The steam boiler market is anticipated to witness considerable growth during the forecast period. This is attributed to rise in demand for steam boiler in the generation of electricity from various end-use industries. In addition, increase in investment toward the power generation sector, owing to rise in electricity demand fuels the growth of the steam boiler market. However, stringent government regulations toward environmental pollution from conventional fuel sources and high installation/initial cost associated with steam boiler restrain the growth of the market globally. Conversely, technological advancements in steam boilers toward high heating efficiency and upgrading of aging power generation infrastructure are anticipated to provide potential growth opportunities in the coming years.
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.
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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.
Key Findings of The Study
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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