New York, USA, Jan. 10, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global steam boiler market is predicted to garner a revenue of $21,931.1 million by 2028, surging exponentially at a CAGR of 5.2% during the forecast period 2021-2028. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Steam Boiler Market
Drivers: Surging electricity demand dur to significant increase in industrialization and urbanization across the globe is expected to drive the growth of the global steam boiler market. In addition, rising penetration of internet and IOT across the globe is further expected to bolster the growth of the market during the forecast period.
Restraints: Extortionate cost of steam boiler is expected to impede the growth of the market during the forecast period.
Opportunities: Rising number of pharmaceutical and chemical industries across the globe is expected to create immense opportunities for the growth of the steam boiler market during the forecast period.
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COVID-19 Impact on the Steam Boiler Market
The outbreak of COVUD-19 has had a devastating impact on the growth of the global steam boiler market, owing to the prevalence of lockdown in various countries across the globe. The fear of spreading coronavirus has led the market players of limit and curb the workforce which adversely affected the production. In addition, steam boiler manufacturers received limited orders from customers during the pandemic which consequently decreased their demand. Thus, the prevalence of COVID-19 has had a negative impact on the growth of the market.
Segments of the Market
The report has divided the market into various segments based on type, fuel type, end-user and region.
Type: Water-Tube Sub-segment to be Most Profitable
The water-tube sub-segment is expected to garner a revenue of $18,548.1 million during the forecast period. Higher efficiency provided by water-tube boilers and their increasing application in power generation is expected to bolster the growth of the steam boiler market sub-segment during the forecast period.
Fuel Type: Gas-fired Sub-segment to have the Fastest Growth Rate
The gas-fired sub-segment is expected to garner a revenue of $3,737.0 million during the forecast period. Faster steam production and less greenhouse emissions from gas-fired steam boilers is expected to accelerate the growth of the sub-segment during the forecast period.
End-user: Chemicals Sub-segment to be Most Lucrative
The chemicals sub-segment is expected to generate a revenue of $9,081.5 million during the forecast period. Significant increase in the number of chemical companies across the globe is expected to bolster the growth of the steam boiler market sub-segment during the forecast period.
Region: Asia-Pacific Region to Dominate the Global Market
The Asia-Pacific region is expected to generate a revenue of $8,553.1 million during the forecast period. Surging demand for electricity due to the massive population in this region is expected to stimulate the growth of the market. In addition, immense number of chemical companies in this region is further expected to accelerate the growth of the regional steam boiler market during the forecast period.
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Key Players of the Steam Boiler Market
The major players of the market include
- 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.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. - Inquire to Get access for Detailed Top Companies Development Strategy Report
For instance, in May 2021, Atlas Copco, a Swedish multinational industrial company manufacturing industrial tools and equipment, acquired a majority share in Eco Steam and Heating Solutions (E.K.S. HOLDING B.V.), an industrial steam and hot water boiler company located in the Netherlands, in order to expand Atlas Copco’s specialized rental product offering to industrial customers in all segments and territories.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Related Article Links:
- Acquisitions Like That of Steam Plant Engineering (SPE) by Babcock Wanson to Propel the Growth of the Global Steam Boiler Market
- Why is it Important to Determine Steam Quality in Steam Boilers?
