Steam Boiler System Market : : Worldwide Market Forecast, 2018-2023 with Bosch, GE, Alfa Laval, Thermax, Cochran, Viessmann, Doosan Leading the Competition

The global steam boiler system market, by value, is projected to reach USD 21.63 billion by 2023, at a CAGR of 4.13%, from an estimated USD 17.66 billion in 2018. The growth of the steam boiler system market is mainly driven by the increased usage of steam boilers across various end-user industries such as power generation, oil & gas, chemical, process industries, and metal and mining. The chemical industry is expected to grow at the highest CAGR in Asia Pacific because of large investments during the forecast period.

Market Key players:

The steam boiler system market is dominated by a few major players that have a wide regional presence. Some of the leading players in the steam boiler system market include Bosch (Germany), GE (US), Alfa Laval (Sweden), Thermax (India), Cochran (UK), Viessmann (Germany), and Doosan (South Korea).

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Bosch is one of the leading manufacturers of industrial boilers. It offers steam boilers through its subsidiary Bosch Industriekessel for commercial and industrial applications. Bosch Industriekessel’s product portfolio includes hot water boilers, steam boilers, heating boilers, combined heat and power units, VFR sys

Alfa Laval provides engineering solutions and products based on its 3 key technologies—heat transfer, separation, and fluid handling. Its products are used in various end-use industries and applications such as power plants, aboard ships, oil & gas, mining, wastewater treatment, comfort climate and refrigeration, and mechanical engineering. The company conducts its operations through 4 business segments, namely, food & water, energy, marine, and greenhouse. The marine business segment, which accounted for 30.6% of the total net sales in 2017, offers steam boilers. 

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Asia Pacific is estimated to be the largest market for the steam boiler system. The region has been segmented, by country, into China, Japan, India, Australia, South Korea, and rest of the Asia Pacific. It is one of the most populous regions in the world, witnessing a high demand for electricity. Furthermore, continuous developments in manufacturing, power generation, oil & gas, and food & beverage industries among others is increasing the demand for steam boiler in the region.

The steam boiler system market, by type, is segmented into water-tube boiler and fire-tube boiler. Water-tube boiler is estimated to hold the largest market share during the forecast period. The efficiency of a water boiler can reach up to 90% along with an economizer and proves to be better in comparison to a fire tube boiler. Water tube boilers have a longer lifecycle and can handle higher pressure of up to 5000 psig. Furthermore, the rate of steam generation and quality of steam produced by a water tube boiler is best suitable for power generation utilities. Such advantages are likely to drive the water-tube boilers market.

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The report segments the steam boiler system market, by component, into boiler, economizer, superheater, air preheater, and feed pump. The boiler segment is expected to grow at the highest CAGR during the forecast period. The main purpose of a steam boiler is to generate steam to power steam engines or turbines used for various processes such as heating applications, central heating, cooking, and sanitation.