Steam Boiler Market for Thermal Power Plant and Oil Refinery Market Size (2024 - 2029)

The steam boiler market for thermal power plants and oil refineries is anticipated to experience growth driven by the establishment of new thermal power plants and refineries globally. Despite the challenges posed by the increasing shift towards renewable energy sources, which may limit the expansion of coal-powered thermal plants, the market is expected to benefit from advancements in boiler efficiency and technology, particularly in the European Union, where stringent emissions reduction targets are in place. The Asia-Pacific region is projected to lead in market size due to the significant number of existing and planned thermal power facilities and oil refineries.

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Market Size of Steam Boiler Industry for Thermal Power Plant and Oil Refinery

Steam Boiler for Thermal Power Plant and Oil Refinery Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
CAGR 1.50 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Medium

Major Players

Steam Boiler for Thermal Power Plant and Oil Refinery Market Major Players

*Disclaimer: Major Players sorted in no particular order

Thermal Power Plant & Oil Refinery Steam Boiler Market Analysis

The Steam Boiler Market for thermal power plants and oil refinery market is projected to register a CAGR of over 1.5% during the forecast period.

COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.

  • Over the medium term, the primary factors expected to drive the market are the upcoming thermal power plants and refineries worldwide. During the forecast period, an increase in thermal power plants and refineries would lead to higher demand for the steam boiler market.
  • On the other hand, increasing focus on renewable sources for electricity generation is expected to decrease the count of coal-powered thermal plants, which is expected to hinder market growth during the forecast period.
  • Nevertheless, with the set of targets to reduce greenhouse gas emissions by 2020 and 2050, the European Union is expected to reduce its emissions by 80%-95% by 2050. To abide by the targets, the European Union is expected to increase its investment to increase the thermal power plants' efficiencies and reduce CO2 emissions. Thus, an increase in efficiency is expected to provide an opportunity for the steam boiler market with better technologies and negligible heat losses in European countries.
  • Asia-Pacific is expected to dominate the market with the highest number of existing and upcoming thermal power plants and oil refineries.

Thermal Power Plant & Oil Refinery Steam Boiler Industry Segmentation

In a steam boiler, fluid is heated (typically water) but does not necessarily boil. After being heated or vaporized, the fluid leaves the boiler for various processes or heating applications, including cooking, water or central heating, or electricity production. A boiler (or, more specifically, a steam boiler) is an integral part of a thermal power plant.

The steam Boiler Market for thermal power plants and oil refinery market is segmented by type and geography. The market is segmented by type: water tube boiler and fire tube boiler. The report also covers the market size and forecasts for the steam boiler market for thermal power plant and oil refinery markets across major regions. The market size and estimates for each segment have been done regarding revenue (USD billion).

Type
Water Tube Boiler
Fire Tube Boiler
Geography
North America
Europe
Asia-Pacific
South America
Middle East & Africa
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Steam Boiler Market for Thermal Power Plant and Oil Refinery Size Summary

The steam boiler market for thermal power plants and oil refineries is poised for moderate growth over the forecast period, driven by the construction of new thermal power plants and refineries globally. Despite the initial setbacks due to the COVID-19 pandemic, the market has rebounded to pre-pandemic levels. The demand for steam boilers is expected to rise as more thermal power plants and refineries are established. However, the shift towards renewable energy sources and the reduction of coal-powered plants pose challenges to market expansion. In Europe, stringent greenhouse gas emission targets are likely to spur investments in enhancing the efficiency of thermal power plants, presenting opportunities for advanced steam boiler technologies. The Asia-Pacific region is anticipated to lead the market, supported by a significant number of existing and planned thermal power plants and oil refineries.

Water-tube boilers, known for their high efficiency and ability to operate at high steam generation rates, play a crucial role in electricity generation by converting water into steam using fossil fuels. Despite the global decline in coal-based power plants, countries like China and India continue to invest in new coal-powered projects, which may bolster the steam boiler market in the short term. The region's oil refining capacity, particularly in China and Indonesia, is also set to expand, further contributing to market growth. Key industry players, including Alfa Laval AB, Victory Energy Operations LLC, and Babcock Wanson Ltd, are actively involved in the market, with recent developments such as new product launches and significant investments in refinery projects. These factors collectively indicate a positive outlook for the steam boiler market in the coming years.

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Steam Boiler Market for Thermal Power Plant and Oil Refinery Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Steam Boiler Market for Thermal Power Plant and Oil Refineries in USD billion, till 2027

    3. 1.3 Existing Thermal Power Plant, by Location and Fuel Type in 2027

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 Porter's Five Forces Analysis

      1. 1.8.1 Bargaining Power of Suppliers

      2. 1.8.2 Bargaining Power of Consumers

      3. 1.8.3 Threat of New Entrants

      4. 1.8.4 Threat of Substitute Products and Services

      5. 1.8.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Water Tube Boiler

      2. 2.1.2 Fire Tube Boiler

    2. 2.2 Geography

      1. 2.2.1 North America

      2. 2.2.2 Europe

      3. 2.2.3 Asia-Pacific

      4. 2.2.4 South America

      5. 2.2.5 Middle East & Africa

Steam Boiler Market for Thermal Power Plant and Oil Refinery Market Size FAQs

The Thermal Power Plant and Oil Refinery Steam Boiler Market is projected to register a CAGR of less than 1.5% during the forecast period (2024-2029)

Alfa Laval AB, Victory Energy Operations LLC, Babcock Wanson Ltd., Forbes Martshall Pvt. Ltd. and Viessmann Manufacturing Company Inc. are the major companies operating in the Thermal Power Plant and Oil Refinery Steam Boiler Market.

Steam Boiler Market for Thermal Power Plant and Oil Refinery Report Snapshots

Steam Boiler Market for Thermal Power Plant and Oil Refinery - Growth, Trends, and Forecasts (2024 - 2029)