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. 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. 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.
Procure Complete Report @ https://www.alliedmarketresearch.com/checkout-final/2396c77075430f442316621c1522e61a
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.
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.
Get a PDF brochure for Industrial Insights and Business Intelligence @ https://www.alliedmarketresearch.com/request-sample/10978
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.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/10978
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.
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll-Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Follow Us on | Facebook | LinkedIn | YouTube |