Global Steam Boiler Systems Market Overview
Global Steam Boiler Systems market size was valued at USD 20.08 Billion in 2023 and is projected to reach USD 25.97 Billion by 2032, registering a CAGR of 2.9 % from 2024 to 2032.
- A steam boiler is a vessel, it is commonly made of steel, water is heated to get steam, and heat is produced by the combustion of fuel. Boilers come in different shapes and sizes but their purpose is the same. The ultimate aim of a steam boiler system is to generate steam by boiling the water. There are mainly two types of boilers Fire tube and water tube boilers. In the Fire tube boiler, the fire is inside the tube and in the Water, tube boiler water is inside the tube. The minimum capacity of a steam boiler is containing 10 liters of water. All boilers give heat to the water which is further converted into steam and goes to perform various activities in industries. Open and closed are the two kinds of boiler systems, in a closed system, 100 percent of the steam in the form of water is returned to the vessel due to this the water can be reused for the second cycle. This is more efficient and required less cost for the operation. There are some industries like hospitals, labs, research, and manufacturing industries which do not use the same water to produce steam for the second cycle because there is a risk of contamination. The fuels used in this device are different depending on the user. The use of steam boiler systems for different activities like offices, businesses, households, and other facilities, is the key driver of the steam boiler systems market.
Market Dynamics And Factors For Steam Boiler Systems Market
Drivers:
Increasing Industrial Application Of Steam
- Steam Boiler Systems is used to generate steam. Steam is used in a wide range of industries. Common applications of steam are, steam-heated processes in plants and factories and steam-driven turbines in electric power plants, but the uses of steam in the industry are beyond this. Power generation, Hospitals, food processing services, universities, laundry services, diagnostic kit manufacturing industry, research laboratories, breweries, and factories all this industry require steam boiler systems for doing various activities like Heating, Sterilization, Atomization, Cleaning, and Miniaturization. So increasing industrial application of steam boiler systems is boosting the market for steam boilers.
Restraints:
Unavailability And High Cost Of Fuel
- Fuel is the most important part of the steam boiler system. In the operation to generate steam, firstly heat generation is required after the combustion of heat water converts to steam. Steam boilers are designed according to the different fuels as per the demand of the user. Every type of fuel has its different chemical and combustible properties. The efficiency of a boiler depends on the type of fuel used. The availability of the kind of fuel the industry is using is very important. It should be easily available near the location of the plant. If natural gas is available in a nearby area then the company can prefer the natural fuel. Industries near the coal belt area prefer coal as fuel. In the area where agro waste is available, they use it as fuel. And the price for this fuel source or another like oil and gases is high at the area where it is not available so the costing of the operation is increased. Unavailability and high cost of fuel are restraining the growth of the steam boiler system market during the forecasted period.
Opportunity:
Rising The Demands For Electricity
- The rising demand for energy or electricity can anticipate significant growth in the steam boiler systems market in the upcoming period. Power plants and the powerhouse is the main consumer of this steam boiler system market which can help this market to grow. In the COVID-19 due to government regulation for the safety of people and industries, companies are closed and only essential product producing sectors are working at half of their capacity so the energy or electricity requirement is reduced but now everything is getting normal and most of the industries are working on their full capacity. Production and manufacturing processes are carried out on a large scale so the electricity demand is increased which drives the demand for the steam boiler systems market. Also, new industrial development and urbanization are the key factors that boost the growth of the steam boiler systems market.
Segmentation Analysis Of Steam Boiler Systems Market
- By Type, Water-tube boiler systems are dominating the growth of the Steam Boiler Systems during the forecast period. The power generating industry has the highest demand for Steam Boiler Systems to fulfill this demand Water-tube boiler systems are mainly used in the power industry. The demand for Water-tube boiler systems is high due to their high efficiency and the steam generated from this system is have a high temperature as compared to other systems due to this in the power generation industry this system is used. Also, it can work in load it recovers from an increase in load in a short period, which makes it the preferred choice for an industry having inconsistent demand. These factors of Water-tube boiler systems expected to drive the growth of Steam Boiler Systems during the forecast period
- By End-user, the Power generation segment is anticipated to grab the maximum market share in the Steam Boiler Systems Market over the projected period. In power plants high pressured steam is required so the plant can generate electricity; this high pressured steam is produced from Steam Boiler Systems. All this process is called as Rankine cycle. The electricity demand is very high. Electricity is an essential thing for doing the daily task in houses or industries. The non-stop requirement for electricity is putting the pressure on power generating plants to enhance the process of electricity generation, boiler system consumes low fuel and produces steam of high pressure, to do efficient work these plants depend on high efficient Steam Boiler Systems, due to this there is increasing demand for electric power generating plants and this are helping to boost the Steam Boiler Systems Market.
