Global Steam Boiler System Market Overview
The steam boiler system market is expected to grow from an estimated USD 17.66 billion in 2018 to USD 21.63 billion by 2023, at a CAGR of 4.13%. Increase in demand for electricity is forcing the National Governments to increase power generation capacity by setting up new power plants which is driving the demand for steam boiler system in power plants. The increasing number of manufacturing and process industry specifically in Asia Pacific is also increasing the demand of steam boiler systems.
Research Methodology
This research study involved the use of extensive secondary sources, directories, journals on power generation technologies, and other related rental markets; newsletters and databases such as Hoover’s, Bloomberg, Businessweek, and Factiva to identify and collect information useful for a technical, market-oriented, and commercial study of the global steam boiler system market.
Major players operating in the steam boiler system market include Bosch (Germany), GE (US), Alfa Laval (Sweden), Thermax (India), Cochran (UK), Viessmann (Germany), and Doosan (South Korea).
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Asia Pacific: The leading market for Steam Boiler System
The Asia Pacific led the global steam boiler system market in 2017. China is expected to lead the Asia Pacific steam boiler system market during the forecast period and is projected to grow at the highest CAGR from 2018 to 2023. Power plants are one of the major end-users of steam boiler systems in China. The country is one of the largest consumers of electricity in the world and to meet the growing demand for power; it is investing heavily in setting up new plants across all provinces to ensure steady power supply across industries. According to the EIA’s International Energy Outlook 2017, China is the world’s largest consumer of coal and consumption of coal in the power sector is expected to reach 4,800 million metric tons by 2018. Thus, factors such as increased investments in the power generation sector to meet the increasing demand for power is likely to drive the steam boiler system market during the forecast period.
Water-tube boiler is expected to be the fastest growing market for steam boiler system, by type, during the forecast period.
Water-tube boiler segment led the steam boiler system market in 2017. Water-tube boilers are more efficient than fire-tube boilers. Water tube boilers have larger boiler capacities, higher pressure levels, and the ability to provide high steam temperatures of up to 650 °C. Such boilers are mostly used in power generation utilities. The rise in the consumption of electricity and increasing energy prices is likely to drive the steam boiler system market during the forecast period.
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Biomass-fired steam boiler, by fuel, is expected to grow at the highest CAGR during the forecast period.
The biomass-fired steam boiler segment is projected to grow at the highest CAGR from 2018 to 2023. The primary source of fuel for such kind of biomass-fired steam boilers includes crops and wastes such as rice husk, wood, sawdust, forest and mill residue, fast-growing trees and plants, and industrial waste. Biomass can be used in two different ways to produce heat, namely, directly via combustion or indirectly by converting it into various types of fuels such as methane gas, ethanol, and biodiesel. The heat produced by burning biomass can be used to heat homes, generate electricity, and power vehicles.
