Global Statistics Representing Steam Boiler Market Scenario
A steam boiler is a closed vessel in which water is heated until it is converted into steam at the required pressure. It is generally made up of steel and the water is heated with the help of fuel. Steam boilers are used in process industries to deliver heat to industrial and chemical processes at the desired pressure. Cotton mills, sugarcane industries, heating installations, steam turbine industries, etc. are the primary users of the steam generated from these boilers. The advantages of steam boilers include low construction cost, less floor space, and portability.
Steam Boiler Market to Grow in Tandem with Industrialization and Extreme Climatic Conditions
The global steam boiler market is expected to reach USD 18 billion by 2026. Resurgent economic growth due to increased investments by governments and private players towards setting up and expanding manufacturing industries is set to drive the growth of the market. Financial support from the World Bank to manufacturing industries in developing countries will propel the growth of the steam boiler market. Growing industrialization is another factor generating demand for steam boilers within the market. Steam boilers are also used in cold climatic areas to provide hot water supply for daily use. For instance, North America and Europe, due to extreme weather conditions have high hot water utility, which has increased the demand for steam boilers in the market. The Paris Climate Change Treaty has nudged governments all over the world to take necessary steps against rising global temperature and reduce carbon footprints, which will shift the technology landscape towards energy-efficient boilers. Increasing demand for new chemicals and beverages will propel the global steam boilers market during the forecast period.
In fire tube boilers, hot gases are passed through several tubes filled with water. These types of boilers are used in operations where there is significant steam demand; however, they are not suitable for high-pressure applications. In water tube boilers, hot gasses surround the tubes, and the water is heated inside them. These boilers are used in operations where variable load and high pressure are required. Water-tube boilers register higher demand than fire-tube boilers.
Based on fuel, most industrial coal-fired boilers run on crushed coal. Gas-fired boilers run on natural gas, a mixture of methane, propane, ethane, and butane. Boilers that run on petrol, diesel, and other fuels are typically classified as oil-fired boilers. Based on application, steam boilers are used in power generation, sugar industries, chemical industries, food processing industries, and others.
Asia-Pacific’s industrial cooling system market accounted for the highest share in 2018, and the region is likely to remain dominant during the forecast period, owing to the increasing demand for cooling systems in manufacturing facilities such as pharmaceutical, food and beverage, and chemical. Growth momentum in the region is primarily driven by the shifting of manufacturing plants to China, Japan, India, and among other countries in the region, with players seeking to leverage the low cost of labor. The availability of raw materials and cheap labor are an added advantage for this market in this region. For instance, Asia registers significant demand for apparel and clothing industries due to changing consumption patterns and growing disposal income with people, which has increased the demand for cotton mills, which require steam boilers for their manufacturing processes.
North America and Europe are likely to expect considerable growth in the market during the forecast period. Power generation industries in the region play a vital role in coal-based electricity production to maintain efficiency. Due to extreme weather conditions and climate change, the requirement of hot water during winter has increase, which in turn is spurring the growth of the regional steam boilers market.
Middle Eastern and African countries are recording high investments in small and medium-sized companies such as those in chemical, food processing, beverage, and steel manufacturing industries, which require process heat during their manufacturing process. Monetary help from institutions such as the World Bank and IMF is also contributing to the growth momentum in the region.
Some of the prominent players in the market are Forbes Marshall, Bosch Thermotechnik, Cochran, Alfa Laval, Viessmann, Cleaver-Brooks, Fulton Boiler Works, Shuangliang Group, Zhejiang Tuff Boiler, Hurst Boiler and Welding, PT. Grand Kartech Tbk, Miura, 1Kawasaki, GETABEC Public, Shanghai Industrial Boiler Limited Company, Zu How Industry, and Taijune Boiler.
Global Steam Boilers Market Segmentation
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