Market Size of Steam Boiler System Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 1.25 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Steam Boiler System Market Analysis
The Steam Boiler System Market is expected to register a CAGR of more than 1.25% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, factors such as increasing demand for power generation due to rapid industrialization, population increase, and investment in the pharmaceutical industries are expected to drive the market for steam boilers during the forecast period.
- On the other hand, with the global shift towards renewable energy for power generation, there can be a hindrance to the growth of the Steam Boiler System Market, especially in the power generation industry.
- Nevertheless, Water-tube boiler systems are expected to dominate the market in the forecast period, owing to their usage in multiple industries and the ability to deal with high pressures. Fuel Flexible steam boilers can run on multiple fuels, which are expected to replace traditional single-fuel steam boilers. In the near future, fuel-flexible steam boilers are expected to create significant opportunities for market players.
- Asia-Pacific is the leading region in the steam boiler system market, with the highest market share. Because of the increasing demand for steam boilers in countries like China, India, Japan, and others, the region is also expected to dominate the market in the forecast period.
Steam Boiler System Industry Segmentation
A steam boiler system is a device that uses thermal energy to turn water into steam. In order to power steam engines or steam turbines, steam boilers are usually employed. The use of steam boiler systems is anticipated to benefit from an increase in global energy consumption.
The Steam Boiler System Market is segmented by type, end-user industries, and geography. By type, the market is segmented into water tube boilers and fire tube boilers. The end-user industries include power generation, refineries and petrochemicals, food and beverage, and others. The report also covers the installed capacity and forecasts for the steam boiler system market across major regions. For each segment, the installed capacity and forecast is based on revenue (USD Billion).
| Type | |
| Water Tube Boiler | |
| Fire Tube Boiler |
| End-User Industries | |
| Power Generation | |
| Refineries and Petrochemicals | |
| Food and Beverage | |
| Others |
| Geogrpahy | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Steam Boiler System Market Size Summary
The Steam Boiler System Market is poised for growth, driven by increasing demand for power generation due to rapid industrialization and population growth, alongside investments in the pharmaceutical sector. Despite the challenges posed by the global shift towards renewable energy, which could hinder market expansion in the power generation industry, water-tube boiler systems are expected to lead the market. These systems are favored for their high-pressure capabilities and efficiency, making them suitable for various industries. Additionally, the emergence of fuel-flexible steam boilers, capable of operating on multiple fuels, is anticipated to create significant opportunities for market players, replacing traditional single-fuel systems.
The Asia-Pacific region is a dominant force in the steam boiler system market, largely due to the burgeoning demand in countries like China, India, and Japan. This region's leadership is expected to continue, supported by ongoing industrialization and developments in the power and food processing sectors. Notable projects, such as the construction of coal-powered plants in China and the commissioning of refineries in Indonesia, are set to bolster market growth. The market is moderately fragmented, with key players like Babcock & Wilcox Enterprises Inc, Mitsubishi Hitachi Power Systems Ltd, and Bosch Ltd actively contributing to innovation and expansion. Recent advancements, such as Bosch's launch of an electric steam boiler and Vynova Group's hydrogen-fired steam boiler system, highlight the industry's focus on reducing emissions and adopting greener technologies.
Steam Boiler System Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Water Tube Boiler
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2.1.2 Fire Tube Boiler
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2.2 End-User Industries
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2.2.1 Power Generation
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2.2.2 Refineries and Petrochemicals
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2.2.3 Food and Beverage
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2.2.4 Others
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2.3 Geogrpahy
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle-East and Africa
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Steam Boiler System Market Size FAQs
What is the current Steam Boiler System Market size?
The Steam Boiler System Market is projected to register a CAGR of greater than 1.25% during the forecast period (2024-2029)
Who are the key players in Steam Boiler System Market?
Babcock & Wilcox Enterprises Inc , General Electric Company , Mitsubishi Hitachi Power Systems Ltd , Bosch Ltd and Forbes Marshall Pvt. Ltd are the major companies operating in the Steam Boiler System Market.
