Steam Boiler Market By Industry Growth, Trend and Forecast 2024

Steam Boiler Market is predicted to exceed USD 19 Billion by 2025. Increasing investments toward development and expansion of manufacturing facilities coupled with robust economic growth will stimulate the deployment of steam generating units. Respective government across the globe in coordination with leading financial institutions, most notable the World Bank & Asian Development Bank are focused toward expansion of various economic sectors which will drive the business growth. Furthermore, the shift in the technology landscape toward the adoption of energy efficient boilers on account of stringent government regulations will further boost the product demand.

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Easy availability of feedstock, increasing demand for specialty chemicals along with rising investments toward chemical production capacity additions will stimulate the steam boiler market for chemical industry applications. Development of new industrials centers coupled with ongoing technological development will further complement the industry growth in coming years.

Gas fired steam boiler market is anticipated to grow over 4% by 2025.Growing focus toward to reduce carbon footprint along with stringent government regulations toward adoption of fuel with low emissions levels is set to augment the business growth. Moreover, increasing adoption of energy efficient technologies along with declining natural gas prices will increase the product penetration in coming years.

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Condensing steam boiler market is anticipated to grow over 5% by 2025. These systems are set to gain prominence on account of their ability to offer high efficiency along with reduced heating costs. Moreover, rising concerns toward environmental pollution along with adoption of stringent emission norms will further fuel the industry growth.
China steam boiler market, in 2018 was valued over USD 2 billion. Shifting trends toward industrial sector growth along rising focus of the government to boost in house manufacturing will augment the business growth. Easy availability of raw materials and large human capital coupled with robust macro-economic indicators have attracted significant foreign greenfield investments which will further enhance the industry outlook.

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>250MMbtu/hr boiler accounted for over 6% of global steam boiler market revenue in 2018. The increasing demand for primary metal coupled with ongoing expansion of refineries will drive the steam boiler market growth. These units are deployed across steel mills, refineries, food processing plants and petrochemical plants. Changing food consumption pattern along with increasing disposable income will further augment the industry growth.

Roust industrialization rate coupled with increasing investments across SME industries including primary metal, chemical, and food processing will propel the deployment of steam generating units. Rising investments along with favorable government policies toward infrastructure expansion and development will stimulate the steam boiler market in coming years.

Key industry participants in steam boiler market includes Mitsubishi Hitachi, Ferroli, Babcox & Wilcox, Fondital, Rentech, Fulton, Hoval, Cleaver Brooks, Doosan, Hurst, AC Boiler, CMI, Groupe Atlantic, Cochran, IHI, BHEL, Clayton, Forbes Marshall, Siemens, Thermax, SIME, Bosch, Victory Energy and Walchandnagar.