Portland, OR, April 14, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global steam boiler industry was pegged at $15.6 billion in 2019, and is expected to hit $20.0 billion by 2027, with a CAGR of 3.3% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in demand for steam boilers from several end-use industries and increase in investment for adding power generation capacity have fueled the growth of the global steam boiler market. However, strict government regulations toward environmental pollution and high initial cost and development in the renewable energy sector hamper the market growth. Nevertheless, advancements in technology and upgradation of aging power generation infrastructure are anticipated to present an array of opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 pandemic and the prolonged lockdown put the import & export activities on hold, especially during the initial phase. Furthermore, it impacted the manufacturing & processing activities across various industries. This declined the demand for electricity from the end-user industries.
- The demand for steam boilers would rise as the need for electricity has increased in the first quarter of 2021 from the customers.
The global steam boiler market is segmented into type, fuel type, pressure, end-use industry, and region. Based on fuel type, coal fired segment held the lion’s share in 2019, accounting for nearly two-thirds of the global market. On the other hand, the gas fired segment is estimated to register the highest CAGR of 3.6% during the forecast period.
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Based on end-use industry, the chemical segment held highest share in 2019, with nearly half of the global steam boiler market. Conversely, the power generation segment is expected to showcase the highest CAGR of 3.5% during the forecast period.
Based on region, the market is studied across regions including Asia-Pacific, LAMEA, North America, and Europe. The market across North America dominated with largest share in 2019, holding more than one-third of the market. However, the global steam boiler market across Asia-Pacific is expected to manifest the highest CAGR of 3.6% during the forecast period.
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Major market players profiled in the report include General Electric, IHI Corporation, Babcock & Wilcox Enterprises, Inc., Mitsubishi Heavy Industries, Ltd., Forbes Marshall, Alfa Laval AB, Viessmann Limited, Hurst Boiler & Welding, Inc., Thyssenkrup, and Thermax Limited.
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