Steam Boiler Market Analysis
Market Research Future (MRFR) has published an in-depth report on the global steam boiler market, covering all essential accruals of the market. The report has been compiled after thorough analysis of all the pertinent factors that could affect the Steam Boiler System Market growth over the forecast period of 2018-2023. MRFR's analysis has projected a CAGR of 4.10% in the market over the forecast period. The growing demand for steam boiler market is attributed to the rapid increase in the demand for electricity. Moreover, capacity addition in power plants is also driving the market for steam boiler. One of the major restraints of the global steam boiler is focus on renewable energy resources for power generation.
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Steam boiler is a closed vessel used to create steam by applying heat energy to water. The fluid heated under pressure inside the steam boiler is then circulated out of the boiler for use in various applications such as power generation. The main purpose of steam boiler is to generate power in steam engines and steam turbines. It is also used for heating the buildings in cold weather and for producing hot water for hot water supply.
Industry Segmentation
The market for steam boiler market is segmented based on type as water-tube boiler and fire-tube boiler. Water-tube steam boiler segment dominates the market as these boilers provide higher efficiency and also produce high-temperature steam which is suitable for power utilities. Asia-Pacific is expected to hold the largest share for water-tube steam boiler which is mainly driven by investments in power generation sector that are being made in countries such as China, Japan, and India.
Regional Outlook
Region wise, Asia Pacific held the largest market share of the global steam boiler market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the growing demand for power and rising investment in setting new power generation plants. China is expected to lead the Asia Pacific steam boiler market during the forecast period and is projected to grow at the highest CAGR from 2018 to 2023. The Chinese and Indian markets are projected to be among the fastest-growing economies during the forecast period. These countries are estimated to account for nearly 70% of all the proposed thermal power capacity addition during the same period.
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Leading Players
The key players of the global Steam boiler market are GE (US), Bosch (Germany), Thermax (India), Cleaver-Brooks (US), Byworth Boilers (US), Doosan Heavy Industries & Construction (South Korea), Forbes Marshall (India), Fulton Boiler (US), Parker Boiler (US), Rentech Boilers (US), Thermodyne Engineering Systems (India).
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