Regional Analysis Of Steam Boiler Systems Market
- The Asia Pacific is the region that is expected to lead the Steam Boiler Systems Market during the forecast period. The Asia Pacific is a region that is in the developing stage. The countries like China and India are in their growing phase, so the increasing industrialization is helping to increase the demand for Steam Boiler Systems which boosts the market for the same. Also, the population in this region is so high that increases the consumption rate. This region has different climatic conditions depending on the area to maintain the atmosphere use of HVAC equipment is very high in the residential and commercial sectors and this equipment requires steam boiler systems for heating the building in cold to get the desired temperature and producing hot water for supply. These are the factors that expanding the growth of the Steam Boiler Systems Market in the Asia Pacific region.
- North America is expected to grow with a significant growth rate in Steam Boiler Systems Market in the forecast period. North America is a developed region the number of industries, commercial complexes, and residential sector is large, and these are the key factors that drive the demand for Steam Boiler Systems. Prime customers of Steam Boiler Systems are industries and they used it to carry out different industrial activities. To produce electricity this Steam Boiler is required, they are called steam turbines, and electricity is the main element to proceed with the overall industrial activities so these power plants also boost the requirement for Steam Boiler Systems which directly increases the demand for Steam Boiler Systems Market.
- The European region is expected to lead the Steam Boiler Systems during the forecast period. In this system, the steam is transported through pipes with the pressure that is used in many industries like turbines, sterilization chambers, power radiators, steam rooms, and cooking equipment in hotel industries. And this is the key factor that drives the demand for this product and helps to increase the Steam Boiler Systems Market in this region. In this region there are so many cotton industries, they have a large market for clothing and in a cotton mill, Steam Boiler Systems have required the plays important role in it. Also in the region, there are extreme environmental conditions to survive in that people used many technologies which increase the potential for growth in the Steam Boiler Systems market.
Covid-19 Impact Analysis On Steam Boiler Systems Market
- COVID-19 had done adverse impact on the Steam Boiler Systems Market. The market witnessed a slow growth in 2020 as compared to 2019. The slow growth in 2020 was due to supply chain disruptions across the world. COVID-19 resulted in a temporary ban on many manufacturing & processing activities across various industries, the steam boilers are used in food, clothing, and power generating industries. The main and most important use of steam boiler systems is in the electricity generation, power generating plants have required this device for the production of electricity they are the key consumers of this equipments and drive the demand for this market but due to this lockdown, there is a need of electricity but only for the residential area which decreased the demand for electricity from consumers. This resulted in the decreasing demand for steam boiler systems. However, the steam boiler market is expected to recover as the demand for electricity from industries, residential and commercial use is increased after the lockdown is removed by the government now the demand for steam boiler systems is increasing which ultimately helps to increase the demand for steam boiler systems market. The user segment and the manufacturing industry of steam boiler systems have both suffered during this COVID-19 situation. Due to COVID the transportation, distribution channel, raw material, and labor all are this important channels required for any industry to produce and manufacture their products are disturbed. Now the market reopened and export-import policies are also changing which are driving the steam boiler systems market positively.
Top Key Players Covered In Steam Boiler Systems Market
- Alfa Laval Ab
- Thermax Limited
- IHI Corporation
- Babcock & Wilcox Enterprises, Inc.
- Forbes Marshall
- Bharat Heavy Electricals Limited
- Harbin Electric Group (China)
- General Electric
- Hurst Boiler & Welding Co, Inc.
- AC Boilers
- Siemens
- Mitsubishi Heavy Industries, Ltd.
- Thyssenkrupp Ag
- Viessmann Limited and other major players.
