Steam Boiler Market: Top Trends & Growth Analysis To 2025
With tightening environmental regulations and the subsequent shift towards more energy efficient equipment, the steam boiler market is forecast to register tremendous gains over the coming years.
With tightening environmental regulations and the subsequent shift towards more energy efficient equipment, the steam boiler market is forecast to register tremendous gains over the coming years. As per the U.S. Department of Energy, the efficiency of furnaces or boilers is usually measured by AFUE (Annual fuel utilization efficiency). Today, the Federal Trade Commission mandates new boilers or furnaces to display their AFUE so that the consumers could compare the heating efficiencies of numerous models.
This step is supposed to help customer go for the more energy and cost efficient models, significantly influencing industry growth. Apart from being energy efficient, steam boilers have several other benefits as well. One of the key advantages of using steam boilers is that they do not require any external energy sources to generate flow. Additionally, cleaning and maintenance of these boilers is simple and require very little downtime, steam boilers are also highly useful in tall buildings, a place where other heating systems prove to be ineffective. These advantages would further drive the adoption of steam boilers.
As per a research report by Global Market Insights, Inc., the steam boiler market is estimated to surpass a $19 billion valuation by 2025.
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The steam boiler industry is also expected to be driven by the expansion and development of manufacturing facilities brough on by strong economic growth. Global governments are actively coordinating with top financial institutions, including the World Bank and the Asian Development Bank, with a focus towards expanding several economic sectors, thereby driving the market growth. Moreover, the shift in the technology outlook toward adoption of boilers that are more energy efficient will fuel the product demand as well.
Below is a brief overview of key trends that are stimulating the market growth:
Increasing adoption of gas fired steam boiler
In terms of fuel, the gas fired steam boiler is estimated to grow by 4% by the end of the analysis period. Rising focus toward reduction of carbon footprint coupled with strict government regulations toward the adoption of fuel with low levels of emission is likely to increase the market growth.
Furthermore, rising adoption of energy efficient technologies and decreasing natural gas prices will also surge the product penetration over the coming years.
Rising demand for condensing steam boiler
In terms of application, condensing segment is expected to grow over by 5% by the end of the analysis period. These systems are likely to gain eminence owing to their ability to provide high efficiency while also reducing the overall heating costs.
Furthermore, growing concerns toward environmental pollution and the adoption of strict emission norms are expected to drive the growth of this segment as well.
Adoption of steam boilers in China & Europe
In 2018, steam boiler market of China was valued over $2 billion. Shifting patterns toward industrial sector growth coupled with increasing focus of the government to augment in house manufacturing will foster the market growth.
Readily available raw materials as well as large human capital and strong macro-economic indicators have brought in substantial foreign greenfield investments, which is likely to boost the market landscape.
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As per estimates by the EU, industrial steam generation systems accounts for nearly one third of the total industrial energy demand. Moreover, specific directives laid by EU towards energy efficiency will lead to tremendous growth of steam boilers. Among these, the Ecodesign directive is a significant instrument of European energy policy making, driving technological development. It further leads to substantial energy savings by enhancing the environmental performance of energy-related products.
Notable industry players operating in the include Fulton, Forbes Marshall, Doosan, AC Boilers, BHEL, Bosch, Walchandnagar, Cleaver Brooks, Mitsubishi Hitachi, Siemens, Rentech, IHI, CMI, SIME, Babcox & Wilcox, Groupe Atlantic, Victory Energy, Hurst, Ferroli, Fondital, Clayton, and Cochran among others.
All in all, the market is likely to grow substantially owing to expansion of manufacturing facilities, strict environmental regulations, and strong economic growth.
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