Steam Boiler is a container in which water is heated by burning coal, gas, fossil fuel or electricity to produce steam. An industrial steam boiler is a system that consists of parallel tubes through water passes, and it is often suspended above a furnace. Steam boilers are extensively used to produce high-pressure, high-quality steam in order to run steam turbines which is then used for power generation.
Forecast Analysis of the Global Steam Boiler Market
Rising demand for electricity due to significant surge in industrialization across the globe is expected to drive the growth of the market. In addition, growing internet penetration and increasing prevalence of IOT is further expected to bolster the growth of the global steam boiler market during the forecast period. Furthermore, increasing application of steam boilers in the booming pharmaceutical industries expected to create ample opportunities for the growth of the steam boiler market during the forecast period. However, high cost of steam boiler is expected to hinder the growth of the global steam boiler market during the forecast period.
According to the report published by Research Dive, the global steam boiler market is expected to generate a revenue of $21,931.1 million by 2028, growing rapidly at a CAGR of 5.2% during the forecast period 2021-2028. The major players of the market include The Fulton Companies, Larsen & Toubro Limited, and Hurst Boiler & Welding Co, Inc., Alfa Laval, Babcock & Wilcox Enterprises, Inc., Viessmann Limited, Forbes Marshall, Thermax Limited, IHI Corporation, Mitsubishi Heavy Industries, Ltd, and many more.
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global steam boiler market to grow exponentially.
For instance, in August 2021, Babcock Wanson, an international provider of industrial boilers industrial, process heating equipment, servicing and training, acquired Steam Plant Engineering (SPE), an innovative provider of industrial boiler services, in order to strengthen Babcock Wanson’s position in the UK steam boiler business.
In January 2002, ZOZEN, an experienced industrial boiler manufacturer with more than 30 years of history, collaborated with Libbey Inc., the global glassware industry giant, in order to produce low NOx gas-fired boilers so as to reduce the greenhouse emissions and improve the atmospheric environment.
In August 2020, Miura Co. Ltd., a prestigious company that manufactures, inspects, and maintains industrial boilers and related equipment, expanded their manufacturing of efficient, safe, and sustainable industrial steam boilers to the Chinese market, in order to strengthen their growth potential.
Most Profitable Region
The Asia Pacific region is expected to be most lucrative, and generate a revenue of $8,553.1 million during the forecast period. Rising demand for electricity due to rapid urbanization in this region is expected to stimulate the growth of the market during the forecast period. In addition, immense presence of prominent players of the market in this region is further expected to bolster the growth of the regional steam boiler market during the forecast period.
COVID-19 Impact on the Market
The outbreak of COVID-19 has had a negative impact on the growth of the global steam boiler market, owing to the presence of lockdowns in numerous countries across the globe. Stringent restrictions imposed by the government on social distancing during lockdowns led companies to work with limited workforce which affected productivity. Moreover, steam boiler manufacturers received fewer orders during the pandemic due to the shut down of various end-use industries across the globe which led to their decreased demand.