Steam Boiler Market Size, Share & Trends Analysis Report By Type (Water Tube Boiler, Fire Tube Boiler), By Pressure (Low Pressure, Medium Pressure, High Pressure), By Fuel Type (Coal-Fired, Oil Fired, Gas Fired, Electric Steam Boiler, Others), By End-Use Industry (Power Generation, Oil & Gas, Chemical, Process Industry, Pharmaceticules, Metals, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

The global steam boiler market size was valued at USD 16,343 million, which will advance to USD 22,274 million with a CAGR of 3.5% during the forecast period.

A steam boiler, also known as a steam generator, is a device that produces steam by applying heat to water. A steam boiler is a steam-producing equipment or component that uses heat from the combustion of a fuel source to heat water within a boiler, generating steam for various applications, including heating and power generation. A steam boiler's general efficiency ranges between 80% and 90%. This efficiency can be ascribed to partial oxidation, radiation loss, and other thermal losses. A steam boiler's steam is used for power generation, industrial uses, and heating.

Globally increasing demand for steam boilers from end-use industries is a key driver driving the expansion of the global market. In addition, a surge in investment in the power production industry due to rising energy consumption adds considerably to the expansion of the worldwide steam boiler market. However, a surge in renewable energy power generation investment, strict government rules regarding greenhouse gas emissions from conventional fuel sources, and a high starting cost for steam boilers restrain the global market expansion.

In contrast, technological advances in steam boilers for high heating efficiency and the modernization of aging power generation infrastructure are anticipated to generate growth prospects for the steam boiler market's leading competitors. However, the implementation of stringent government regulations regarding environmental pollution from coal-based and other conventional fuel sources, as well as the rapid development of the renewable energy sector, are the primary factors impeding the growth of the global market over the next few years.

Market Dynamics

Market Driving Factors

The Demand for Steam Boilers from End-User Industries to Support Market Growth

Developing economies such as China, India, Japan, and Brazil are fueling the expansion of the steam boiler market by increasing their demand for energy on a continuous and constant basis. This is since steam boilers are employed as a source of power generation when the electricity demand is higher than usual, allowing industries to continue manufacturing and other processes without interruption. In addition, sectors such as oil & gas, manufacturing, power generation, paper & pulp, and processing industries have observed a surge in demand for steam boilers due to their qualities such as short starting time, high efficiency, and dependability. This factor is predicted to contribute significantly to the expansion of the global market over the forecast period.

In the future, the demand for steam boilers will be fueled by an increase in oil & gas exploration and production, expansion projects, and other construction activities in developing and developed countries. This is since many oil and gas sector activities, including refining, crane operation, oil well digging, on-site pre-stressed concrete construction, welding operations, and heating & processing, require regular electric power and steam. This increasing need for energy and steam can be satisfied with the aid of a steam boiler, which contributes considerably to the expansion of the global market.

Increased Investment Towards Adding Power Generation Capacity to Propel Growth

Due to decades of technological advances in product manufacture, the steam boiler business continues to experience tremendous growth. This is due to rising industrialization and urbanization, which have increased electricity demand. In addition, the market for steam boilers in Asia-Pacific, the Middle East, Latin America, and Europe presents growth opportunities due to rising investments in the region's new power generation infrastructure. This has caused a rapid increase in energy-producing capacity, which has, in turn, increased the need for steam boilers.

Market Restraining Factors

Strict Government Rules Concerning Pollution to Hinder Market Growth

The alarming increase in air pollution generated by steam boilers is a severe limitation to the global steam boiler market. This has led to significant health and environmental issues, which are anticipated to impede the market's growth over the forecast period. Oxides of nitrogen, carbon monoxide, hydrocarbons, and particulate matter are some air pollutants released by steam boilers. These air pollutants devastate human health, causing conditions like stroke, heart disease, lung cancer, and asthma.

Market Opportunities

Technological Advances and Upgrades of Aging Power Generation Infrastructure to Boost Market Opportunities

Principal players on the market for steam boilers are investing in research and development to enhance the thermal and overall efficiency of steam boilers. Economies such as the United States, China, India, and Germany, among others, are investing in modernizing their outdated power infrastructure by replacing boilers, generators, and transformers. In light of such factors, technical advances and investments in the modernization of old power generation infrastructure are anticipated to give lucrative prospects for steam boiler market growth throughout the forecast period.

Regional Analysis

The regional analysis of the global boiler market includes North America, Europe, Asia-Pacific, and LAMEA.

