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According to the new market research report “Steam Boiler System Market by Component (Boiler, Economizer, Superheater, Air Preheater, and Feed Pump), Type (Watertube Boiler, and Fire Tube Boiler), Fuel (Coal, Gas, Biomass, Oil, and Electric), End-user, and Region- Global Forecast to 2023″, the global steam boiler system market, by value, is projected to reach USD 21.63 billion by 2023, at a CAGR of 4.13%, from an estimated USD 17.66 billion in 2018.
The growth of the steam boiler system market is mainly driven by the increased usage of steam boilers across various end-user industries such as power generation, oil & gas, chemical, process industries, and metal and mining. The chemical industry is expected to grow at the highest CAGR in Asia Pacific because of large investments during the forecast period.
Browse 73 market data Tables and 33 Figures spread through 139 Pages and in-depth TOC on “Steam Boiler System Market”
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Asia Pacific is estimated to be the largest market for the steam boiler system. The region has been segmented, by country, into China, Japan, India, Australia, South Korea, and rest of the Asia Pacific. It is one of the most populous regions in the world, witnessing a high demand for electricity. Furthermore, continuous developments in manufacturing, power generation, oil & gas, and food & beverage industries among others is increasing the demand for steam boiler in the region.
Biomass-fired steam boiler, by fuel, is expected to grow at the highest CAGR during the forecast period.
The biomass-fired steam boiler segment is projected to grow at the highest CAGR from 2018 to 2023. The primary source of fuel for such kind of biomass-fired steam boilers includes crops and wastes such as rice husk, wood, sawdust, forest and mill residue, fast-growing trees and plants, and industrial waste. Biomass can be used in two different ways to produce heat, namely, directly via combustion or indirectly by converting it into various types of fuels such as methane gas, ethanol, and biodiesel. The heat produced by burning biomass can be used to heat homes, generate electricity, and power vehicles.
The steam boiler system market, by type, is segmented into water-tube boiler and fire-tube boiler. Water-tube boiler is estimated to hold the largest market share during the forecast period. The efficiency of a water boiler can reach up to 90% along with an economizer and proves to be better in comparison to a fire tube boiler. Water tube boilers have a longer lifecycle and can handle higher pressure of up to 5000 psig. Furthermore, the rate of steam generation and quality of steam produced by a water tube boiler is best suitable for power generation utilities. Such advantages are likely to drive the water-tube boilers market.
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The report segments the steam boiler system market, by component, into boiler, economizer, superheater, air preheater, and feed pump. The boiler segment is expected to grow at the highest CAGR during the forecast period. The main purpose of a steam boiler is to generate steam to power steam engines or turbines used for various processes such as heating applications, central heating, cooking, and sanitation.
The steam boiler system market is dominated by a few major players that have a wide regional presence. Some of the leading players in the steam boiler system market include Bosch (Germany), GE (US), Alfa Laval (Sweden), Thermax (India), Cochran (UK), Viessmann (Germany), and Doosan (South Korea).
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