Steam Boilers Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2024-2030

The global Steam Boiler Market is estimated to surpass $24.9 billion mark by 2030 growing at an estimated CAGR of more than 3.9% during the forecast period 2024 to 2030. The growth of the demand for steam boiler systems is driven mainly by increased usage of steam boilers in various end-user industries. This rise can be attributed to the increase in the deployment of steam boilers worldwide in the manufacturing and processing industries. In addition, new power plants are being set up to meet the growth in demand for power from the manufacturing industries, which is further increasing the demand for steam boiler systems. New product innovations and contracts and agreements were the strategies most widely implemented by the top players. This was followed by mergers & acquisitions and investment & expansions. The increase in government initiatives to encourage the use of steam boiler systems, such as the provision of rebates and subsidies for their purchase.

Steam boiler manufacturers and users alike are increasingly prioritizing energy-efficient solutions. This trend aligns with broader sustainability goals and cost-saving initiatives within industrial operations. New boiler designs incorporate advanced features such as improved insulation, optimized combustion processes, and heat recovery systems to enhance overall energy efficiency. The integration of smart technologies like Internet of Things (IoT) and predictive analytics is revolutionizing steam boiler management. IoT-enabled sensors and monitoring systems enable real-time performance tracking, predictive maintenance, and remote diagnostics, enhancing operational reliability and minimizing downtime. Predictive analytics algorithms help anticipate potential issues and optimize boiler performance, contributing to improved productivity and reduced maintenance costs, also adds remarkably to the growth of this market.

The report: “Steam Boiler Market– Forecast (2024-2030)”, by IndustryARC covers an in-depth analysis of the following segments of the Steam Boiler Market.

                                              

By Type: Gas, Electric, Coal, Oil and Others

By Capacity: <10 MMBtu/hr, 10-20 MMBtu/hr, 20-50 MMBtu/hr, 50-100 MMBtu/hr, 100-200 MMBtu/hr, 200-400 MMBtu/hr, >400 MMBtu/hr

By Technology: Condensing, Non -Condensing

By Product Type: Water Tube Boiler, Heat Tube Boiler

By Sales Channel: Online, Offline

By End User Industry:  Commercial, Energy and Power, Chemical, Metal and Mining, Oil and Gas, Food and Beverage, Paper and Pulp and Others

By Geography - North America (U.S, Canada, Mexico), South America (Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC (China, Japan India, SK, Aus and Others), and RoW (Middle East and Africa).

• High demand for electricity has been driven by industrialization and the rising use of electrical appliances and machinery, along with growing economic development in developing countries. This pattern is more pronounced in the population of the Asia Pacific zone, which is projected to hit 5.1 billion by 2050.

• China and India have both been transformed into lucrative manufacturing markets and the world's fastest-growing economies by supportive industrial development policies, low-cost raw materials, ease of availability, and cheap labour costs. This is resulting in surge in demand for electricity in industrial applications.

• Increase in power plant capacity addition set to drive demand for steam boilers in the energy and power sector in the medium to long term.

Steam Boilers are generally categorised into Gas, Electric, Coal, Oil, Others. The demand for electricity is rising due to factors such as increasing industrialization and the increasing use of electrical equipment and machinery, along with growing economic growth. Thus, this is propelling the demand for power generation systems including steam boiler systems. In addition, an increase in the addition of power plant capacity due to the building of new power plants and the reconstruction of existing ones worldwide is projected to intensify the global demand. The coal segment held the highest market share in 2023. The reasons attributed to demand growth are the extensive use of fossil fuels for power production in developing countries. Easy availability and relatively low cost are some of the main factors driving demand for the coal-fired steam boiler market. According to the IEA 2022, coal is responsible for 35.5% of of worldwide electricity generation.

Energy and Power sector will be a major end-user for steam boilers in the global market. The rising power plant capacity will be a major cause of this market growth. The International Energy Agency’s World Energy Investment Outlook estimated that around USD 9.5 trillion would be spent on the construction of new power plants and in the refurbishment of existing ones across the world from 2014 to 2035. More than 30% of which is expected to be utilized for fossil-fuel-based thermal power plants. Increased generation capacity is expected to be achieved mainly through thermal power plants based on fossil fuels, which act as a primary source of electricity generation in these countries. During the forecast period, the Chinese and Indian markets are expected to be among the fastest-growing economies and are estimated to account for almost 70% of all the proposed addition of thermal power capacity over the same period. In order to meet economies of scale, such investments aim to lift electricity tariffs. Increased demand for the steam boiler system has resulted from increasing energy prices.

Geographically, APAC region is anticipated to witness significant market growth during the forecast period 2024-2030 with a CAGR of 4.9%. According to the World Energy & Climate Statistics, in 2022, energy consumption growth decelerated in the top two consuming nations: China, the world's largest energy consumer, saw a 3% increase (compared to +5.2% in 2021), while the USA experienced a 1.8% rise (+4.9% in 2021). The move towards the implementation of alternate green energy sources, such as hydropower and Steam Boiler, to meet energy scarcity and energy needs is expected to fuel demand growth in the country. Rapidly expanding industries, primarily the F&B and chemicals sectors will drive the market. Moreover, global financial institutions coupled with regional governments have introduced initiatives to develop new industrial centers which in turn will fuel steam boiler deployment.

Steam Boiler manufacturers are increasingly producing energy-efficient products to reduce carbon footprint and enable energy savings for the consumers. The rise of energy-efficient appliances can be attributed to the stringent government regulations on electric home appliances and advances in technology. Newly emerging low NOx regulations are designed to thwart or reduce the harmful effects of Nitrogen Oxide (NOx) gases on the environment. This highly toxic family of reactive gases is produced when fuel is combusted at high temperatures, such as with water heaters, boilers, furnaces and even from the engines of vehicles. Because of the apparent harmful effects of NOx on the environment, a growing number of boiler manufacturers are looking to get ahead of the inevitable regulations.

Most boiler system units now offer some form of Wifi capability with the ability to control the unit from virtually anywhere through an internet connection. Customers will increasingly gain the ability to control their boiler and monitor their boiler from apps on their devices. With the emergence of automation and IoT, companies are working towards introducing smart boilers that helps boiler attendants and operators to locate potential energy losses quickly and suggests concrete measures to address them. The efficiency assistant even detects critical situations immediately and analyses the state of components based on the operating mode.

 

                                       

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Due to the design parameters and varying levels of after-sales service, the cost of steam boilers differs. In contrast to traditional steam boilers, budget steam boilers provide shorter lifespans, shorter warranties, and a lower level of customer service. The production of boilers with improved efficiency is the result of the use of special alloys and advanced technologies. Installation of a steam boiler system requires high capital, which makes it one of the production plant's most important expenses. The cost associated with steam boiler construction is 15-20 percent of the overall cost of the boiler. Due to the high degree of technological expertise involved in the operation of steam boilers and the separate construction of boiler houses in the utility zone, this cost is expected to remain the same.

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Steam Boiler Market Bosch Industriekessel GmbH, Mitsubishi Power., Alfa Laval, Viessmann, Forbes Marshall, Thermax Limited, Fulton, Clayton Industries, Hurst Boiler & Welding Co, Inc., GE Vernovaand others are considered to be the key players of the Steam Boiler Mark

• In May 2022, Fulton launched Classic steam boiler, featuring a durable vertical design and versatile fuel options, meeting rapid steam needs for diverse industries. Built with robust technology, it ensures efficient, reliable operation and exempts from costly SBG01 testing, enhancing maintenance ease.