Is North America And Asia-Pacific Likely to Dominate the Global Steam Boiler Market?

North America is expected to dominate the market with the largest share and a CAGR of 3.4% during the forecast period. In North America, the United States is the foremost producer and consumer of steam boilers. Canada and Mexico are other countries in the region offering enormous steam boiler market potential. Food processing, power generating, and oil & gas sectors, which are steadily expanding in the region, generate a significant need for steam boilers.

During the forecast period, the steam boiler market is predicted to be driven by an increase in demand for steam boilers from various industrial sectors, including chemical, residential, manufacturing & operations, mining, and food processing. In addition, the rise in population and power consumption in the North American region has increased the demand for steam generators for electricity production, contributing to the region's market expansion throughout the projection period. In addition, the increase in demand for steam boilers from heating and processing applications, such as manufacturing, business offices, residential users, and educational institutions, has considerably contributed to the expansion of the North American steam boiler market.

Asia-Pacific is expected to hold the second-largest market share of USD 6,916 million with a CAGR of 3.9% during the forecast period. China, Japan, India, South Korea, and Australia are the leading contributors to this region's market growth. In addition, Asia-rapid Pacific's population growth and economic expansion fuel the expansion of the food processing, chemical, pharmaceutical, oil & gas, and healthcare industries.

In the Asia-Pacific region, the expansion of the steam boiler market is anticipated to be driven by the rise in demand for energy from various manufacturing and processing industries. In addition, steam boilers are gaining popularity in the chemical, manufacturing, and other processing sectors due to their durability and high operational efficiency, consequently driving the growth of the steam boiler market over the forecast period. Expanding production and processing facilities in Asia-Pacific nations such as China, Japan, India, and others is anticipated to drive market expansion in the following years. In addition, China and India have emerged as industrial powerhouses, which increases the demand for steam boilers for heating and power generation applications in manufacturing and other processes, hence driving the growth of the market. However, growing awareness of renewable energy sources such as solar, wind, and others are anticipated to impede the market's growth throughout the forecast period.

Segmental Analysis

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

On the Basis of Type

Based on type, the market is fragmented into water tube boilers and fire tube boilers.

The water boiler segment is expected to grow at the highest CAGR of 3.7% and hold the largest market share during the forecast period. A water tube boiler is a steam boiler in which the fumes are transported through the outer surface of water-circulating tubes. It is categorized as Babcock & Wilcox boilers, Stirling boilers, and Yarrow boilers. For high-pressure steam-generating applications, water-tube boilers are the most common type of boiler. This boiler system divides water into small parts, expediting steam production. Compared to other types of tubular boilers, the heating surface of water tube boilers is more effective.

During the forecast period, the water tube steam boilers market is predicted to be driven by rapid industrialization and rising demand for energy from various end-use industries. In addition, an increase in demand for high-capacity boilers to close the demand-supply imbalance in the electricity industry is anticipated to drive steam boiler market expansion over the studied period. In addition, a rise in building and infrastructure development activities in Asia-Pacific and LAMEA, as well as a spike in investment in industrial facilities, is expected to drive demand for steam boilers in the future.

A fire-tube boiler is a steam boiler in which gases are circulated through tubes surrounded by water to be evaporated. Further classifications include cornish and Lancashire boiler, simple vertical boiler, Cochran boiler, locomotive boiler, and scotch marine boiler. Despite being the oldest form of a boiler, it is still utilized when low to moderate steam pressure is necessary.

On the Basis of Pressure

Based on the pressure, the market fragmentation includes low-pressure and high-pressure.

High-pressure steam boiler is expected to hold the largest market share with a CAGR of 3.6% during the forecast period. Typically, these boilers are water-tube steam boilers. In high-pressure steam boilers, temperatures will surpass 250 degrees celsius. In numerous industrial power and processing applications, such as drying, power generation, heat treatment, and sterilizing, high-pressure steam boilers are utilized. Demand for high-pressure steam boilers from the food preparation, oil & gas, chemical, textile, steel & iron plant, pharmaceutical, and power generating industries is anticipated to drive market expansion during the projected period. Steam is utilized in various food processing applications, including meat processing, beverage processing, vegetable processing, and the elimination of microbiological risk in food, all of which are expected to increase the demand for steam boilers and propel the market's growth over the next few years.

Low-pressure steam boilers are typically employed for heating purposes. These are fire-tube boilers used in the railroad, maritime, and small industrial sectors. Demand for low-pressure steam boilers from food & beverages, labs, drying lumber, residential & commercial heating applications, and others will likely drive market expansion over the forecast period.

