Steam boiler is defined as a vessel in which water or other fluid is heated under pressure. It is generally used to generate power in steam engines. The advantages of steam boiler include easy maintenance with lesser downtime, ideal for larger set ups, and no need for external energy source such as pumps or regulators to create flow. Steam boiler is majorly used in process industries to deliver heat to industrial and chemical processes. Increasing investments in chemical, food & beverage, pharmaceutical, and other process industries would drive the growth of steam boiler market. Similarly, huge requirement of steam boilers for heating buildings and producing hot water supply would drive the steam boiler market.
Based on type, the market is segmented as water-tube boiler and fire-tube boiler. The water-tube boiler segment is estimated to dominate the steam boiler market during the forecast period. Water-tube boiler provides high efficiency and it can produce high temperature steam which is suitable for power generation utilities. Increase in power plant capacity addition would drive the water-tube boiler segment during the forecast period.
The global steam boiler market is expected to grow at ~ 4.10% CAGR during the forecast period.
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Market Research Analysis
Asia Pacific: The leading market for Steam Boiler
Region wise, Asia Pacific held the largest market share of the global steam boiler market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the growing demand for power and rising investment in setting new power generation plants. China is expected to lead the Asia Pacific steam boiler market during the forecast period and is projected to grow at the highest CAGR from 2018 to 2023. The Chinese and Indian markets are projected to be among the fastest-growing economies during the forecast period. These countries are estimated to account for nearly 70% of all the proposed thermal power capacity addition during the same period.
Scope of the Report:
This report provides an in-depth analysis of the global steam boiler market, tracking four market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the steam boiler market by its type, component, fuel, end-user, and by region.
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The key players of the global steam boiler market are GE (US), Bosch (Germany), Thermax (India), Cleaver-Brooks (US), Byworth Boilers (US), Doosan Heavy Industries & Construction (South Korea), Forbes Marshall (India), Fulton Boiler (US), Parker Boiler (US), Rentech Boilers (US), Thermodyne Engineering Systems (India).
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