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The Global Steam Boiler Market Anticipated to Register a Revenue of $21,931.1 Million, Growing at a CAGR of 5.2% from 2021 to 2028

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Steam boiler market size was close to $14,774.8 million by revenue at the end of 2020 and is anticipated to surpass $21,931.1 million by 2028, at a notable CAGR of 5.2%.

Covid-19 Impact on Steam Boiler Market

The global steam boiler industry is dealing with an unprecedented crisis due to the outbreak of novel coronavirus globally.  Furthermore, the ban on domestic and international travel to contain the spread of COVID 19 had a devastating effect on the market growth. Due to the implementation of social distancing norms, companies are forced to work with a limited workforce. As a result, the companies had to revise their production schedule, this leading to order backlogs. Moreover, the companies were unable to provide maintenance service during the lockdown due to the travel ban and social distance norms. Additionally, steam boiler manufacturers were unable to provide routine inspection and maintenance service, resulting in the decline in the growth of market.

Steam Boiler Market Outlook

With the growing urbanization and industrialization, the electricity demand is steadily increasing. Furthermore, the increasing use of robots in the manufacturing sector and growing adoption of the industry 4.0 revolution have spurred the electricity demand. Moreover, to meet the growing electricity demand, the governments of several countries are investing in the capacity expansion of existing power plants. These trends are expected to drive the demand for steam boilers during the forecast period.

Climate change and global warming are the two major concerns for the world. The use of non-renewable sources such as fossil fuel, coal, and nuclear energy are the major causes of environmental changes. To cope with the Paris Agreement, countries are increasing investment into renewable energy sources. The growing investment in renewable energy is expected to hinder the growth of the global steam boiler market.

The main source of concern for new plant installations and existing plant expansions is utility space. Components such as the boiler, economizer, super-heater, and air preheater should be compactly designed in process industries to maximize space utilization. With capacity installations, the available floor space for utility machines is reduced. The need to maximize space utilization has contributed to the high demand for compact, fuel-efficient steam boilers. Boiler manufacturers are promoting steam boilers that are tailored to specific process requirements in industries such as power generation, oil & gas, chemical, and more.

Global Steam Boiler Market, Segmentation

The global steam boiler market is segmented based on type, fuel type, end-user, and region.


The type segment is further classified into the water-tube steam boiler and fire-tube steam boiler. Among these, the water-tube sub-segment is expected to have the largest share and cross $18,548.1 million by 2028, with a rise from $12,258.7 million in 2020. The water-tube steam boilers can produce superheated steam owing to which they are used in power generation. Moreover, these boilers are commonly used in process industries, such as chemicals, refining, and pulp & paper manufacturing. Growing electricity demand is projected to fuel the market for water-tube steam boilers during the forecast period.

Fuel Type:

The fuel type segment is further classified into coal-fired, oil-fired, gas-fired, and others. Among these, gas-fired sub-segment is expected to have the lucrative growth and surpass $3,737.0 million by 2028, with the increase from $2,179.2 million in 2020. Gas-fired steam boilers are efficient compared to coal-fired boilers. Besides, gas-fired steam boilers are widely used in ships for supplying steam for various processes such as heating, cooling, pumping, cleaning, and hot-water for the accommodation. The growing number of investments in the shipbuilding industry is expected to provide growth opportunities for the gas-fired steam boiler market during the forecast period.


The end-user segment is further classified into chemicals, power generation, oil & gas, and others. Among these, the chemical sub-segment is expected to have huge growth and surpass $9,081.5 million by 2028, with an increase from $5,903.5 million in 2020. Growing investment in the Greenfield and Brownfield expansion strategies is the main factor driving the demand for steam boilers in the chemical industry.


Asia-Pacific was the highest revenue contributor, accounting for $5,555.3 million in 2020, and is estimated to reach $8,553.1 million by 2028, with a CAGR of 5.7%. The region is expected to maintain its dominant share throughout the forecast period. The growing investment in the chemical, pharmaceutical, and food processing industry is the main factor, driving the demand for steam boilers in the region.

Key Players in the Global Steam Boiler Market

Some of the leading global steam boiler market players are

  • Alfa Laval
  • Babcock & Wilcox Enterprises, Inc.
  • Viessmann Limited
  • Forbes Marshall
  • Thermax Limited
  • IHI Corporation
  • Mitsubishi Heavy Industries, Ltd
  • The Fulton Companies
  • Larsen & Toubro Limited
  • Hurst Boiler & Welding Co, Inc.

Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.

Porter’s Five Forces Analysis for the Global Steam Boiler Market

  • Bargaining Power of Suppliers: Suppliers in this industry include companies that supply alloy material, steel, iron casting, and required accessories. The supplier industry is highly competitive owing to the presence of many raw material suppliers.
    Hence, the bargaining power of the supplier is low. 
  • Bargaining Power of Buyer: Steam boilers are widely used in various industries including power generation, chemicals, food processing, pharmaceutical, and on the ship to generate hot steam. The number of steam boiler manufacturers is steadily increasing. Furthermore, almost all the manufacturers provide a similar type of steam boiler, resulting in intense competition. Moreover, the buyer can switch from one manufacturer to another due the low switching cost.
    The bargaining power of the buyers is high.
  • Threat of New Entrants: The initial investment is high. However, the growing presence of many brands in the market will diminish entry barriers.
    Thus, the threat of the new entrants is low.
  • Threat of Substitutes: The demand for thermal fluid heat systems is gaining popularity among craft beer brewers. The thermal fluid systems are easy to use, owing to which they do not require specialized staff, are very compact, and have considerably lower energy consumption.
    Therefore, the threat of substitute is high.
  • Competitive Rivalry in the Market: Due to the growing demand for affordable steam boilers, several established such as L&T among others are entering the market. This trend will intensify the competitiveness of the market.
    Therefore, competitive rivalry in the market is high.
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