The steam boiler system market is projected to grow at a CAGR of 4.13%, from 2018 to 2023.
The steam boiler system market is projected to reach USD 21.63 billion by 2023, from an estimated USD 17.66 billion in 2018, at a CAGR of 4.13%. This growth can be attributed to the increase in industrialization and urbanization from the developing countries. Furthermore, capacity additions in conventional power generation to meet the rise in power demand is likely to drive the steam boiler system market. Focus on renewable energy sources for power generation could act as a restraint for this market.
The process industry is expected to largest market for steam boiler system from 2018 to 2023.
The process industry is estimated to be the largest market during the forecast period. Asia Pacific is the fastest growing region for the process industry owing to the rise in disposable income and various initiatives led by the government to improve the food processing sector. These factors are likely to drive the steam boiler system market for the Asia Pacific region. For instance, the Government of India plans to improve the food processing sector by leveraging reforms such as 100% foreign direct investment FDI in the marketing of food products and various incentives at the central and state government levels along with a strong focus on the supply chain infrastructure.
Asia Pacific: The fastest growing market for Steam Boiler System.
The Asia Pacific is expected to be the largest market for steam boiler system in 2023 and is projected to grow at the highest CAGR during the forecast period. The region has been segmented into China, Japan, India, Australia, South Korea, and the rest of Asia Pacific. Power generation sector is the largest market in the Asia Pacific for the steam boiler system market. According to the International Energy Agency IEA, the global demand for energy will grow by approximately 60% by 2030. Increased primary energy consumption and governments providing monetary incentives have paved the way for several private players to set up power generation plants to cater to the domestic electricity demand. All these factors are likely to contribute towards the growth of the steam boiler system market.
Breakdown of Primaries:
Indepth interviews have been conducted with various key industry participants, subjectmatter experts, Clevel executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1 60%, Tier 2 27%, and Tier 3 13%
By Designation: CLevel 35%, Directors Level 25%, and Others 40%
By Region: Asia Pacific 30%, North America 27%, Europe10%, Middle East Africa25%, and South America 8%
Note: Others includes product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2017. Tier 1: >USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3:
The leading players in the steam boiler system market include Bosch Germany, GE US, Alfa Laval Sweden, Thermax India, Cochran UK, Viessmann Germany, and Doosan South Korea.
Research Coverage:
The report defines, describes, and forecasts the global steam boiler system market by component, type, fuel, enduser, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the steam boiler system market.
Why Buy this Report?
1. The report identifies and addresses key markets for steam boiler system, which would help manufacturers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.