Steam Boiler Market was valued at USD 18.4 Billion in 2022 and is projected to reach USD 27.2 Billion by 2030, growing at a CAGR of 5.1% from 2024 to 2030.
The global steam boiler market has undergone significant changes from 2018 to 2022, driven by factors such as rising industrial demand, regulatory shifts, and evolving environmental concerns. The period between 2018 and 2022 saw a steady growth trajectory, with advancements in boiler technology and an increased focus on energy efficiency. Industry players rapidly adopted newer, more efficient systems to meet stringent environmental regulations and reduce carbon footprints. This period also marked a surge in demand from emerging markets, where industrialization and the need for power generation led to an uptick in steam boiler installations.
In terms of demand, the market was primarily driven by the need for steam in industries like power generation, chemical processing, and food production. The development of innovative designs, including natural gas-based boilers and high-efficiency steam boilers, gained traction during this period, helping companies reduce operational costs and improve energy utilization. Geographically, regions such as Asia-Pacific, North America, and Europe were at the forefront of this growth, with Asia-Pacific particularly witnessing rapid growth due to industrialization and urbanization in countries like China and India.
However, looking forward from 2023 to 2033, the steam boiler market is expected to experience a shift. Demand is projected to increase due to the rising need for sustainable and energy-efficient industrial processes, especially with the growing awareness around carbon emissions. The market will likely be influenced by advancements in renewable energy sources, such as solar-thermal and geothermal boilers, and the adoption of advanced monitoring systems. Additionally, stricter regulations surrounding energy efficiency and emissions standards will continue to influence market dynamics, forcing industries to upgrade their old steam systems to meet modern requirements.
The forecasted demand growth for steam boilers from 2023 to 2033 will be further bolstered by industries such as healthcare, textiles, and pharmaceuticals, where high-quality steam plays a crucial role in manufacturing processes. The increase in industrial automation will also drive the adoption of smart steam boilers, designed for real-time monitoring and improved efficiency. Furthermore, the growing trend of circular economies will push companies to adopt steam boilers capable of utilizing waste heat recovery systems, contributing to energy conservation and cost savings.
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Bosch Thermotechnik
Cochran
Alfa Laval
Viessmann
Cleaver-Brooks
Fulton Boiler Works
Hurst Boiler and Welding
PT. Grand Kartech Tbk
Miura
1Kawasaki
GETABEC Public
Shuangliang Group
Zhejiang Tuff Boiler
Shanghai Industrial Boiler Limited Company
Zu How Industry
Taijune Boiler
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Steam Boiler Market
Food and Beverage Steam Boiler
Pharmaceutical Steam Boiler
Oil & Gas Processing Steam Boiler
Pulp & Paper Production
Others
Based on Types the Market is categorized into Below types that held the largest Steam Boiler market share In 2023.
Oil
Gas & Coal Boiler
Electric Boiler
Biomass Boiler
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Steam Boiler Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Steam Boiler Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Steam Boiler Market, By Type
6. Global Steam Boiler Market, By Application
7. Global Steam Boiler Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Steam Boiler Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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