Steam Boiler Market Size By Capacity (≤ 10 MMBtu/hr, > 10 - 50 MMBtu/hr, > 50 - 100 MMBtu/hr, > 100 - 250 MMBtu/hr, > 250 MMBtu/hr), By Fuel (Natural Gas, Oil, Coal), By Technology (Condensing, Non-Condensing), By Application (Commercial, Industrial

Steam Boiler Market Size By Capacity (≤ 10 MMBtu/hr, > 10 - 50 MMBtu/hr, > 50 - 100 MMBtu/hr, > 100 - 250 MMBtu/hr, > 250 MMBtu/hr), By Fuel (Natural Gas, Oil, Coal), By Technology (Condensing, Non-Condensing), By Application (Commercial, Industrial) & Forecast, 2023 - 2032

Global Steam Boiler Market is expected to grow considerably between 2023 and 2032 credited to the surging product popularity for water and space heating across commercial establishments and buildings.

Besides, the paradigm shift towards the establishment of sustainable buildings, combined with the implementation of government objectives to achieve decarbonized and exceptionally energy-efficient construction stock in the coming years, will drive business growth.

Various corporations are making investments in research and development (R&D) to launch new and improved steam boilers to keep up with the intense competition in the market. For instance, in May 2022, the Fulton Companies introduced a conventional steam boiler. The boiler is vertically tubeless in terms of design and has a small footprint. It boasts of cutting-edge heating technology to give steam affordably while providing sturdy, reliable and consistent operations.

The steam boiler market has been divided in terms of capacity, fuel, technology, application, and region.

Based on capacity, the > 100 - 250 MMBtu/hr segment is slated to reach USD 3.5 billion in valuation by 2032. The demand for boilers with capacities between 100 and 250 MMBtu/hr will increase due to the ongoing growth of the downstream as well as refinery sectors and the rising popularity of large-scale industries that use high-capacity boilers. In addition, the government has laid down several laws and renewable energy programs to encourage public investment in the manufacturing sector, which will further spur segmental growth.

With respect to fuel, the oil segment held over 25% market share in 2022, seeking a significant growth through the coming years. This can be ascribed to their primary benefits, which include safe operation and price volatility. Additionally, the availability of inexpensive steam-generating units combined with the simplicity of obtaining resources encourages the makers to use oil as a fuel source for these systems.

In terms of application, the commercial segment is set to witness positive market expansion by 2032 driven by the strong consumer demand for manufactured goods following the 2008 economic downturn and the construction of new commercial centers.

From the regional front, the Europe steam boiler market is estimated to attain sizable growth over the analysis timeframe fueled by the growing adoption of governmental regulations limiting greenhouse gas (GHG) emissions and the rapid replacement of traditional heating units with energy-efficient steam boilers.