Steam Boiler Market Analysis

The global steam boiler market is estimated to expand at 4.10% CAGR during the forecast period. Steam boiler is majorly used in process industries to deliver heat to industrial and chemical processes. Increasing investments in chemical, food & beverage, pharmaceutical, and other process industries would drive the growth of steam boiler market. Similarly, huge requirement of steam boilers for heating buildings and producing hot water supply would drive the steam boiler market.

The growing demand for steam boiler market is attributed to the rapid increase in the demand for electricity. Moreover, capacity addition in power plants is also driving the market for steam boiler. One of the major restraints of the global steam boiler is focus on renewable energy resources for power generation.

Also Read: [FURL=http://www.marketwatch.com/story/steam-boiler-market-2020-growth-strategies-leading-players-analysis-current-trends-applications-regional-scope-and-global-forecast-to-2023-2020-04-20]http://www.marketwatch.com/story/steam-boiler-market-2020-growth-strategies-leading-players-analysis-current-trends-applications-regional-scope-and-global-forecast-to-2023-2020-04-20[/FURL]

Steam boiler is a closed vessel used to create steam by applying heat energy to water. The fluid heated under pressure inside the steam boiler is then circulated out of the boiler for use in various applications such as power generation. The main purpose of steam boiler is to generate power in steam engines and steam turbines. It is also used for heating the buildings in cold weather and for producing hot water for hot water supply.

Industry Segmentation

The market for steam boiler market is segmented based on type as water-tube boiler and fire-tube boiler. Water-tube steam boiler segment dominates the market as these boilers provide higher efficiency and also produce high-temperature steam which is suitable for power utilities. Asia-Pacific is expected to hold the largest share for water-tube steam boiler which is mainly driven by investments in power generation sector that are being made in countries such as China, Japan, and India.

Regional Outlook

Region wise, Asia Pacific held the largest market share of the global steam boiler market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the growing demand for power and rising investment in setting new power generation plants. China is expected to lead the Asia Pacific steam boiler market during the forecast period and is projected to grow at the highest CAGR from 2018 to 2023.

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Leading Players

The key players of the global Steam boiler market are GE (US), Bosch (Germany), Thermax (India), Cleaver-Brooks (US), Byworth Boilers (US), Doosan Heavy Industries & Construction (South Korea), Forbes Marshall (India), Fulton Boiler (US), Parker Boiler (US), Rentech Boilers (US), Thermodyne Engineering Systems (India).