Key Industry Development In The Steam Boiler Systems Market
- In January 2024, Thermon Group Holdings Inc., a global leader in industrial heating solutions, acquired Vapor Power International, a key provider of high-quality electric and gas-fired steam boilers. This acquisition enhances Thermonās portfolio with advanced electric resistance, electrode, and supercritical coil tube boilers. āThis marks a pivotal step in expanding our offerings for electrification and decarbonization,ā said Bruce Thames, Thermon CEO. The addition strengthens Thermonās position to deliver innovative, sustainable energy solutions across diverse global markets.
Global Steam Boiler Systems Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 20.08 Bn. |
Forecast Period 2023-30 CAGR: |
2.9% |
Market Size in 2032: |
USD 25.97 Bn. |
Segments Covered: |
By Type |
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By End-User |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
ā1.1 Research Objectives
ā1.2 Research Methodology
ā1.3 Research Process
ā1.4 Scope and Coverage
āā1.4.1 Market Definition
āā1.4.2 Key Questions Answered
ā1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
ā3.1 By Type
ā3.2 By End-Users
Chapter 4: Market Landscape
ā4.1 Porter's Five Forces Analysis
āā4.1.1 Bargaining Power of Supplier
āā4.1.2 Threat of New Entrants
āā4.1.3 Threat of Substitutes
āā4.1.4 Competitive Rivalry
āā4.1.5 Bargaining Power Among Buyers
ā4.2 Industry Value Chain Analysis
ā4.3 Market Dynamics
āā4.3.1 Drivers
āā4.3.2 Restraints
āā4.3.3 Opportunities
āā4.5.4 Challenges
ā4.4 Pestle Analysis
ā4.5 Technological Roadmap
ā4.6 Regulatory Landscape
ā4.7 SWOT Analysis
ā4.8 Price Trend Analysis
ā4.9 Patent Analysis
ā4.10 Analysis of the Impact of Covid-19
āā4.10.1 Impact on the Overall Market
āā4.10.2 Impact on the Supply Chain
āā4.10.3 Impact on the Key Manufacturers
āā4.10.4 Impact on the Pricing
Chapter 5: Steam Boiler Systems Market by Type
ā5.1 Steam Boiler Systems Market Overview Snapshot and Growth Engine
ā5.2 Steam Boiler Systems Market Overview
ā5.3 Water Tube
āā5.3.1 Introduction and Market Overview
āā5.3.2 Historic and Forecasted Market Size (2017-2032F)
āā5.3.3 Key Market Trends, Growth Factors and Opportunities
āā5.3.4 Water Tube: Grographic Segmentation
ā5.4 Fire Tube Boiler Systems
āā5.4.1 Introduction and Market Overview
āā5.4.2 Historic and Forecasted Market Size (2017-2032F)
āā5.4.3 Key Market Trends, Growth Factors and Opportunities
āā5.4.4 Fire Tube Boiler Systems: Grographic Segmentation
Chapter 6: Steam Boiler Systems Market by End-Users
ā6.1 Steam Boiler Systems Market Overview Snapshot and Growth Engine
ā6.2 Steam Boiler Systems Market Overview
ā6.3 Power Generation
āā6.3.1 Introduction and Market Overview
āā6.3.2 Historic and Forecasted Market Size (2017-2032F)
āā6.3.3 Key Market Trends, Growth Factors and Opportunities
āā6.3.4 Power Generation: Grographic Segmentation
ā6.4 Food Industries
āā6.4.1 Introduction and Market Overview
āā6.4.2 Historic and Forecasted Market Size (2017-2032F)
āā6.4.3 Key Market Trends, Growth Factors and Opportunities
āā6.4.4 Food Industries: Grographic Segmentation
ā6.5 Refineries
āā6.5.1 Introduction and Market Overview
āā6.5.2 Historic and Forecasted Market Size (2017-2032F)
āā6.5.3 Key Market Trends, Growth Factors and Opportunities
āā6.5.4 Refineries: Grographic Segmentation
ā6.6 Others
āā6.6.1 Introduction and Market Overview
āā6.6.2 Historic and Forecasted Market Size (2017-2032F)
āā6.6.3 Key Market Trends, Growth Factors and Opportunities
āā6.6.4 Others: Grographic Segmentation
Chapter 7: Company Profiles and Competitive Analysis
ā7.1 Competitive Landscape
āā7.1.1 Competitive Positioning
āā7.1.2 Steam Boiler Systems Sales and Market Share By Players
āā7.1.3 Industry BCG Matrix
āā7.1.4 Ansoff Matrix
āā7.1.5 Steam Boiler Systems Industry Concentration Ratio (CR5 and HHI)
āā7.1.6 Top 5 Steam Boiler Systems Players Market Share
āā7.1.7 Mergers and Acquisitions
āā7.1.8 Business Strategies By Top Players
ā7.2 ALFA LAVAL AB
āā7.2.1 Company Overview
āā7.2.2 Key Executives
āā7.2.3 Company Snapshot
āā7.2.4 Operating Business Segments
āā7.2.5 Product Portfolio
āā7.2.6 Business Performance
āā7.2.7 Key Strategic Moves and Recent Developments
āā7.2.8 SWOT Analysis
ā7.3 THERMAX LIMITED
ā7.4 IHI CORPORATION
ā7.5 BABCOCK & WILCOX ENTERPRISES
ā7.6 INC.
