Steam Boiler System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market is segmented Type (Water Tube Boiler and Fire Tube Boiler), End-User Industries (Power Generation, Refineries and Petrochemicals, Food and Beverage, and Others), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa)

Market Snapshot

Steam Boiler System-Market Summary
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >1.25 %

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Market Overview

The market for the steam boiler system is expected to grow at a CAGR of more than 1.25% in the forecast period of 2020-2025. Factors, such as increasing demand for power generation due to rapid industrialization and population increase and investment in the pharmaceutical industries, are expected to drive the market for steam boilers during the forecast period. On the other hand, with the global shift towards renewable energy for power generation, there can be a hindrance to the growth of the steam boiler system market, especially in the power generation industry.

  • Water-tube boiler systems are expected to dominate the market in the forecast period, owing to their usage in multiple industries and the ability to deal with high pressures.
  • Fuel Flexible steam boilers can run on multiple fuels, which are expected to replace traditional single fuel steam boilers. In the near future, fuel-flexible steam boilers are expected to create significant opportunities for market players.
  • Asia-Pacific is the leading region in the steam boiler system market with the highest market share. Because of the increasing demand for steam boilers in countries like China, India, Japan, and others, the region and is expected to dominate the market in the forecast period also.

Scope of the Report

The steam boiler system market report includes:

Type
Water Tube Boiler
Fire Tube Boiler
End-User Industries
Power Generation
Refineries and Petrochemicals
Food and Beverage
Others
Geogrpahy
North America
Europe
Asia-Pacific
South America
Middle-East and Africa

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Key Market Trends

Water Tube Boiler to Dominate the Market

  • Water-tube boilers are used to generate vapor from the water that flows through tubes and is heated by the combustion of various fossil fuels like coal and natural gas. The smoke produced is sent to the steam turbine at a higher pressure of around 250 bar, which rotates the turbine and thus helps to generate electricity.
  • Water-tube boilers have higher efficiency and have a pressure range of around 250 bars. It requires less time to raise steam pressure, greater flexibility for responding to load changes, and a more exceptional ability to operate at high rates of steam generation.
  • The global oil refining capacity increased from 97,214 thousand barrels per day in 2014 to 100,049 thousand barrels per day in 2018 due to the addition of new refineries globally. The addition of new refineries has boosted the demand for steam boilers.
  • In 2019, there were around 8600 thermal power plants across the world that were using water-tube boilers to generate vapor or steam.
  • As of January 2020, there are nearly 343 coal-powered thermal power plants approved for construction. The construction of these plants is expected to propel the demand for water tube boilers during the forecast period.
Steam Boiler System Market-Oil Refining Capacity

Asia-Pacific to Dominate the Market

  • Asia-Pacific, with its rapid industrialization and growth in power and food processing industries, is expected to dominate the market in the forecast period.
  • China has the highest number of under-construction coal-powered plants. Construction of these plants is estimated to increase the market growth of steam boilers in the future.
  • In 2018, thermal energy sources produced 9500 TWh of electricity. The firm reliance on the thermal power generation source is likely to continue in the future, which is likely to drive the growth in demand for steam turbines during the forecast period.
  • In 2020, Japan announced to construct 22 new coal-based power plants in the upcoming period. With new power plants, considerable demand for steam boilers is also expected.
  • Pulau Muara Besar Refinery & Petrochemical Complex with a capacity of 14 million tons per annum is expected to be commissioned in 2022. Furthermore, the Jieyang refinery is another refinery that is under construction and is likely to be commissioned during the forecast period and is expected to increase the demand for steam boilers.
  • With several projects upcoming in power, oil, and gas refining sector, Asia-Pacific is expected to dominate the market in the forecast period.
Steam Boiler System Market- Growth Rate by Region

Competitive Landscape

The steam boiler system market is moderately fragmented. Some of the major companies operating in the market include Babcock & Wilcox Enterprises Inc, Mitsubishi Hitachi Power Systems Ltd, Bosch Ltd, Forbes Marshall Pvt. Ltd, General Electric Company, and others

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of Study

    2. 1.2 Market Definiton

    3. 1.3 Study Assumptions

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitute Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Water Tube Boiler

      2. 5.1.2 Fire Tube Boiler

    2. 5.2 End-User Industries

      1. 5.2.1 Power Generation

      2. 5.2.2 Refineries and Petrochemicals

      3. 5.2.3 Food and Beverage

      4. 5.2.4 Others

    3. 5.3 Geogrpahy

      1. 5.3.1 North America

      2. 5.3.2 Europe

      3. 5.3.3 Asia-Pacific

      4. 5.3.4 South America

      5. 5.3.5 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Fulton Boiler Works, Inc.

      2. 6.3.2 Hurst Boiler and Welding Co, Inc

      3. 6.3.3 Foster Wheeler Ltd.,

      4. 6.3.4 Siemens AG

      5. 6.3.5 Mitsubishi Hitachi Power Systems, Ltd.,

      6. 6.3.6 General Electric Company

      7. 6.3.7 Forbes Marshall Pvt. Ltd.

      8. 6.3.8 Babcock & Wilcox Enterprises Inc

      9. 6.3.9 Bosch Ltd

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Steam Boiler System Market market is studied from 2016 - 2026.

The Steam Boiler System Market is growing at a CAGR of >1.25% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

Babcock & Wilcox Enterprises Inc , General Electric Company , Mitsubishi Hitachi Power Systems Ltd , Bosch Ltd , Forbes Marshall Pvt. Ltd are the major companies operating in Steam Boiler System Market .

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