The market for the steam boiler system is expected to grow at a CAGR of more than 1.25% in the forecast period. Factors, such as increasing demand for power generation due to rapid industrialization and population increase and investment in the pharmaceutical industries, are expected to drive the market for steam boilers during the forecast period. On the other hand, with the global shift towards renewable energy for power generation, there can be a hindrance to the growth of the steam boiler system market, especially in the power generation industry.
– Water-tube boiler systems are expected to dominate the market in the forecast period, owing to their usage in multiple industries and the ability to deal with high pressures.
– Fuel Flexible steam boilers can run on multiple fuels, which are expected to replace traditional single fuel steam boilers. In the near future, fuel-flexible steam boilers are expected to create significant opportunities for market players.
– Asia-Pacific is the leading region in the steam boiler system market with the highest market share. Because of the increasing demand for steam boilers in countries like China, India, Japan, and others, the region and is expected to dominate the market in the forecast period also.
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Key Market Trends
Water Tube Boiler to Dominate the Market
– Water-tube boilers are used to generate vapor from the water that flows through tubes and is heated by the combustion of various fossil fuels like coal and natural gas. The smoke produced is sent to the steam turbine at a higher pressure of around 250 bar, which rotates the turbine and thus helps to generate electricity.
– Water-tube boilers have higher efficiency and have a pressure range of around 250 bars. It requires less time to raise steam pressure, greater flexibility for responding to load changes, and a more exceptional ability to operate at high rates of steam generation.
– The global oil refining capacity increased from 97,214 thousand barrels per day in 2014 to 100,049 thousand barrels per day in 2018 due to the addition of new refineries globally. The addition of new refineries has boosted the demand for steam boilers.
– In 2019, there were around 8600 thermal power plants across the world that were using water-tube boilers to generate vapor or steam.
– As of January 2020, there are nearly 343 coal-powered thermal power plants approved for construction. The construction of these plants is expected to propel the demand for water tube boilers during the forecast period.
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