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

The Steam Boiler System Market is expected to register a CAGR of more than 1.25% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.

Key Highlights

• Over the medium term, factors such as increasing demand for power generation due to rapid industrialization, 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.
• Nevertheless, 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 is also expected to dominate the market in the forecast period.

Steam Boiler System Market Trends

Water Tube Boiler to Dominate the Market

• Water-tube boilers 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 can operate at a pressure range of around 250 bars. It requires less time to raise steam pressure, more flexibility for responding to load changes, and a more exceptional ability to operate at high rates of steam generation.
• A U.S. patent was granted to Superior Boiler in June 2022 for technical innovations that greatly enhance the company's water-tube boiler designs.
• The global oil refining capacity decreased from 102,331 thousand barrels per day in 2020 to 101912 thousand barrels per day in 2021.
• Owing to the above points, the water tube boiler is likely to dominate the Steam Boiler System Market.

Asia-Pacific to Dominate the Market

• 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 November 2022, Mitsubishi Heavy Industries, Ltd. and PLN Indonesia Power signed a Memorandum of Understanding to launch three feasibility studies on co-firing less carbon-intensive fuels at Indonesia Power power plants.
• 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.

Steam Boiler System Market Competitor Analysis

The Steam Boiler System Market is moderately fragmented. Some of the major companies operating in the market include (not in particular order) Babcock & Wilcox Enterprises Inc, Mitsubishi Hitachi Power Systems Ltd, Bosch Ltd, Forbes Marshall Pvt. Ltd, General Electric Company, and others.

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• The market estimate (ME) sheet in Excel format
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