Market Trends of Steam Boiler System Industry
This section covers the major market trends shaping the Steam Boiler System Market according to our research experts:
Water Tube Boiler to Dominate the Market
- Water-tube boilers generate vapor from the water that flows through tubes and is heated by the combustion of various fossil fuels like coal and natural gas. The smoke produced is sent to the steam turbine at a higher pressure of around 250 bar, which rotates the turbine and thus helps to generate electricity.
- Water-tube boilers have higher efficiency and can operate at a pressure range of around 250 bars. It requires less time to raise steam pressure, more flexibility for responding to load changes, and a more exceptional ability to operate at high rates of steam generation.
- A U.S. patent was granted to Superior Boiler in June 2022 for technical innovations that greatly enhance the company's water-tube boiler designs.
- The global oil refining capacity decreased from 102,331 thousand barrels per day in 2020 to 101912 thousand barrels per day in 2021.
- Owing to the above points, the water tube boiler is likely to dominate the Steam Boiler System Market.
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Asia-Pacific to Dominate the Market
- Asia-Pacific, with its rapid industrialization and growth in power and food processing industries, is expected to dominate the market in the forecast period.
- China has the highest number of under-construction coal-powered plants. Construction of these plants is estimated to increase the market growth of steam boilers in the future.
- In November 2022, Mitsubishi Heavy Industries, Ltd. and PLN Indonesia Power signed a Memorandum of Understanding to launch three feasibility studies on co-firing less carbon-intensive fuels at Indonesia Power power plants.
- Pulau Muara Besar Refinery & Petrochemical Complex, with a capacity of 14 million tons per annum, is expected to be commissioned in 2022. Furthermore, the Jieyang refinery is another refinery that is under construction and is likely to be commissioned during the forecast period and is expected to increase the demand for steam boilers.
- With several projects upcoming in power, oil, and gas refining sector, Asia-Pacific is expected to dominate the market in the forecast period.
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