Market Overview
The global Steam Boiler Market is projected to surpass $24.9 billion by 2030, growing at a CAGR of more than 3.9% during the forecast period from 2024 to 2030. The demand for steam boilers is primarily driven by their increased usage across various end-user industries, particularly in manufacturing and processing sectors. This rise is further supported by the establishment of new power plants to meet the growing energy demands of these industries.
Regional Insights:
The Asia-Pacific (APAC) region is projected to experience substantial growth, with a compound annual growth rate (CAGR) of 4.9% from 2024 to 2030. This growth is driven by the region’s expanding industrial sector, notably in the food and beverage and chemicals industries, which is expected to boost the demand for steam boilers. Additionally, rising energy requirements and the adoption of alternative green energy sources in major economies like China and India are further propelling market expansion. The increased focus on sustainable energy solutions and industrial development is likely to continue fueling the demand for steam boilers across the APAC region.
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Scope of the Report:
Recent Developments:
- In November 2022, Mitsubishi Heavy Industries, Ltd. and PLN Indonesia Power signed a Memorandum of Understanding to initiate three feasibility studies on Indonesia Power's power plants, focusing on the potential for co-firing with less carbon-intensive fuels.
- In July 2022, Bosch Industrial Boilers introduced its latest product, the ELSB electric steam boiler, designed for commercial and industrial steam production with a focus on lower emissions and greener technologies. This boiler can produce varying steam volumes, ranging from 350 to 7,500 kg per hour.
Steam Boiler System Market: Competitive Landscape
Major players in the market include Bosch Industriekessel GmbH, Mitsubishi Power, Alfa Laval, Viessmann, Forbes Marshall, Thermax Limited, Fulton, Clayton Industries, Hurst Boiler & Welding Co., Inc., and GE Vernova. These companies focus on product innovation, acquisitions, and R&D to maintain competitiveness.
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