Boiler system market was valued at USD 1,900.4 million in 2014, and is expected to reach USD 24.92 billion by 2027. CAGR 4.84% by 2027.
Some of the steam boilers are fuel boilers which means that they can run on multiple fuels. Such developments are expected to replace traditional single-fuel steam boilers. In the near future, such steam boilers will be responsible for creating significant opportunities for various global market players. They are witnessing the rise of major factors, such as increasing demand for power generation due to rapid industrialization and population increase, and investment in the pharmaceutical industries. However, with these factors, comes the challenges like the global shift towards renewable energy for power generation, which can act as a hindrance to the growth of the steam boiler system market, especially that are a part of the power generation industry.
The boilers function for the generation of vapors from the water that flows through tubes. They are heated by the combustion of various fossil fuels like coal and natural gas, that are a part of the major demand, globally. The smoke produced during such processes is sent to the steam turbine at a higher pressure of around 250 bar. It rotates the turbine and thus, electricity is generated through this way. These systems have higher efficiency and have a pressure range of around 250 bars. It requires less time to raise steam pressure, followed by the other advantages rendered like greater flexibility for responding to load changes, and a more exceptional ability to operate at high rates of steam generation. Boiler is a pressure vessel that is used to create and supply steam required for various processes within industries. Industrial Boilers are extensively used across industries such as metal, food & beverage and chemical. The recent trends in the industrial boiler market suggest increasing demand for higher efficiency and effectively. The growth of Global boiler system is due to factors such as significant growth in the food processing sector and growing demand for clean energy sources. However, high maintenance cost is the major restraint that could hinder the market growth.
Danstoker Boilers (Denmark), Bosch Industriekessel (Germany), Babcock & Wilcox Enterprises, Inc. (U.S.), AC Boilers S.p.A (Italy), Mitsubishi Hitachi Power Systems, Ltd. (Japan), ATTSU Termica (Spain), Rentech Boilers (U.S.), Byworth Boilers (U.K.), Proodos Industrial Boilers (Greece), and Siemens AG (Germany) are some of the leading players operating in this market.
Historically, there are approximately 8600 thermal power plants across the world that are using water-tube boilers to generate vapor or steam. Japan had announced plans to construct 22 new coal-based power plants. These new power plants cater to the considerable demand for steam boilers. Pulau Muara Besar Refinery and Petrochemical Complex have a capacity of 14 million tons per annum which will help the demand for boiler systems. The Jieyang refinery is under construction and will be commissioned soon to help in increasing the demand for steam boilers.
Study objectives of Global Boiler System Market
Regional Analysis of Global Boiler System Market
Europe and Asia-Pacific are expected to witness significant growth during the forecast period mainly due to the presence of established manufacturing industries which support the growth of the boiler system market. Rising rate of industrialization and increasing demand for energy in the Asia-pacific region are also expected to boost the sales in the global boiler system market.
The report for global boiler System market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
|CAGR||4.83% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Capacity|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Danstoker Boilers (Denmark), Bosch Industriekessel (Germany), Babcock & Wilcox Enterprises, Inc. (U.S.), AC Boilers S.p.A (Italy), Mitsubishi Hitachi Power Systems, Ltd. (Japan), ATTSU Termica (Spain), Rentech Boilers (U.S.), Byworth Boilers (U.K.), Proodos Industrial Boilers (Greece), and Siemens AG (Germany)|
|Key Market Opportunities||Shifting Focus Towards High Performance Boilers|
|Key Market Drivers||
The boiler system market can thrive at a high CAGR by 2022.
By 2022, the global market of boiler system can value at USD 3,573.6 Mn.
Rentech Boilers (U.S.), Proodos Industrial Boilers (Greece), and Byworth Boilers (U.K.) are some key players of the boiler system market.
The global boiler system market can be propelled by the expansion of the manufacturing industry.
The presence of numerous manufacturing units in the APAC region can bolster the regional market growth.
In 2014, the global market of boiler system valued at USD 1,900.4 Mn.
Boiler systems are two types, they are oil fired and gas fired.