Steam Boiler Market growing at a CAGR of 3.3% from 2020 to 2027.
According to a new report published by Allied
Market Research titled, “Steam Boiler Market by Type, Fuel
Type, Pressure, and End-Use Industry: Opportunity Analysis and
Industry Forecast, 2020–2027,” The steam boiler market was valued at $15.6
billion in 2019, and is projected to reach $20.0 billion by 2027, growing at a
CAGR of 3.3% from 2020 to 2027.
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Steam boiler
is a steam generating device or component that uses heat produced from
combustion of fuel source to heat water filled in boiler, thereby generating
steam for various applications such as heating and power generation. The main
components of steam boiler include shell, furnace, grate, heating surface,
mounting accessories, and other accessories. Steam boilers are used in various end-use
industries, including food processing, rice mills, pharmaceuticals, metal
forging, chemical, power generation, and others.
Significant development of the end-use industries,
such as oil & gas, chemical, metal mining, food processing, and pharmaceutical,
fuels the growth of the steam boiler market. In addition, increase in demand
for steam boiler as a source of heating in cold regions drives the growth of
the market during the forecast period. However, implementation of stringent
government regulations toward environmental pollution from coal-based and other
conventional fuel sources and rapid development of the renewable energy sector
are the key factors hampering the growth of the global market in the coming
years.
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Depending on type, the water tube boiler segment
held the highest market share of about 73.3% in 2019, and is expected to
maintain its dominance during the forecast period. This is attributed 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.
On the basis of fuel type, the gas fired segment
holds the highest growth rate of 3.6%, in terms of revenue, and is expected to
maintain its dominance during the forecast period. This growth is attributed to
rise in awareness and implementation of stringent government regulations toward
low emission fuels. In addition, gas fired steam boiler possesses advantages
such as faster steam production, less greenhouse gas emissions, better
operational performance, high efficiency, and others.
On the basis of pressure, the high pressure segment
holds the largest market share of about 69.7%, in terms of revenue, and is
expected to grow at a CAGR of 3.3%. 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.
On the basis of end-use industry, the power
generation segment holds the highest growth rate, in terms of revenue, and is
expected to grow at a CAGR of 3.5%. This is attributed to increase in
electricity demand from various customers ranging from individual residential
customer to industrial customers across the globe.
On the basis of region, the market is analyzed
across four major regions such as North America, Europe, Asia-Pacific, and
LAMEA. Asia-Pacific garnered the highest CAGR of 3.6% and anticipated to
maintain this trend during the forecast period. This is attributed to numerous
factors such as presence of huge consumer base and the availability of key
players in the region. Moreover, rise in demand for electricity from developing
countries, such as China, Japan, Australia, and India, is anticipated to
contribute to the growth of the steam boiler market in the Asia-Pacific region.
The global steam boiler market analysis covers
in-depth information of the major industry participants. The key players
operating and profiled in the report 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 operating in the value chain of the
global steam boiler market are Fulton Boiler, Clayton Industries, Cleaver-Brooks,
Inc., Cochran Ltd., Dongfeng Electric, and Walchandnagar Industries Limited.
COVID-19 impact on the market
The steam boiler market has witnessed steady growth
in 2020, owing to the outbreak of the COVID-19 pandemic. The outbreak has
negatively impacted various industries and countries across the globe, thereby
resulting in decrease in demand for electricity. However, owing to the lockdown
imposed across the globe, there is decrease in growth rate of industries such
as transportation, oil & gas, manufacturing, and energy. In Europe,
economies, such as Germany, France, Spain, and Italy, are following stringent
measures, such as maintaining social distance and limiting movements, to
prevent the spread of coronavirus.
Moreover, such safety measures have been witnessed
across the globe, which further impacted the growth of the global steam boiler
market.
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Key Findings of The Study
- In 2019, the water tube boiler segment
accounted for majority of the share of the global steam boiler market, and
is expected to maintain its lead during the forecast period.
- In 2019, the coal fired segment accounted for
about 65.3% of the share in the global steam boiler market, and is
expected to maintain its dominance till the end of the forecast period.
- In 2019, based on pressure, the high-pressure
segment accounted for 69.7% market share in 2019, growing at a rate of
3.3% in terms of revenue, increasing its share in the global steam boiler
market.
- Power generation is the fastest-growing
end-use industry segment in the global steam boiler market, and is
expected to grow at a CAGR of 3.5% during 2020–2027.
- In 2019, North America dominated the global
steam boiler market with more than 33.8% of the share in terms of
revenue.
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