Market Overview:

The Steam Boiler Market size is estimated to reach $24.9 billion by 2030, growing at a CAGR of 3.9% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Steam Boiler Market – By Type (Gas, Electric, Coal, Oil, and Others), By Capacity (<10 MMBtu/hr, 10-20 MMBtu/hr, 20-50 MMBtu/hr, 50-100 MMBtu/hr, 100-200 MMBtu/hr, 200-400 MMBtu/hr, >400 MMBtu/hr), By Technology (Condensing, Non-condensing), By Product Type (Water Tube Boiler, Heat Tube Boiler), By Sales Channel (Online, Offline), By End User Industry (Commercial, Energy & Power, Chemical, Metal & Mining, Oil & Gas, Food & Beverage, Paper & Pulp, and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Increasing adoption of automation & smart technologies and Expansion in the power generation sector are expected to create growth opportunities in the market during forecast period.

APAC Dominated the Market in 2023:

APAC region is anticipated to witness significant market growth during the forecast period 2024-2030 with a CAGR of 4.9%. According to the World Energy & Climate Statistics, in 2022, energy consumption growth decelerated in the top two consuming nations: China, the world's largest energy consumer, saw a 3% increase (compared to +5.2% in 2021), while the USA experienced a 1.8% rise (+4.9% in 2021). The move towards the implementation of alternate green energy sources, such as hydropower and Steam Boiler, to meet energy scarcity and energy needs is expected to fuel demand growth in the country. 

Steam Boiler Market: Key Takeaways

Increasing Demand from the Industrial Sector:

The rising demand from various industrial sectors, including manufacturing, food processing, and pharmaceuticals rely heavily on steam boilers for processes such as heating, sterilization, and power generation. As industrial activities expand, particularly in emerging economies, the demand for reliable and efficient steam boilers is expected to surge. Furthermore, the ongoing industrialization and infrastructure development in regions such as Asia-Pacific and the Middle East are contributing significantly to market growth. Companies are investing in upgrading their boiler systems to enhance productivity and meet increasing output demands, driving the need for modern steam boiler solutions that offer improved efficiency and lower emissions.

Stringent Regulatory Standards and Environmental Concerns:

Governments worldwide are enforcing regulations that require industries to adopt cleaner technologies and practices. This has led to an increased focus on upgrading existing steam boiler systems to comply with these standards. Companies are compelled to invest in advanced boiler technologies that minimize emissions and improve energy efficiency, thus promoting a shift towards more sustainable operations. The growing awareness of environmental issues among consumers and stakeholders further fuels this trend, as businesses strive to enhance their corporate social responsibility (CSR) efforts. 

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Scope of the Report: 

    Report Metric

                        Details

Base Year Considered

2023

Forecast Period

2024–2030

CAGR

3.9%

Market Size in 2030

$24.9 billion

Segments Covered

By Type, By Capacity, By Technology, By Product Type, By Sales Channel, By End-User Industry


Geographies Covered

North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa).



Key Market Players

  1. Bosch Industriekessel GmbH

  2. Mitsubishi Power

  3. Alfa Laval

  4. Viessmann

  5. Forbes Marshall

  6. Thermax Limited

  7. Fulton

  8. Clayton Industries

  9. Hurst Boiler & Welding Co, Inc.

  10. GE Vernova


Recent Developments:
  • In May 2022, Fulton launched Classic steam boiler, featuring a durable vertical design and versatile fuel options, meeting rapid steam needs for diverse industries. Built with robust technology, it ensures efficient, reliable operation and exempts from costly SBG01 testing, enhancing maintenance ease.
  • In December 2023, Viessmann's Vitodens 300 and 200 series boilers manufactured from 2024 can be converted to run on 100% hydrogen in the future, making them a sustainable heating option.
  • In June 2023, Alfa Laval introduced the world's first methanol-fired steam boiler solutions for ships. This is a significant development for reducing emissions in the maritime industry.

Steam Boiler Market: Competitive Landscape

Key companies profiled in the Steam Boiler Market are Bosch Industriekessel GmbH, Mitsubishi Power., Alfa Laval, Viessmann, Forbes Marshall, Thermax Limited, Fulton, Clayton Industries, Hurst Boiler & Welding Co, Inc., GE Vernova, and Others.

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