Steam Boiler System Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Steam Boiler System Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The market for the steam boiler system is expected to grow at a CAGR of more than 1.25% in the forecast period of 2020-2025. Factors, such as increasing demand for power generation due to rapid industrialization and population increase and investment in the pharmaceutical industries, are expected to drive the market for steam boilers during the forecast period. On the other hand, with the global shift towards renewable energy for power generation, there can be a hindrance to the growth of the steam boiler system market, especially in the power generation industry.

• Water-tube boiler systems are expected to dominate the market in the forecast period, owing to their usage in multiple industries and the ability to deal with high pressures.
• Fuel Flexible steam boilers can run on multiple fuels, which are expected to replace traditional single fuel steam boilers. In the near future, fuel-flexible steam boilers are expected to create significant opportunities for market players.
• Asia-Pacific is the leading region in the steam boiler system market with the highest market share. Because of the increasing demand for steam boilers in countries like China, India, Japan, and others, the region and is expected to dominate the market in the forecast period also.

• Water-tube boilers are used to generate vapor from the water that flows through tubes and is heated by the combustion of various fossil fuels like coal and natural gas. The smoke produced is sent to the steam turbine at a higher pressure of around 250 bar, which rotates the turbine and thus helps to generate electricity.
• Water-tube boilers have higher efficiency and have a pressure range of around 250 bars. It requires less time to raise steam pressure, greater flexibility for responding to load changes, and a more exceptional ability to operate at high rates of steam generation.
• The global oil refining capacity increased from 97,214 thousand barrels per day in 2014 to 100,049 thousand barrels per day in 2018 due to the addition of new refineries globally. The addition of new refineries has boosted the demand for steam boilers.
• In 2019, there were around 8600 thermal power plants across the world that were using water-tube boilers to generate vapor or steam.
• As of January 2020, there are nearly 343 coal-powered thermal power plants approved for construction. The construction of these plants is expected to propel the demand for water tube boilers during the forecast period.

• Asia-Pacific, with its rapid industrialization and growth in power and food processing industries, is expected to dominate the market in the forecast period.
• China has the highest number of under-construction coal-powered plants. Construction of these plants is estimated to increase the market growth of steam boilers in the future.
• In 2018, thermal energy sources produced 9500 TWh of electricity. The firm reliance on the thermal power generation source is likely to continue in the future, which is likely to drive the growth in demand for steam turbines during the forecast period.
• In 2020, Japan announced to construct 22 new coal-based power plants in the upcoming period. With new power plants, considerable demand for steam boilers is also expected.
• Pulau Muara Besar Refinery & Petrochemical Complex with a capacity of 14 million tons per annum is expected to be commissioned in 2022. Furthermore, the Jieyang refinery is another refinery that is under construction and is likely to be commissioned during the forecast period and is expected to increase the demand for steam boilers.
• With several projects upcoming in power, oil, and gas refining sector, Asia-Pacific is expected to dominate the market in the forecast period.

The steam boiler system market is moderately fragmented. Some of the major companies operating in the market include Babcock & Wilcox Enterprises Inc, Mitsubishi Hitachi Power Systems Ltd, Bosch Ltd, Forbes Marshall Pvt. Ltd, General Electric Company, and others

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support