Steam
Boiler Market Analysis:
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 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.
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.
Global
Steam Boiler Market Segmentation
The
Steam
Boiler Market has been segmented based on type, component, fuel, and
end-user.
By
component, the steam boiler 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 market has been segmented into North America, South
America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
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.
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.
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