Steam Boiler System Market
Steam boilers have manifold functions in diverse industries. They find usage in a host of application areas ranging from sugar industries, cotton mills, to power generation plants. Market Research Future (MRFR) has published an in-depth report on the global steam boiler market, covering all essential accruals of the market. The report has been compiled after thorough analysis of all the pertinent factors that could affect the Steam Boiler System Market growth over the forecast period of 2018-2023. MRFR–s analysis has projected a CAGR of 4.10% in the market over the forecast period.
Perhaps, fast-track industrialization in the developing regions can be chiefly credited for generating incremental demand within the market, which was previously sustained by the developed countries. Steam boilers are of paramount importance to industrial and chemical processes as a medium of heat delivery. Steam boilers are extensively used in frigid areas for providing hot water supply to buildings and for other heating purposes.
Growing power requirements of the mushrooming population has led to increased investments in the expansion of power generation capacities.
Steam Boiler System Market Segmentation
The global Steam boiler market has been segmented based on type, component, fuel, and end-user.
By component, the steam boiler system market has been segmented into boiler, economizer, superheater, air preheater, and feed pump.
By fuel, the steam boiler market has been segmented into coal-fired steam boiler, gas-fired steam boiler, oil-fired steam boiler, biomass-fired steam boiler, and electric steam boiler.
Regional Analysis
Region-wise, the global steam boiler system market has been segmented into North America, South America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
APAC is the largest market and held the largest market share in 2017. The region is investing heavily in capacity expansion due to accelerated industrial activities in the region, which necessitates the construction of new plants as well as the refurbishment of existing ones. Easy availability of raw materials and the availability of relatively cheap labor are other factors that are supporting the growth of the market. Substantial investment in power generation to support the growing urban population can also be counted in. Moreover, coal-fired power generation has been prevailing in the region despite various concerns regarding harmful emissions. The APAC region is likely to capture the highest CAGR over the forecast period.
Competitive Landscape
Rentech Boilers (US), Byworth Boilers (US), Forbes Marshall (India), Thermodyne Engineering Systems (India), Parker Boiler (US), Cleaver-Brooks (US), Thermax (India), GE (US), Doosan Heavy Industries & Construction (South Korea), Bosch (Germany), and Fulton Boiler (US) are the key players in the steam boiler market.
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