Steam Boiler Market

Steam Boiler Market Statistics - 2027

The global steam boiler market size was valued at $15.6 billion in 2019, and is expected to reach $20.0 billion by 2027, registering a CAGR of 3.3% from 2020 to 2027. 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.

The outbreak of COVID-19 halted the manufacturing activities of end-use industries such as Power Generation, Oil & Gas, and Chemicals which hindered the growth of steam boiler market.

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.

The global steam boiler market is segmented into type, fuel type, pressure, end-use industry, and region. Depending on type, the market is bifurcated into water tube boiler and fire tube boiler. On the basis of fuel type, it is categorized into coal fired, oil fired, gas fired, and others. By pressure, it is classified into low pressure and high pressure. Based on end-use industry, it is fragmented into power generation, oil & gas, chemical, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The globalsteam boiler marketcovers in-depth information of the major industry participants. Some of the major players in the market include General Electric, Babcock & Wilcox Enterprises, Inc., IHI Corporation, Forbes Marshall, Mitsubishi Heavy Industries, Ltd., Viessmann Limited, Alfa Laval AB, Thyssenkrup, Hurst Boiler & Welding, Inc. and Thermax Limited.

Other players in the value chain of the steam boiler industry include Fulton Boiler, Clayton Industries, Cleaver-Brooks, Inc., Cochran Ltd., Dongfeng Electric, and Walchandnagar Industries Limited.

Steam Boiler Market, by Type

By type, the water tube boiler segment held the largest market share in 2019, owing to rise in demand for high operational efficiency and high temperature steam from the power generation industry. In addition, it offers various advantages over fire tube boilers, including high steam generation rate, easy transportation, high efficiency, ability to work on varying loads, and others. These factors are expected to drive the growth of the market during the analyzed time frame.

Steam Boiler Market, by Fuel Type

On the basis of fuel type, the gas fired segment is projected to grow at the highest CAGR of 3.6% during the forecast period, owing to rise in awareness and stringent government regulations toward low emission fuels. In addition, gas steam boiler possesses advantages such as faster steam production, less greenhouse gas emissions, better operational performance, high efficiency, and others.

Steam Boiler Market, by Pressure

By pressure, the high pressure segment garnered the highest market share in 2019. This is attributed to increase in demand for high pressure steam boilers from various industries, including food & processing, pulp & paper, chemical, pharmaceutical, manufacturing, and others.

Steam Boiler Market, by End-Use Industry

By end-use industry, in 2019, the power generation segment held the largest market share, owing to increase in demand for electricity across the globe. In addition, rise in demand for continuous and stable electricity from various manufacturing and processing industries is expected to increase the demand for steam boilers during the forecast period.

Steam Boiler Market, by Region

亚太雀鳝nered the highest growth rate in the global steam boiler market in 2019, in terms of revenue, and is anticipated to maintain its dominance over the forecast period. This is attributed to the presence of key players and huge consumer base in the region. In addition, steam boiler is gaining importance in power generation, chemical, pharmaceutical, paper & pulp, and food processing, owing to its reliability and superior efficiency. This is expected to augment the growth of the steam boiler market during the forecast period.

COVID-19 impact on the market

Lockdowns imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries, which decreased the demand for electricity from consumers. This resulted in decline in market growth in the second, third, and fourth quarters of 2020. However, the steam boiler market is expected to recover by the first quarter of 2021 as the demand for electricity from industries and individual customers (residential and commercial) increases.

Key Benefits For Stakeholders

• The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the market from 2020 to 2027 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.

Steam Boiler Market Report Highlights