Strategic Analysis and Future Outlook of Steam Boiler Industry...

Strategic Analysis and Future Outlook of Steam Boiler Industry Predictions for 2023-2030

Posted 2023-08-31 06:42:33

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Market Research Future Insights

The global Steam Boiler Market estimated to be worth USD 21 Billion by 2030, registering a 4.10% CAGR during the forecast period (2023- 2030).

To produce steam, steam boiler systems are used. Several different industries make use of steam. Steam is typically used to heat processes in factories and plants and to power turbines in electric power plants. Yet, the use of steam in industry goes beyond this. For various tasks including heating, sterilising, atomizing, cleaning, and miniaturisation, industries like power generation, hospitals, food processing, universities, laundries, the fabrication of diagnostic kits, research labs, breweries, and factories all require steam boiler systems.

Steam boilers require routine maintenance and supervision just like any other piece of equipment. To prevent fire threats or potentially catastrophic failure, the water level inside the furnace must be regularly checked.The government has prescribed a set of regulations and standards and safety measurements to make the steam boilers or other products produced by their industry work efficiently and upgrade their endurance.

The global steam boiler systems market is likely to witness expressive growth, due to the surging demand for energy. Apart from this, the requirement to improve energy efficiency in the power plants and powerhouse are the two major factors anticipated to fuel the steam boiler systems market in the coming few years. Steal boilers are extensively used in industries to elevate the temperature of a particular container with the help of steam.

Key Players

· 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)

Regional Analysis

The global Steam Boiler Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

The Asia Pacific region is anticipated to lead the Steam Boiler Systems Market during the forecast period. The nations like China and India are in their growing phase, so the boosting industrialization is supporting to increase in the demand for Steam Boiler Systems which boosts the market

North America is estimated to dominate the steam boiler system market with a majority of 30% share. This is primarily due to the presence of a large number of end-user industries in the region.

The European region is estimated to lead the Steam Boiler Systems during the forecast period. In this system, the steam is transported through pipes with the pressure that is applied in various industries like turbines, sterilization chambers, power radiators, steam rooms, and cooking equipment in hotel industries.

Market Segmentation

The global Steam Boiler Market is segmented into the following types;

By Boiler Type