New York, USA, Dec. 29, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s latest report, the global steam boiler market is anticipated to rise at a stunning CAGR of 5.2%, thereby garnering a revenue of $21,931.1 million by 2028. This latest report by Research Dive provides a brief outlook of the contemporary architecture of the steam boiler market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2021-2028. All the important market statistics are also provided in this report to help new market players gain insights about the market easily.
Dynamics of the Market
Drivers: Growing electricity demand and increasing investments in the power industry is predicted to be the primary growth driver of the steam boiler market in the forecast period. Moreover, increasing power plant capacity addition is predicted to push the market forward.
Opportunities: Growth in the expanse of chemical, paper and pulp, and pharmaceutical industries is expected to offer numerous growth opportunities to the market in the analysis period. Moreover, increased demand for electricity across the globe is anticipated to augment the growth rate of the market.
Restraints: High cost of installation may, however, restrain the growth of the steam boiler market.
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Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns have negatively impacted numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The steam boiler market was in fact one of the hardest hit industries during the pandemic. The shutting down of manufacturing industries brought down the demand for steam boilers substantially. Also, the manufacturing of steam boilers was impacted to the travel restrictions and lockdowns which ultimately led a decline in the growth rate of the market.
Segments of the Market
The report has fragmented the steam boiler market into certain segments based on type, fuel type, end user, and region.
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Type: Water-Tube Sub-segment to Have the Highest Market Share
By type, the water-tube sub-segment is expected to have a dominant market share and garner $18,548.1 million by 2028. Growth in use of water-tube steam boilers in power generation due to their high efficiency is expected to propel the growth of this sub-segment.
Fuel Type: Gas-Fired Sub-segment to be the Most Profitable
By fuel type, the gas-fired sub-segment is predicted to have the highest CAGR in the forecast period and gather $3,737.0 million by 2028. Gas steam boiler provides advantages such as faster steam production and less greenhouse gas emissions which is expected to help in the growth of this sub-segment.
End User: Chemical Sub-segment to be the Fastest Growing
By end user, the chemical sub-segment is expected to have the fastest growth rate and surpass $9,081.5 million by 2028. Growing adoption of steam boilers in chemical industries, especially in the Asia-Pacific region, is anticipated to push the sub-segment forward.
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Region: Market in Asia-Pacific Region to be the Most Dominant
By regional analysis, the steam boiler market in the Asia-Pacific region is projected to be the most dominant in the forecast period and reach $8,553.1 million by 2028. The growing demand for electricity and increasing number of chemical industries are expected to be the two main growth drivers of the market in this region.
Prominent Market Players
Some leading market players of the steam boiler market are
- Alfa Laval
- Thermax Limited
- The Fulton Companies
- Babcock & Wilcox Enterprises Inc.
- IHI Corporation
- Larsen & Toubro Limited
- Viessmann Limited
- Mitsubishi Heavy Industries Ltd
- Hurst Boiler & Welding Co Inc.
- Forbes Marshall
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market- Inquire here to grab full report
For instance, in August 2021, Babcock Wanson, a leading manufacturer and provider of industrial boilers, announced the acquisition of Steam Plant Engineering (SPE). Steam Plant Engineering is a leading industrial boilers service provider; naturally, this acquisition is expected to help Babcock Wanson to expand its foothold in the market substantially in the coming period.
Finally, the Research Dive report also summarizes many crucial aspects of the global market including financial performance of the key players, SWOT analysis, latest strategic developments, and product portfolio.
More about Steam Boiler Market:
- Why is it Important to Determine Steam Quality in Steam Boilers?
- Acquisitions Like That of Steam Plant Engineering (SPE) by Babcock Wanson to Propel the Growth of the Global Steam Boiler Market
