Market Size of Steam Boiler System Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 1.25 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Steam Boiler System Market Analysis
The Steam Boiler System Market is expected to register a CAGR of more than 1.25% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, factors such as increasing demand for power generation due to rapid industrialization, 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.
- Nevertheless, 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 is also expected to dominate the market in the forecast period.
