Steam Boiler System Market – Overview
Steam boilers have manifold functions in diverse
industries. They find usage in a host of application areas ranging from sugar
industries, cotton mills, to power generation plants. Market Research Future
(MRFR) has published an in-depth report on the global steam boiler market,
covering all essential accruals of the market. The report has been compiled
after thorough analysis of all the pertinent factors that could affect the Steam
Boiler System Market growth over the forecast period of 2018-2023.
MRFR's analysis has projected a CAGR of 4.10% in the market over the forecast
period.
Perhaps, fast-track industrialization in the
developing regions can be chiefly credited for generating incremental demand
within the market, which was previously sustained by the developed countries.
Steam boilers are of paramount importance to industrial and chemical processes
as a medium of heat delivery. Steam boilers are extensively used in frigid
areas for providing hot water supply to buildings and for other heating
purposes.
Growing power requirements of the mushrooming
population has led to increased investments in the expansion of power
generation capacities.
Additionally, major economies of the globe have
demonstrated heightened interest towards environmentally fewer polluting
methods of power generation such as clean coal technologies and Combined Cycle
Gas Turbines (CCGT), where steam boilers work in tandem with other components
to produce electricity in a less polluting manner. Conversion of various
open-cycle gas turbine (OCGT) plants to CCGT plants have also opened new
avenues for the growth of the market. Moreover, steam boilers have multifarious
application and growth in end-use industries have resonated strong growth
within the market.
Steam Boiler System Market Segmentation
The global Steam boiler market has been segmented
based on type, component, fuel, and end-user.
By component, the steam boiler system market has been
segmented into boiler, economizer, superheater, air preheater, and feed pump.
The boiler segment is anticipated to be the largest segment over the forecast
period. The growth of the market can be credited to the increasing power demand
in developing countries and substantial investments made for the expansion of
capacity.
By fuel, the steam boiler market has been segmented
into coal-fired steam boiler, gas-fired steam boiler, oil-fired steam boiler,
biomass-fired steam boiler, and electric steam boiler. The coal-fired steam
boiler segment is anticipated to account for the largest share of the market.
Coal is extensively used for power generation. As per the reports of IEA, coal
fuel makes up for 40% share of the global electricity production. Coal is the
most widely used fuel source in developing countries.
Regional Analysis
Region-wise, the global steam boiler system market has
been segmented into North America, South America, the Middle East & Africa
(MEA), Europe, and Asia Pacific (APAC).
APAC is the largest market and held the largest market
share in 2017. The region is investing heavily in capacity expansion due to
accelerated industrial activities in the region, which necessitates the
construction of new plants as well as the refurbishment of existing ones. Easy
availability of raw materials and the availability of relatively cheap labor
are other factors that are supporting the growth of the market. Substantial
investment in power generation to support the growing urban population can also
be counted in. Moreover, coal-fired power generation has been prevailing in the
region despite various concerns regarding harmful emissions. The APAC region is likely to capture the
highest CAGR over the forecast period.
Developed regions such as North America and Europe
have adopted the CCGT method for power generation, where steam boilers play a
key role. Moreover, the phasing-out of numerous coal-fired facilities have led
to the construction of new power generation plants which has generated demand
within the steam boiler market. Moreover, high awareness regarding the benefits
of steam boilers in power generation has added to the demand.
Competitive Landscape
Rentech Boilers (US), Byworth Boilers (US), Forbes
Marshall (India), Thermodyne Engineering Systems (India), Parker Boiler (US),
Cleaver-Brooks (US), Thermax (India), GE (US), Doosan Heavy Industries &
Construction (South Korea), Bosch (Germany), and Fulton Boiler (US) are the key
players in the steam boiler market.
Read More: https://blog.naver.com/mrfr123/221640757675
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