Boiler, Economizer, Superheater, Air Preheater, Feed Pump and Others. The Feed Pump segment dominant the market.

By End User

Based on End User, the market segment has been divided into Power Generation, Oil & Gas, Chemical, Process Industry, Primary Metal and Others. The chemical segment dominant the market. In the chemical industry, steam boilers are used for various purposes, including efficiently producing hot water, steam, and heat for chemical processing facilities and waste heat recovery. During the projected period, the expansion of the global market is anticipated to be driven by a rise in demand for steam boilers from chemical processing applications such as heating fluids and driving equipment.

Global Steam Boiler Market Regional Analysis

Based on region, the global Steam Boiler Market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is projected to dominate the use of the Steam Boiler Market followed by the Asia-Pacific and Europe regions.

Steam Boiler North America Market

North America holds a dominant position in the Steam Boiler Market. 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. Growth opportunities in retrofitting, energy-efficient solutions, and integrating renewable energy sources.

Steam Boiler Asia-Pacific Market

The Asia-Pacific region has indeed emerged as the fastest-growing market for the Steam Boiler Market industry. 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. Ongoing infrastructure projects and expansion of industrial capacities contribute to market growth.

Competitive Landscape

The global Steam Boiler Market is highly competitive, with numerous players offering a wide range of software Solutions. The competitive landscape is characterized by the presence of established companies, as well as emerging startups and niche players. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as product launches, and strategic alliances.

Prominent Players:

• Bosch
• Cleaver-Brooks
• Byworth Boilers
• Doosan Heavy Industries & Construction
• Forbes Marshall
• Fulton Boiler
• Parker Boiler
• Rentech Boilers
• Thermodyne Engineering Systems
• GE

Key Development

In July 2022, For lower emissions and more green technologies, among others, Bosch Industrial Boilers introduced its latest product in the market, which is ELSB electric steam boiler for commercial and industrial steam production. This boiler is designed in such a way that it produces different volumes of stream ranging from 350 to 7500 kg per hour.

In March 2022, Vynova Group began to utilize a hydrogen-fired steam boiler system at the Tessenderlo location in Belgium. A second similar steam boiler may be installed by the company. These boilers are expected to help Vynova reduce CO2 emissions annually by approximately 10,000 tonnes at its Tessenderlo facility. Thus far, about eight million euros have been invested in the project.

Scope of the Report

Global Steam Boiler Market, by Type

• Water-Tube Boiler
• Fire-Tube Boiler
• Others

Global Steam Boiler Market, by Fuel

• Coal-Fired Steam Boiler
• Gas-Fired Steam Boiler
• Oil-Fired Steam Boiler
• Biomass-Fired Steam Boiler
• Electric Steam Boiler
• Others

Global Steam Boiler Market, by Component

• Boiler
• Economizer
• Superheater
• Air Preheater
• Feed Pump
• Others

Global Steam Boiler Market, by End User

• Power Generation
• Oil & Gas
• Chemical
• Process Industry
• Primary Metal
• Others

Global Steam Boiler Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: USD 30.33 Billion
CAGR (2023-2033)	6.12%
Base year	2022
Forecast Period	2023-2033
Historical Data	2021 (2017 to 2020 On Demand)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Type, Fuel, Component, End User
Geographies Covered	North America, Europe, Asia-Pacific, South America, Middle East, Africa
Key Vendors	Bosch, Cleaver-Brooks, Byworth Boilers, Doosan Heavy Industries & Construction, Forbes Marshall, Fulton Boiler, Parker Boiler, Rentech Boilers, Thermodyne Engineering Systems and GE.
Key Market Opportunities	·       The growing demand for Retrofit and Upgrade Opportunities ·       Digital Transformation
Key Market Drivers	·       Rising Energy Demand ·       Technological Advancements

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Steam Boiler Market trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities in the future
• Steam Boiler Market historical market size for the year 2021, and forecast from 2023 to 2033
• Steam Boiler Market share analysis at each product level
• Competitor analysis with detailed insight into its product segment, Government & Defense strength, and strategies adopted.
• Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
• To identify and understand the various factors involved in the global Steam Boiler Market affected by the pandemic
• To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.