According to the latest report published by Credence Research, Inc. “Steam Boiler Systems Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global steam boiler systems market was valued at US$ 12.24 Bn in 2016, and is expected to reach US$ 20.05 Bn by 2025, expanding at a CAGR of 5.5% from 2017 to 2025.
[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]
The global steam market is expected to expand at a modest rate of growth. Steam boilers are used as generators for power generation in a number of industries. Steam boiler systems, depending on their size, are known as water tube boilers, fire tube boilers and super heaters. Among these, the water tube boilers have emerged as the largest segment in base 2016 and are expected to remain dominant over the forecast period. Water tube boilers are primarily used in high-pressure applications, i.e. in comfort heating.
The world’s largest driver for the global market for stem boiler systems is the increase in energy demand. Such technologies are supposed to be highly efficient in increasing the efficiency of power plants. Growth in government initiatives aimed at the rapid adoption of steam boilers and the resulting opportunities for subsidies will further contribute to the increase in demand for steam boiler systems. On the downside, the high installation and maintenance costs of these systems can hold back the growth of this market during the forecast period.
For the purpose of this study, the global steam boiler systems market is geographically segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa markets. Currently, North America holds the largest market share in terms of revenue. It is further predicted that the region shall continue its dominance through the forecast period majorly attributed by the proliferation of food processing industry. In addition, large scale requirement of steam boiler systems from refineries, and power plants in North America will also contribute to the dominance of the region. Demand for steam boiler systems in commercial and residential heating is also significant in North America.
Asia Pacific is expected to witness remarkable progress in the steam boiler systems market in the near future. Penetration of market incumbents in the Asian market is expected to drive Asia Pacific market. Proliferation of infrastructure and industrialization in the region is further augmenting the demand for steam boiler systems in Asia Pacific market. China and India form the largest country level markets for steam boiler systems in Asia Pacific.