Steam Boiler System Market Size, Share, Trends, Analysis To 2032

Steam Boiler System Market Insights

The global steam boiler system market had a value of USD 16.49 billion in 2023, and Zion Market Research projects that it will increase to USD 22.43 billion by the end of 2032. The market is expected to grow with a CAGR of 3.60% during the forecast period.

This study provides an analysis of the growth drivers, growth restrictions, and influence on demand that are associated with the Global Steam Boiler System Market over the time of forecasting. Additionally, it will assist in navigating and investigating the possibilities that are becoming available in the Steam Boiler System Market market.

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Global Steam Boiler System Market: Overview

In the steam boiler system, a boiler furnace heats water through a gas or oil-fired burner and then turns it into steam. Afterward, the steam travels through pipes to radiators or convectors, which give off heat and warm the room.

Global Steam Boiler System Market: Growth Factors

Rising demand for energy across the world is anticipated to contribute notably towards the growth of the steam boiler system market in the years ahead. The increasing need to improve the energy efficiency of power plants and the power generation process has been fueling the demand for steam boiler systems substantially. The rise in government initiatives to encourage the usage of steam boiler systems, such as providing rebates and subsidies on their purchase, is also remarkably contributing to the growth of this market.

However, the high initial as well as maintenance costs of these systems may limit their uptake, hindering the progress of this market in the near future. Industrialization and the increasing use of electrical appliances and machinery, along with the growing economic activities in developing countries, will generate strong demand for electricity. This, in turn, will further spur steam boiler system market trends in the near future.

Massive populations in countries such as India and China in APAC will pave the way for huge demand for power, and this will lead to a huge demand for power supply, thereby generating ripples of growth across the steam boiler system market. Furthermore, favorable industrial growth policies, low raw materials cost, ease of availability, and cheap labor cost have turned China and India into attractive business destinations and fastest growing economies in the world, thereby further propelling the business scope in these regions.

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Global Steam Boiler System Market: Segmentation

The global steam boiler system market can be divided based on component type, fuel type, and end-user.

Based on Component, the steam boiler system market is segmented into the Boiler, Economizer, Superheater, Air Preheater, and Feed Pump. On the basis of type, the market is divided into two boilers and two firetube boilers.  

Based on the fuel type, the market is segmented into coal, gas, biomass, oil, and electricity.

Steam Boiler System Market: Report Scope

Global Steam Boiler System Market: Regional Analysis

Based on regions, the global steam boiler system market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is projected to dominate the global market in the years ahead, owing to the increasing number of chemical manufacturing units, food processing facilities, power plants, and oil and gas refineries, resulting in tremendous demand for steam boiler systems in the region. Increasing applications of steam boiler systems in the commercial and residential sectors are also anticipated to add to the growth of this regional market in the near future.

Europe, which is also considered as one of the key markets for steam boiler systems, is likely to report an upswing in its total share in the global market in the years to come, thanks to the presence of a large number of established manufacturing industries. Among others, the Asia Pacific market for steam boiler systems is expected to register a healthy growth rate over the next few years on account of rising industrialization and escalating demand for energy in emerging economies, such as China and India.

Global Steam Boiler System Market: Competitive Players

Some of the most prominent players  of steam boiler systems across the world are

• Hurst Boiler &
• Welding Co. Inc.
• Larsen & Toubro Ltd.
• Fulton Boiler Works, Inc.
• BHEL
• Byworth Boilers
• Clayton Industries
• Doosan
• Buderus
• Zhengzhou Boiler (Group) Co. Ltd.
• Cleaver-Brooks.

The global steam boiler system market is segmented as follows:

By Component

• boiler
• economizer
• superheater
• air preheater
• feed pump.

ByType

• two boilers
• two firetube boilers.

By Fuel Type

• coal
• gas
• biomass
• oil
• electricity.

Global Steam Boiler System Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • The UK
  • France
  • Germany
• The Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

What Reports Provide

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonies to companies in order to fortify their foothold in the market.