Steam
Boiler Market Analysis
The
global steam boiler market is estimated to expand at 4.10% CAGR during the
forecast period. 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.
The
growing demand for steam boiler market is attributed to the rapid increase in
the demand for electricity. Moreover, capacity addition in power plants is also
driving the market for steam boiler. One of the major restraints of the global
steam boiler is focus on renewable energy resources for power generation. Adapting to the recent novel COVID-19
pandemic, the impact of the COVID-19
on Steam Boiler Market is included in the present report.
Steam
boiler is a closed vessel used to create steam by applying heat energy to
water. The fluid heated under pressure inside the steam boiler is then
circulated out of the boiler for use in various applications such as power
generation. The main purpose of steam boiler is to generate power in steam
engines and steam turbines. It is also used for heating the buildings in cold
weather and for producing hot water for hot water supply.
Industry Segmentation
The
market for steam boiler market is segmented based on type as water-tube boiler
and fire-tube boiler. Water-tube steam boiler segment dominates the market as
these boilers provide higher efficiency and also produce high-temperature steam
which is suitable for power utilities. Asia-Pacific is expected to hold the
largest share for water-tube steam boiler which is mainly driven by investments
in power generation sector that are being made in countries such as China,
Japan, and India.
Regional Outlook
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.
Leading Players
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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