April 09, 2020
As per the report titled ‘Steam Boiler Market Size By, By Fuel, By Technology, By Application , Fuel, Technology , Industry Analysis Report, Regional Analysis, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019- 2025’, available with Market Study Report LLC, global steam boiler market is projected to cross USD 19 billion by the year 2025.
Economic emergence and rising investments towards the development and expansion of manufacturing facilities across several industries including primary metal, food processing, and chemical is propelling the growth of steam boiler market. Strict government mandates for sustainable development are boosting the adoption of energy efficient boilers, thereby augmenting the market growth.
Based on the capacity, >250 MMbtu/hr segment registered 6% revenue share in 2018 and is anticipated to see decent gains during the forecast period, owing to surging demand for primary metals and ongoing expansion of refineries. >250 MMbtu/hr boilers are widely used in industries such as steel mills, refineries, petrochemical plants, and food processing plants. In addition, changing food consumption pattern and rising disposable income in various nations will favor the deployment of boilers with a capacity of >250 MMbtu/hr across the food processing industry.
In terms of fuel, natural gas fired steam boiler market segment is expected to grow by 4% through 2025. Growing focus towards reduction of carbon emissions in tandem with strict government regulations promoting use of low emission fuels is driving the segment growth. Increasing penetration of energy efficient technologies alongside declining cost of natural gas will further propel the product demand in the coming years.
Elaborating the technology scope, condensing segment is projected to witness a growth rate of 5% over 2019-2025. High efficiency and reduced heating costs are the major benefits encouraging the adoption of condensing steam boilers.
Moving on to the end-user spectrum, chemical sector is witnessing an increased demand for steam boilers owing to inflowing investments for the expansion of production facilities. Easy availability of feedstock and escalating demand for specialty chemicals are the other major factors supporting the segment growth.
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As per the regional analysis, steam boiler industry in China was worth USD 2 billion in 2018 and is expected to see prominent gains by the year 2025. Rapid industrialization and rising government support for in-house manufacturing are contributing towards the regional market share. Abundance of raw materials and large workforce in consort with increase in foreign direct investments are stimulating China industry outlook.
Key players of global steam boiler market are Ferroli, Mitsubishi Hitachi, Babcox & Wilcox, Rentech, Fondital, Hoval, Fulton, Cleaver Brooks, Hurst, Doosan, AC Boiler, Groupe Atlantic, CMI, Cochran, BHEL, IHI, Clayton, Siemens, Forbes Marshall, Thermax, Bosch, SIME, Walchandnagar, and Victory Energy.
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