The global steam boiler market size was valued at US$ 15.8 billion in 2020 and is projected to surpass around US$ 20.7 billion by 2030, with a CAGR of 3.6% from 2021 to 2030.
Steam boiler, also known as steam generator, is a component that generates steam from water by application of heat. The general efficiency of a steam boiler is 80% - 90%. This efficiency is attributed to some losses occurred due to incomplete combustion, radiation loss, and other heating losses. The steam generated by a steam boiler is utilized in producing power, industrial applications, and heating applications.
Rise in demand for steam boilers from end-use industries across the globe is a key factor driving the growth of the steam boiler market. In addition, increase in investment toward the power generation sector, owing to rise in electricity demand significantly contributes to the growth of the global steam boiler market. However, increase in investment in renewable energy power generation, stringent governmental regulations toward greenhouse gas emissions from conventional fuel sources, and high initial cost associated with steam boilers hamper the growth of the global market. Conversely, technological advancements in steam boilers for high heating efficiency and upgrading of aging power generation infrastructure are expected to create potential growth opportunities for key players operating in the market.
The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
The Covid-19 pandemic and the prolonged lockdown put the import & export activities on hold, especially during the initial phase. Furthermore, it impacted the manufacturing & processing activities across various industries. This declined the demand for electricity from the end-user industries.
The demand for steam boilers would rise as the need for electricity has increased in the first quarter of 2021 from the customers.
Based on fuel type, coal fired segment held the lion’s share in 2020, accounting for nearly two-thirds of the global market. On the other hand, the gas fired segment is estimated to register the highest CAGR of 3.9% during the forecast period.
Based on end-use industry, the chemical segment held highest share in 2020, with nearly half of the global steam boiler market. Conversely, the power generation segment is expected to showcase the highest CAGR of 3.7% during the forecast period.
Based on region, the market is studied across regions including Asia-Pacific, LAMEA, North America, and Europe. The market across North America dominated with largest share in 2020, holding more than one-third of the market. However, the global steam boiler market across Asia-Pacific is expected to manifest the highest CAGR of 4% during the forecast period.
Major market players profiled in the report include General Electric, IHI Corporation, Babcock & Wilcox Enterprises, Inc., Mitsubishi Heavy Industries, Ltd., Forbes Marshall, Alfa Laval AB, Viessmann Limited, Hurst Boiler & Welding, Inc., Thyssenkrup, and Thermax Limited.
Key benefits for stakeholders
|Market Size||US$ 20.7 billion by 2030|
|Growth Rate||CAGR of 3.6% from 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Type, Fuel, Pressure, End-Use Industry|
|Regional Scope||North America, Europe, Asia-Pacific, LAMEA|
|Companies Mentioned||General Electric, IHI Corporation, Babcock & Wilcox Enterprises, Inc., Mitsubishi Heavy Industries, Ltd., Forbes Marshall, Alfa Laval AB, Viessmann Limited, Hurst Boiler & Welding, Inc., Thyssenkrup, Thermax Limited|
By Fuel Type
By End-Use Industry
The main objective of this report is to define, describe, and forecast the global market by types, application, manufacturers, and regions. The report provides detailed information about the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the market. The report aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the global market. The report also attempts to forecast the market size of the 5 main regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It strategically profiles the key market players and comprehensively analyzes their core competencies. It also tracks and analyzes the competitive developments, such as joint ventures, mergers and acquisitions, new developments, and Research and Development (R&D) activities, in market.
Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt, and will significantly affect the steam boiler market in 2020.
COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.
The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations; travel bans and quarantines; restaurants closed; all indoor events restricted; over forty countries state of emergency declared; massive slowing of the supply chain; stock market volatility; falling business confidence, growing panic among the population, and uncertainty about future.
Major highlights of Report:
Geographical landscape: North America, Europe, Asia-Pacific, South America, Middle East and Africa
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the steam boiler market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the steam boiler market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Steam boiler market.
Market Segments: This part of the report discusses about product, application and other segments of the steam boiler market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
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