Steam Boiler Market 2019 Business Strategies, Recent Trends, Size, Segmentation, Challenges, Opportunities, Emerging Technologies and Leading Players by Forecast 2023
Jul 8, 2019
MRFR has published a report on the steam boiler market, covering all essential accruals of the market. Steam boilers have manifold functions in diverse industries. They find usage in a host of application areas ranging from sugar industries, cotton mills, to power generation plants.
Pune, India - July 8, 2019 /MarketersMedia/ —
Steam Boiler Market Highlights
The report has been compiled after thorough analysis of all the pertinent factors that could affect the market growth over the forecast period of 2018-2023. MRFR's analysis has projected a CAGR of 4.10% in the market over the forecast period.
Perhaps, fast-track industrialization in the developing regions can be chiefly credited for generating incremental demand within the market, which was previously sustained by the developed countries. Steam boilers are of paramount importance to industrial and chemical processes as a medium of heat delivery. Steam boilers are extensively used in frigid areas for providing hot water supply to buildings and for other heating purposes.
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Growing power requirements of the mushrooming population has led to increased investments in the expansion of power generation capacities. Additionally, major economies of the globe have demonstrated heightened interest towards environmentally fewer polluting methods of power generation such as clean coal technologies and Combined Cycle Gas Turbines (CCGT), where steam boilers work in tandem with other components to produce electricity in a less polluting manner. Conversion of various open-cycle gas turbine (OCGT) plants to CCGT plants have also opened new avenues for the growth of the market. Moreover, steam boilers have multifarious application and growth in end-use industries have resonated strong growth within the market.
Competitive Landscape:
Rentech Boilers (US), Byworth Boilers (US), Forbes Marshall (India), Thermodyne Engineering Systems (India), Parker Boiler (US), Cleaver-Brooks (US), Thermax (India), GE (US), Doosan Heavy Industries & Construction (South Korea), Bosch (Germany), and Fulton Boiler (US)
Segmentation
The global Steam boiler market has been segmented based on type, component, fuel, and end-user.
By component, the steam boiler market has been segmented into boiler, economizer, superheater, air preheater, and feed pump. The boiler segment is anticipated to be the largest segment over the forecast period. The growth of the market can be credited to the increasing power demand in developing countries and substantial investments made for the expansion of capacity.
By fuel, the steam boiler market has been segmented into coal-fired steam boiler, gas-fired steam boiler, oil-fired steam boiler, biomass-fired steam boiler, and electric steam boiler. The coal-fired steam boiler segment is anticipated to account for the largest share of the market. Coal is extensively used for power generation. As per the reports of IEA, coal fuel makes up for 40% share of the global electricity production. Coal is the most widely used fuel source in developing countries.
Regional Analysis
Region-wise, the global steam boiler market has been segmented into North America, South America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
APAC is the largest market and held the largest market share in 2017. The region is investing heavily in capacity expansion due to accelerated industrial activities in the region, which necessitates the construction of new plants as well as the refurbishment of existing ones. Easy availability of raw materials and the availability of relatively cheap labor are other factors that are supporting the growth of the market. Substantial investment in power generation to support the growing urban population can also be counted in. Moreover, coal-fired power generation has been prevailing in the region despite various concerns regarding harmful emissions. The APAC region is likely to capture the highest CAGR over the forecast period.
Developed regions such as North America and Europe have adopted the CCGT method for power generation, where steam boilers play a key role. Moreover, the phasing-out of numerous coal-fired facilities have led to the construction of new power generation plants which has generated demand within the steam boiler market. Moreover, high awareness regarding the benefits of steam boilers in power generation has added to the demand.
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