ā7.7 FORBES MARSHALL
ā7.8 BHARAT HEAVY ELECTRICALS LIMITED
ā7.9 HARBIN ELECTRIC GROUP
ā7.10 GENERAL ELECTRIC
ā7.11 HURST BOILER & WELDING CO INC.
ā7.12 AC BOILERS
ā7.13 SIEMENS
ā7.14 MITSUBISHI HEAVY INDUSTRIES LTD.
ā7.15 THYSSENKRUPP AG
ā7.16 VIESSMANN LIMITED
ā7.17 OTHER MAJOR PLAYERS
Chapter 8: Global Steam Boiler Systems Market Analysis, Insights and Forecast, 2017-2032
ā8.1 Market Overview
ā8.2 Historic and Forecasted Market Size By Type
āā8.2.1 Water Tube
āā8.2.2 Fire Tube Boiler Systems
ā8.3 Historic and Forecasted Market Size By End-Users
āā8.3.1 Power Generation
āā8.3.2 Food Industries
āā8.3.3 Refineries
āā8.3.4 Others
Chapter 9: North America Steam Boiler Systems Market Analysis, Insights and Forecast, 2017-2032
ā9.1 Key Market Trends, Growth Factors and Opportunities
ā9.2 Impact of Covid-19
ā9.3 Key Players
ā9.4 Key Market Trends, Growth Factors and Opportunities
ā9.4 Historic and Forecasted Market Size By Type
āā9.4.1 Water Tube
āā9.4.2 Fire Tube Boiler Systems
ā9.5 Historic and Forecasted Market Size By End-Users
āā9.5.1 Power Generation
āā9.5.2 Food Industries
āā9.5.3 Refineries
āā9.5.4 Others
ā9.6 Historic and Forecast Market Size by Country
āā9.6.1 U.S.
āā9.6.2 Canada
āā9.6.3 Mexico
Chapter 10: Europe Steam Boiler Systems Market Analysis, Insights and Forecast, 2017-2032
ā10.1 Key Market Trends, Growth Factors and Opportunities
ā10.2 Impact of Covid-19
ā10.3 Key Players
ā10.4 Key Market Trends, Growth Factors and Opportunities
ā10.4 Historic and Forecasted Market Size By Type
āā10.4.1 Water Tube
āā10.4.2 Fire Tube Boiler Systems
ā10.5 Historic and Forecasted Market Size By End-Users
āā10.5.1 Power Generation
āā10.5.2 Food Industries
āā10.5.3 Refineries
āā10.5.4 Others
ā10.6 Historic and Forecast Market Size by Country
āā10.6.1 Germany
āā10.6.2 U.K.
