Steam Boiler System Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Product Type (Fire-tube Boiler, Water Tube Boiler), By Fuel Type (Coal, Oil, Biomass, Others), By End Users (Oil And Gas Industry, Chemical Industry, Power Generation, Others) And Geography - Forecasts From 2019 To 2024

The steam boiler systems market is estimated to witness a CAGR of 4.85% to reach US$16.116 billion in 2024 from US$12.129 billion in 2018. A steam boiler system is an economical way to create and move steam around a facility. The boiler creates steam by applying heat energy to water which is then used for generating power in steam engines or steam turbines, in process industries for various processes, for heating buildings in cold weather, and to produce hot water for hot water supply. There are two main types of steam boilers, fire tube, and water tube boilers. These systems are being used in Oil & Gas, Power, Chemical, and Food processing industries and in residential areas as well. The boilers can be coal-fired, oil-fired, or biomass-fired and each of them is designed differently. Coal is one of the major fuels used due to its easy availability and low cost. The Asia Pacific region holds a significant market share due to industrial growth in countries like India and China.

Rapid urbanization and expansion of manufacturing industries increase the demand for electricity which is considered as the driving factor for the growth of the steam boiler systems market. New power plants are being constructed and the power generation capacity of existing ones is being increased. Increasing adoption of steam boilers in the commercial and residential sectors also anticipates the growth of the steam boilers market in the forecast period. The high initial and maintenance cost of steam boilers is considered the restraining factor for the growth of the market

DRIVERS
• Rapid urbanization and expansion of manufacturing industries
• Increased usage of steam boilers in commercial and residential areas

RESTRAINTS
• High initial and maintenance costs

SEGMENTATION

The steam boiler system market has been analyzed through the following segments:

• By Product Type
o Fire tube boiler
o Water tube boiler

• By Fuel Type
o Coal
o Oil
o Biomass
o Others

• By End Users
o Oil and Gas Industry
o Chemical industry
o Power Generation
o Others

• By Geography
o North America
? USA
? Canada
? Mexico

• South America
o Brazil
o Argentina
o Others

• Europe
o Germany
o France
o United Kingdom
o Spain
o Others

• Middle East and Africa
o Saudi Arabia
o Israel
o Others

• Asia Pacific
o China
o Japan
o South Korea
o India
o Others

Frequently Asked Questions (FAQs)

Q1. What will be the steam boiler systems market size by 2024?
A1. The steam boiler systems market is estimated to reach a market size of US$16.116 billion by 2024. 

Q2. What is the size of the global steam boiler systems market?
A2. Steam Boiler Systems Market was valued at US$12.129 billion in 2018. 

Q3. What are the growth prospects for the steam boiler systems market?
A3. The steam boiler systems market is estimated to witness a CAGR of 4.85% over the forecast period. 

Q4. Which region holds the maximum market share of the steam boiler systems market?
A4. The Asia Pacific region holds a significant market share due to industrial growth in countries like India and China. 

Q5. What factors are anticipated to drive the steam boiler systems market growth?
A5. Rapid urbanization and expansion of manufacturing industries increase the demand for electricity which is considered as the driving factor for the growth of the steam boiler systems market.