On the Basis of Fuel Type

Based on fuel type, the market fragment includes coal-fired, oil-fired, gas-fired, and Others.

The coal-fired segment is estimated to hold the largest market share with a CAGR of 3.6%. Coal-fired steam boilers produce thermal energy through the combustion of coal. Oxygen, hydrogen, nitrogen, sulfur, water, and ash make coal. Peat coal, lignite coal, sub-bituminous coal, bituminous coal, semi-bituminous coal, semi-anthracite coal, anthracite coal, and super anthracite are all forms of coal used in steam boilers. Increasing demand for coal-fired steam boilers from various end-use sectors, such as power, food processing, cement, sugar, and steel, is anticipated to propel the market growth during the forecast period. In addition, the increase in demand for energy from developing and developed economies worldwide is likely to promote the expansion of coal-based power production, which is expected to fuel the coal-fired segment during the forecast period.

The oil-fired steam boiler segment is expected to hold the second-largest market share. An oil-fired steam boiler employs several forms of oil fuels, such as gasoline, diesel, kerosene oil, and synthetic oil, to produce hot gas via combustion in the boiler. These heated gases are then used to evaporate water to produce steam in the boiler. These oil-based fuels are advantageous due to their high calorific value and complete combustion.

On the Basis of End-User

Based on end-user, the market fragments include Power Generation, Oil & Gas, Chemicals, and Others.

The chemical industry is anticipated to have the largest market share with a CAGR of 3.6% during the forecast period. In the chemical industry, steam boilers are used for various purposes, including efficiently producing hot water, steam, and heat for chemical processing facilities and waste heat recovery. During the projected period, the expansion of the global market is anticipated to be driven by a rise in demand for steam boilers from chemical processing applications such as heating fluids and driving equipment. In addition, a surge in demand from manufacturing and processing operations in the chemical industry for steam boilers to offer continuous power supply and heating is expected to boost the growth of the global market over the forecast period.

The power generation industry is expected to hold the second-largest market share. The rise in energy demand from developing and developed nations is anticipated to fuel the expansion of power generation, promoting the steam boiler market expansion throughout the forecast period. In addition, an increase in demand for power generation due to economic expansion is anticipated to boost the growth of the market for steam boilers during the period.

Impact of covid-19

The Covid-19 pandemic has significantly affected the total tile market, with demand remaining subdued for 6 months in 2020. End-use industries such as construction, manufacturing, and chemical, among others, have seen substantial expansion in the market. For example, the United States has a well-established building industry. Until 2019, the construction industry contributed over USD 2 trillion to the American economy. Due to the pandemic, the figure fell to USD 1.3 trillion in 2020. As a result, the expansion of all related industries has been impeded. Several ongoing projects have been canceled or postponed.

The usage of fluorosilicic acid for aluminum production in the automotive sector had dropped by more than 20%. The demand for aluminum in this industry is directly related to the entire vehicle output. As a result, the acid market experienced the same influence on demand. This was caused by, among other things, the entire and partial suspension of manufacturing facilities, limited transportation of commodities, a prohibition on import and export activities, and the closure of showrooms.

Key Impacts of COVID-19

• Large oil, gas, and chemical firms are reducing capital and operational expenditures.
• Companies with high debt and insufficient cash flow are more prone to encounter liquidity difficulties, and some may be forced to close their doors permanently.

Market Recovery Timeline and Challenges

The global fluorosilicic acid market research study emphasizes possible recovery scenarios during the forecast period. Fluorosilicic acid is created as a byproduct of the production of phosphate fertilizers and from phosphate rock that includes fluoride and silica and is processed with sulfuric acid. It is a dry salt additive that must be dissolved in a solution before it can be added to water. Rising ground and surface water contamination raise the need for water treatment, which raises the demand for fluorosilicic acid.

Recent Developments

• In 2022, General Electric showcased the latest version of its industry-leading Manufacturing Execution System (MES) ProficyÒ Plant Applications at the 26th annual ARC Industry Forum in Orlando.
• In 2022, General Electric announced its PACS solutions' newly available intelligent workload management solution. 
• In 2022, Babcock & Wilcox Enterprises, Inc. announced a partnership with Kiewit Industrial to develop and deliver the world's largest net-negative CO2 biomass-to-energy facility for Fidelis new energy using B&W's advanced biomass and proprietary OxyBrightä carbon capture technologies.