Steam Boiler System Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 1.25 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Steam Boiler System Market Analysis
The Steam Boiler System Market is expected to register a CAGR of more than 1.25% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, factors such as increasing demand for power generation due to rapid industrialization, population increase, and investment in the pharmaceutical industries are expected to drive the market for steam boilers during the forecast period.
- On the other hand, with the global shift towards renewable energy for power generation, there can be a hindrance to the growth of the Steam Boiler System Market, especially in the power generation industry.
- Nevertheless, Water-tube boiler systems are expected to dominate the market in the forecast period, owing to their usage in multiple industries and the ability to deal with high pressures. Fuel Flexible steam boilers can run on multiple fuels, which are expected to replace traditional single-fuel steam boilers. In the near future, fuel-flexible steam boilers are expected to create significant opportunities for market players.
- Asia-Pacific is the leading region in the steam boiler system market, with the highest market share. Because of the increasing demand for steam boilers in countries like China, India, Japan, and others, the region is also expected to dominate the market in the forecast period.
Steam Boiler System Market Trends
This section covers the major market trends shaping the Steam Boiler System Market according to our research experts:
Water Tube Boiler to Dominate the Market
- Water-tube boilers generate vapor from the water that flows through tubes and is heated by the combustion of various fossil fuels like coal and natural gas. The smoke produced is sent to the steam turbine at a higher pressure of around 250 bar, which rotates the turbine and thus helps to generate electricity.
- Water-tube boilers have higher efficiency and can operate at a pressure range of around 250 bars. It requires less time to raise steam pressure, more flexibility for responding to load changes, and a more exceptional ability to operate at high rates of steam generation.
- A U.S. patent was granted to Superior Boiler in June 2022 for technical innovations that greatly enhance the company's water-tube boiler designs.
- The global oil refining capacity decreased from 102,331 thousand barrels per day in 2020 to 101912 thousand barrels per day in 2021.
- Owing to the above points, the water tube boiler is likely to dominate the Steam Boiler System Market.
Asia-Pacific to Dominate the Market
- Asia-Pacific, with its rapid industrialization and growth in power and food processing industries, is expected to dominate the market in the forecast period.
- China has the highest number of under-construction coal-powered plants. Construction of these plants is estimated to increase the market growth of steam boilers in the future.
- In November 2022, Mitsubishi Heavy Industries, Ltd. and PLN Indonesia Power signed a Memorandum of Understanding to launch three feasibility studies on co-firing less carbon-intensive fuels at Indonesia Power power plants.
- Pulau Muara Besar Refinery & Petrochemical Complex, with a capacity of 14 million tons per annum, is expected to be commissioned in 2022. Furthermore, the Jieyang refinery is another refinery that is under construction and is likely to be commissioned during the forecast period and is expected to increase the demand for steam boilers.
- With several projects upcoming in power, oil, and gas refining sector, Asia-Pacific is expected to dominate the market in the forecast period.
Steam Boiler System Industry Overview
The Steam Boiler System Market is moderately fragmented. Some of the major companies operating in the market include (not in particular order) Babcock & Wilcox Enterprises Inc, Mitsubishi Hitachi Power Systems Ltd, Bosch Ltd, Forbes Marshall Pvt. Ltd, General Electric Company, and others.
Steam Boiler System Market Leaders
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Babcock & Wilcox Enterprises Inc
-
General Electric Company
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Mitsubishi Hitachi Power Systems Ltd
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Bosch Ltd
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Forbes Marshall Pvt. Ltd
*Disclaimer: Major Players sorted in no particular order
Steam Boiler System Market News
- July 2022: Bosch Industrial Boilers launched a new product, ELSB electric steam boiler, for commercial and industrial steam production to reduce emissions, offer more green technologies, etc. This steam boiler produces various outputs from 350 to 7500 kg of steam per hour.
- March 2022: Vynova Group started a state-of-the-art hydrogen-fired steam boiler system in Tessenderlo, Belgium. The company is anticipated to set up a second, identical steam boiler. These boilers will help Vynova decrease the CO2 emissions at its Tessenderlo production plant by 10,000 tons annually. Over 8 million euros have been invested in the project overall.
Steam Boiler System Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of Study
1.2 Market Definiton
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Water Tube Boiler
5.1.2 Fire Tube Boiler
5.2 End-User Industries
5.2.1 Power Generation
5.2.2 Refineries and Petrochemicals
5.2.3 Food and Beverage
5.2.4 Others
5.3 Geogrpahy
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Fulton Boiler Works, Inc.
6.3.2 Hurst Boiler and Welding Co, Inc
6.3.3 Foster Wheeler Ltd.,
6.3.4 Siemens AG
6.3.5 Mitsubishi Hitachi Power Systems, Ltd.,
6.3.6 General Electric Company
6.3.7 Forbes Marshall Pvt. Ltd.
6.3.8 Babcock & Wilcox Enterprises Inc
6.3.9 Bosch Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Steam Boiler System Industry Segmentation
A steam boiler system is a device that uses thermal energy to turn water into steam. In order to power steam engines or steam turbines, steam boilers are usually employed. The use of steam boiler systems is anticipated to benefit from an increase in global energy consumption.
The Steam Boiler System Market is segmented by type, end-user industries, and geography. By type, the market is segmented into water tube boilers and fire tube boilers. The end-user industries include power generation, refineries and petrochemicals, food and beverage, and others. The report also covers the installed capacity and forecasts for the steam boiler system market across major regions. For each segment, the installed capacity and forecast is based on revenue (USD Billion).
| Type | |
| Water Tube Boiler | |
| Fire Tube Boiler |
| End-User Industries | |
| Power Generation | |
| Refineries and Petrochemicals | |
| Food and Beverage | |
| Others |
| Geogrpahy | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Steam Boiler System Market Research FAQs
What is the current Steam Boiler System Market size?
The Steam Boiler System Market is projected to register a CAGR of greater than 1.25% during the forecast period (2024-2029)
Who are the key players in Steam Boiler System Market?
Babcock & Wilcox Enterprises Inc , General Electric Company , Mitsubishi Hitachi Power Systems Ltd , Bosch Ltd and Forbes Marshall Pvt. Ltd are the major companies operating in the Steam Boiler System Market.
Which is the fastest growing region in Steam Boiler System Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Steam Boiler System Market?
In 2024, the Asia Pacific accounts for the largest market share in Steam Boiler System Market.
What years does this Steam Boiler System Market cover?
The report covers the Steam Boiler System Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Steam Boiler System Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Steam Boiler System Industry Report
Statistics for the 2024 Steam Boiler System market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Steam Boiler System analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
