Market Size of Steam Boiler Industry for Thermal Power Plant and Oil Refinery
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | < 1.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Thermal Power Plant & Oil Refinery Steam Boiler Market Analysis
The Steam Boiler Market for thermal power plants and oil refinery market is projected to register a CAGR of over 1.5% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, the primary factors expected to drive the market are the upcoming thermal power plants and refineries worldwide. During the forecast period, an increase in thermal power plants and refineries would lead to higher demand for the steam boiler market.
- On the other hand, increasing focus on renewable sources for electricity generation is expected to decrease the count of coal-powered thermal plants, which is expected to hinder market growth during the forecast period.
- Nevertheless, with the set of targets to reduce greenhouse gas emissions by 2020 and 2050, the European Union is expected to reduce its emissions by 80%-95% by 2050. To abide by the targets, the European Union is expected to increase its investment to increase the thermal power plants' efficiencies and reduce CO2 emissions. Thus, an increase in efficiency is expected to provide an opportunity for the steam boiler market with better technologies and negligible heat losses in European countries.
- Asia-Pacific is expected to dominate the market with the highest number of existing and upcoming thermal power plants and oil refineries.
