Steam Boiler Market 2021 to Showing Impressive Growth by 2027 – The Courier
The increasing demand for steam boilers from various end-use industries and increased investments in expanding power generation capacity have fueled the growth of the global steam boiler market. However, strict government regulations on environmental pollution and high initial costs and development in renewable energy are hampering market growth. Still, advances in technology and the modernization of aging power generation infrastructure are expected to offer market participants a number of opportunities in the future.
The significant development of end-use industries such as oil and gas, chemicals, metals mining, food processing and pharmaceuticals is driving the growth of the steam boiler market. In addition, the increasing demand for steam boilers as a heating source in cold regions is driving the growth of the market in the forecast period. However, the implementation of stringent government regulations on environmental pollution from coal and other conventional fuels, as well as the rapid development of the renewable energy sector, are the key factors hampering the growth of the world market in the years to come.
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The global Steam Boiler Market is segmented into Type, Fuel Type, Pressure, End Use Industry, and Region. In terms of fuel type, the coal segment held the lion’s share in 2019 and made up almost two thirds of the world market. On the other hand, the gas-fired segment is estimated to have the highest CAGR of 3.6% over the forecast period.
In relation to the type of fuel, the gas-fired segment has the highest sales growth rate of 3.6% and is expected to maintain its dominance in the forecast period. This growth is due to increased awareness and the implementation of stringent government regulations for low-emission fuels. In addition, the gas-fired steam boiler offers advantages such as faster steam generation, fewer greenhouse gas emissions, better operating performance, high efficiency and others.
Based on the end-use industry, the chemicals segment had the highest share in 2019 with almost half of the global steam boiler market. Conversely, the power generation segment is expected to have the highest CAGR of 3.5% over the forecast period.
Based on the region, the market is studied in regions such as Asia Pacific, LAMEA, North America, and Europe. The North American market dominated 2019 with the largest share, holding more than a third of the market. However, the global Asia Pacific steam boiler market is expected to have the highest CAGR of 3.6% over the forecast period.
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Major market players featured in the report include General Electric, IHI Corporation, Babcock & Wilcox Enterprises, Inc., Mitsubishi Heavy Industries, Ltd., Forbes Marshall, Alfa Laval AB, Viessmann Limited, Hurst Boiler & Welding, Inc., Thyssenkrup and Thermax Limited.
Other players in the value chain of the global steam boiler market include Fulton Boiler, Clayton Industries, Cleaver-Brooks, Inc., Cochran Ltd., Dongfeng Electric and Walchandnagar Industries Limited.
Main results of the study
- In 2019, the water tube boiler segment had the largest share of the global steam boiler market and is expected to maintain its lead over the forecast period.
- The coal segment fueled around 65.3% of the share of the global steam boiler market in 2019 and is expected to maintain its dominance through the end of the forecast period.
- Due to the pressure, the high pressure segment had a market share of 69.7% in 2019. In 2019, sales grew 3.3%, increasing its share of the global steam boiler market.
- Power generation is the fastest growing end-use segment in the global steam boiler market and is projected to grow by 3.5% in 2020-2027.
- In 2019, North America dominated the global steam boiler market with a sales share of more than 33.8%.
- The Covid-19 pandemic and the ongoing lockdown have suspended import and export activities, especially in the initial phase. In addition, it affected manufacturing and processing activities in various industries. This reduced the demand for electricity from the consumer industry.
- Demand for steam boilers would increase as customers’ electricity needs increased in the first quarter of 2021.
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