The global steam boiler system market is segmented by boiler types such as fire tube boiler, water tube boiler, and superheated. Further, the water tube boiler segment seized major market share in 2016 and is expected to maintain this lead over the forecast period. Water-tube boilers offer a number of advantages such as higher heat extraction rate and efficient operation. Further, the better turn-down feature of water tube boilers makes them more desirable for industrial applications.
The global steam boiler system market is expected to register a 5.2% CAGR over the forecast period. Moreover, the global steam boiler system market is expected to reach USD 15.1 Billion by the end of 2024. The global steam boiler system market is envisioned to drive on the back of growing adoption for heat generation in the commercial and residential sectors. Apart from this, the growing adoption of steam boiler systems for power generation is anticipated to bolster the growth of the global steam boiler system market in upcoming years.
Generators segment by application is envisioned to witness substantial growth over the forecast period. Wide range of industrial applications of steam such as heating, power generation, atomization, and humidification are fueling the growth of the global steam boiler system market.
Demand for Energy
The consumption of energy is increasing across the globe which in turn fuels the need for power generation. The growing use of steam boilers in thermal power plants for steam generation is likely to foster the growth of the steam boiler system market in near future. Apart from this, a wide range of industrial applications of steam boilers is also fuelling the growth of the market across all regions.
Residential & Commercial Applications
The increasing adoption of steam boiler systems in the residential and commercial sectors for heating purposes is fuelling the growth of the global steam boiler system market. Further, residential applications of steam boiler systems such as space heating are key factors that are escalating the adoption of steam boiler systems in the residential sector.
However, the high maintenance need for steam boiler systems and high installation costs associated with steam boiler systems are some of the factors that are likely to inhibit the growth of the steam boiler system market in the near future.
The report titled “Steam Boiler System Market: Global Demand Analysis & Opportunity Outlook 2024” delivers a detailed overview of the global steam boiler system market in terms of market segmentation by boiler type, by end-user, by application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global steam boiler system market which includes company profiling of Hurst Boiler & Welding Co., Larsen & Toubro Ltd., Fulton Boiler Works Inc., BHEL, Byworth Boilers, Clayton Industries, Zhengzhou Boiler, Cleaver-Brook, and Rentech Boiler Systems. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global steam boiler system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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