āā10.6.3 France
āā10.6.4 Italy
āā10.6.5 Russia
āā10.6.6 Spain
āā10.6.7 Rest of Europe
Chapter 11: Asia-Pacific Steam Boiler Systems Market Analysis, Insights and Forecast, 2017-2032
ā11.1 Key Market Trends, Growth Factors and Opportunities
ā11.2 Impact of Covid-19
ā11.3 Key Players
ā11.4 Key Market Trends, Growth Factors and Opportunities
ā11.4 Historic and Forecasted Market Size By Type
āā11.4.1 Water Tube
āā11.4.2 Fire Tube Boiler Systems
ā11.5 Historic and Forecasted Market Size By End-Users
āā11.5.1 Power Generation
āā11.5.2 Food Industries
āā11.5.3 Refineries
āā11.5.4 Others
ā11.6 Historic and Forecast Market Size by Country
āā11.6.1 China
āā11.6.2 India
āā11.6.3 Japan
āā11.6.4 Singapore
āā11.6.5 Australia
āā11.6.6 New Zealand
āā11.6.7 Rest of APAC
Chapter 12: Middle East & Africa Steam Boiler Systems Market Analysis, Insights and Forecast, 2017-2032
ā12.1 Key Market Trends, Growth Factors and Opportunities
ā12.2 Impact of Covid-19
ā12.3 Key Players
ā12.4 Key Market Trends, Growth Factors and Opportunities
ā12.4 Historic and Forecasted Market Size By Type
āā12.4.1 Water Tube
āā12.4.2 Fire Tube Boiler Systems
ā12.5 Historic and Forecasted Market Size By End-Users
āā12.5.1 Power Generation
āā12.5.2 Food Industries
āā12.5.3 Refineries
āā12.5.4 Others
ā12.6 Historic and Forecast Market Size by Country
āā12.6.1 Turkey
āā12.6.2 Saudi Arabia
āā12.6.3 Iran
āā12.6.4 UAE
āā12.6.5 Africa
āā12.6.6 Rest of MEA
Chapter 13: South America Steam Boiler Systems Market Analysis, Insights and Forecast, 2017-2032
ā13.1 Key Market Trends, Growth Factors and Opportunities
ā13.2 Impact of Covid-19
ā13.3 Key Players
ā13.4 Key Market Trends, Growth Factors and Opportunities
ā13.4 Historic and Forecasted Market Size By Type
āā13.4.1 Water Tube
āā13.4.2 Fire Tube Boiler Systems
ā13.5 Historic and Forecasted Market Size By End-Users
āā13.5.1 Power Generation
āā13.5.2 Food Industries
āā13.5.3 Refineries
āā13.5.4 Others
ā13.6 Historic and Forecast Market Size by Country
āā13.6.1 Brazil
āā13.6.2 Argentina
āā13.6.3 Rest of SA
Chapter 14 Investment Analysis
Chapter 15 Analyst Viewpoint and Conclusion
Global Steam Boiler Systems Market |
|||
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 20.08 Bn. |
Forecast Period 2023-30 CAGR: |
2.9% |
Market Size in 2032: |
USD 25.97 Bn. |
Segments Covered: |
By Type |
|
|
By End-User |
|
||
By Region |
|
||
Key Market Drivers: |
|
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Key Market Restraints: |
|
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Key Opportunities: |
|
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Companies Covered in the report: |
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Frequently Asked Questions :
The forecast period in the Steam Boiler Systems Market research report is 2024-2032.
Alfa Laval Ab, Thermax Limited, IHI Corporation, Babcock & Wilcox Enterprises, Inc., Forbes Marshall, Bharat Heavy Electricals Limited, Harbin Electric Group (China), General Electric, Hurst Boiler & Welding Co, Inc., AC Boilers, Siemens, Mitsubishi Heavy Industries, Ltd., Thyssenkrupp Ag, Viessmann Limited and other major players.
The Steam Boiler Systems Market has been segmented into Type, End-User, and region. By Type, the market is categorized into Water Tube, Fire Tube Boiler Systems. By End-User, the market is categorized into Power Generation, Food Industries, Refineries, and Others. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
A steam boiler is a vessel, it is commonly made of steel, water is heated to get steam, and heat is produced by the combustion of fuel. Boilers come in different shapes and sizes but their purpose is the same. The ultimate aim of a steam boiler system is to generate steam by boiling the water. There are mainly two types of boilers Fire tube and water tube boilers. In the Fire tube boiler, the fire is inside the tube and in the Water, tube boiler water is inside the tube.
Global Steam Boiler Systems market size was valued at USD 20.08 Billion in 2023 and is projected to reach USD 25.97 Billion by 2032, registering a CAGR of 2.9 % from 2024 to 2032.