The global steam boiler system market 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.
The boiler segment is expected to hold the largest market share by 2023. Increase in demand for power from the developing countries and large investments for capacity addition are likely to drive the demand for steam boilers.
The water-tube boiler segment is expected to be the largest market for the steam boiler system by 2023. Water-tube boilers provide higher efficiency and can produce high-temperature steam suitable for power generation utilities. Increase in capacity addition to meet the rise in demand for power would drive the water-tube boiler segment during the forecast period.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=229981348
The steam boiler system market in the Asia Pacific is estimated to be the largest market from 2018 to 2023. Countries such as China, India, and Japan are heavily investing in the power capacity addition, which would positively impact the market. Also, massive investments in the manufacturing industry are significant factors that would propel the growth of the market. For instance, as per the Asian Development Bank, the region will need an investment of USD 26 trillion from 2016 to 2030 or USD 1.7 trillion per year to maintain its growth momentum and respond to climate change.
Steam Boiler System Market Opportunities
Rise in the demand for compact design of the steam boiler
Utility space is the major cause of concern for plant installations and existing plant expansions. In process industries, components such as boiler, economizer, super-heater, and air preheater should have a compact design for optimum space utilization. With capacity installations, the existing floor space becomes limited for utility machines. The need to ensure space utilization has contributed to a high demand of steam boilers that have compact designs and are fuel-efficient. Boiler manufacturers are focused on promoting steam boilers that are customized for different process requirements in various industries such as power generation, oil & gas, chemical and process industries.
Aging power generation Infrastructure
Developed countries such as the US, Canada, UK, and Germany have aging power infrastructure with low-efficiency levels and high carbon emissions. These old power plants are scheduled to retire soon. However, plant extension and replacement plans, as well as to increase the scope for new and refurbished boilers, measures for upgradation are in place. The International Energy Agency’s World Energy Investment Outlook 2014, estimated that around USD 9.5 trillion would be spent cumulatively on the construction of new power plants and in the refurbishment of the existing ones across the world from 2014 to 2035, with 30% of the amount being used for fossil-fueled power plants. Such increasing investment toward the thermal power capacity, construction, and upgradation of power plants will boost the market for the steam boiler system.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=229981348
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the steam boiler system market. The key players include Bosch (Germany), GE (US), Alfa Laval (Sweden), Thermax (India), Cochran (UK), Viessmann (Germany), and Doosan (South Korea). The leading players are adopting various strategies to increase their shares in the steam boiler system market.
