Steam Boiler Market Size to Hit USD 20.7 Billion by 2030

The global steam boiler market size was valued at US$ 15.8 billion in 2020 and is projected to surpass around US$ 20.7 billion by 2030, with a CAGR of 3.6% from 2021 to 2030.

Steam boiler, also known as steam generator, is a component that generates steam from water by application of heat. The general efficiency of a steam boiler is 80% – 90%. This efficiency is attributed to some losses occurred due to incomplete combustion, radiation loss, and other heating losses. The steam generated by a steam boiler is utilized in producing power, industrial applications, and heating applications.

Get sample copy of report@ https://www.visionresearchreports.com/report/sample/38404

Rise in demand for steam boilers from end-use industries across the globe is a key factor driving the growth of the steam boiler market. In addition, increase in investment toward the power generation sector, owing to rise in electricity demand significantly contributes to the growth of the global steam boiler market. However, increase in investment in renewable energy power generation, stringent governmental regulations toward greenhouse gas emissions from conventional fuel sources, and high initial cost associated with steam boilers hamper the growth of the global market. Conversely, technological advancements in steam boilers for high heating efficiency and upgrading of aging power generation infrastructure are expected to create potential growth opportunities for key players operating in the market.

The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.

Report Scope of the Steam Boiler Market

Covid-19 scenario:

The Covid-19 pandemic and the prolonged lockdown put the import & export activities on hold, especially during the initial phase. Furthermore, it impacted the manufacturing & processing activities across various industries. This declined the demand for electricity from the end-user industries.

The demand for steam boilers would rise as the need for electricity has increased in the first quarter of 2021 from the customers.

Report Highlights

Based on fuel type, coal fired segment held the lion’s share in 2020, accounting for nearly two-thirds of the global market. On the other hand, the gas fired segment is estimated to register the highest CAGR of 3.9% during the forecast period.

Based on end-use industry, the chemical segment held highest share in 2020, with nearly half of the global steam boiler market. Conversely, the power generation segment is expected to showcase the highest CAGR of 3.7% during the forecast period.

Based on region, the market is studied across regions including Asia-Pacific, LAMEA, North America, and Europe. The market across North America dominated with largest share in 2020, holding more than one-third of the market. However, the global steam boiler market across Asia-Pacific is expected to manifest the highest CAGR of 4% during the forecast period.

Key Players

Major market players profiled in the report include General Electric, IHI Corporation, Babcock & Wilcox Enterprises, Inc., Mitsubishi Heavy Industries, Ltd., Forbes Marshall, Alfa Laval AB, Viessmann Limited, Hurst Boiler & Welding, Inc., Thyssenkrup, and Thermax Limited.

Key benefits for stakeholders

• The report includes in-depth analysis of different segments and provides market estimations between 2021 and 2030.
• A comprehensive analysis of the factors that drive and restrict the growth of the global steam boiler market is provided.
• Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the steam boiler market players to adopt effective strategies.
• Estimations and forecast are based on factors impacting the global steam boiler market growth in terms of value.
• Key market players are profiled to gain an understanding of the strategies adopted by them.
• This report provides a detailed analysis of the current global steam boiler market trends and future estimations from 2021 to 2030, which helps identify the prevailing market opportunities.

Market Segmentation

By Type

• Water Tube Boiler
• Fire Tube Boiler

By Fuel Type

• Coal Fired
• Oil Fired
• Gas Fired
• Others

By Pressure

• Low Pressure
• High Pressure

By End-Use Industry

• Power Generation
• Oil & Gas
• Chemical
• Others

By Region

• North America
• Europe
• Asia-Pacific
• LAMEA

Get Full Access of this report@ https://www.visionresearchreports.com/report/cart/38404