DUBLIN--(BUSINESS WIRE)--The "Steam Boiler Market by Type, Fuel Type, Pressure, and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
The global steam boiler market was valued at $15.6 billion in 2019, and is projected to reach $20.0 billion by 2027, growing at a CAGR of 3.3% from 2020 to 2027.
Steam boiler, also known as steam generator, is a component that generates steam from water by application of heat. The general efficiency of a steam boiler is 80% - 90%. This efficiency is attributed to some losses occurred due to incomplete combustion, radiation loss, and other heating losses. The steam generated by a steam boiler is utilized in producing power, industrial applications, and heating applications.
Rise in demand for steam boilers from end-use industries across the globe is a key factor driving the growth of the steam boiler market. In addition, increase in investment toward the power generation sector, owing to rise in electricity demand significantly contributes to the growth of the global steam boiler market. However, increase in investment in renewable energy power generation, stringent governmental regulations toward greenhouse gas emissions from conventional fuel sources, and high initial cost associated with steam boilers hamper the growth of the global market. Conversely, technological advancements in steam boilers for high heating efficiency and upgrading of aging power generation infrastructure are expected to create potential growth opportunities for key players operating in the market.
The global steam boiler market is segmented into type, fuel type, pressure, end-use industry, and region. Depending on type, the market is bifurcated into water tube boiler and fire tube boiler. On the basis of fuel type, it is categorized into coal fired, oil fired, gas fired, and others. By pressure, it is classified into low pressure and high pressure. Based on end-use industry, it is fragmented into power generation, oil & gas, chemical, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key benefits for stakeholders
- The report includes in-depth analysis of different segments and provides market estimations between 2020 and 2027.
- A comprehensive analysis of the factors that drive and restrict the growth of the global steam boiler market is provided.
- Porter's five forces model illustrates the potency of buyers & sellers, which is estimated to assist the steam boiler market players to adopt effective strategies.
- Estimations and forecast are based on factors impacting the global steam boiler market growth in terms of value.
- Key market players are profiled to gain an understanding of the strategies adopted by them.
- This report provides a detailed analysis of the current global steam boiler market trends and future estimations from 2020 to 2027, which helps identify the prevailing market opportunities.
Market Dynamics
Drivers
- Rise in demand for steam boilers from various end-use industries
- Increase in investment towards adding power generation capacity
Restraints
- Implementation of stringent government regulations toward environmental pollution and high initial cost
- Rapid development in the renewable energy sector
Opportunity
- Technological advancements and upgradation of aging power generation infrastructure
Key Market Players
- General Electric
- Babcock & Wilcox Enterprises, Inc.
- IHI Corporation
- Forbes Marshall
- Mitsubishi Heavy Industries, Ltd.
- Viessmann Limited
- Alfa Laval AB
- Thyssenkrup
- Hurst Boiler & Welding, Inc.
- Thermax Limited
For more information about this report visit https://www.researchandmarkets.com/r/t96xju
