THE global market for steam boiler systems is witnessing significant growth in its valuation, thanks to the rising demand for energy across the world.
The augmenting need to improve energy efficacy of power plants and power generation process has been fueling the demand for steam boiler systems substantially. The rise in the government initiatives to encourage the usage of steam boiler systems, such as providing rebates and subsidies on their purchase, is also adding to the growth of this market remarkably. However, the high initial, as well as maintenance cost of these systems may limit their uptake, hindering the progress of this market in the near future.
In 2015, the global steam boiler systems market stood at US$12.0 bn. The opportunity in this market is likely to expand at a CAGR of 5.30% between 2016 and 2024 and is expected to reach US$18.9 bn by the end of 2024.
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In terms of the region, the worldwide market for steam boiler systems is classified into Asia Pacific, the Middle East and Africa, Latin America, North America, and Europe. With a share of more than 30%, North America emerged as the key contributor to the global market in 2015. Thanks to the increasing number of chemical manufacturing units, food processing facilities, power plants, and oil and gas refineries the demand for steam boiler systems is likely to gain significantly in this region, ensuring the dominance of North America market for steam boiler systems over the forthcoming years. Along with this, the increasing applications of steam boiler systems in the commercial and the residential sectors are also anticipated to add to the growth of this regional market in the near future.
Europe, which is also considered as one of the key markets for steam boiler systems, is likely to report an upswing in its total share in the global market in the years to come, thanks to the presence of a large number of established manufacturing industries. Among others, the Asia Pacific market for steam boiler systems is expected to register a healthy growth rate over the next few years on account of rising industrialization and escalating demand for energy in emerging economies, such as China and India.
Demand for Water Tube Boilers to Remain Strong
Fire tube boilers, water tube boilers, and superheaters are the main types of steam boiler systems available across the world. Among these, water tube boilers enjoy a strong demand and are expected to remain doing so over the next few years, thanks to the benefits offered by water tube boilers when compared to fire tube boilers, such as high efficiency, better heat transfer, and the ability to produce steam at higher pressure. The extensive usage of water tube boilers in large power plants is also expected to support this segment in the near future.
Some of the most prominent vendors of steam boiler systems across the world are Hurst Boiler & Welding Co. Inc., Larsen & Toubro Ltd., Fulton Boiler Works Inc., BHEL, Byworth Boilers, Clayton Industries, Doosan, Buderus, Zhengzhou Boiler (Group) Co. Ltd., and Cleaver-Brooks.