The increasing demand for electricity for heating and cooling is propelling growth for the steam boilers market saysFortune Business insightsin a report titled “Steam Boiler Market Size, Share and Global Trend By Type (Water Tube Boiler, Fire Tube Boiler), By Fuel (Coal-fired Steam Boiler, Gas-fired Steam Boiler, Electric Steam Boiler, Oil-fired Steam Boiler), By Pressure (Low-Pressure Boiler, Medium-Pressure Boiler, High-Pressure Boiler), By End-User Industry (Power Generation, Process Industry, Oil and Gas, Pharmaceutical, Metals) and Geography Forecast till 2026.”Rising offshore and onshore exploration activities are supporting the growth of steam boilers market.
Browse Complete Report athttps://www.fortunebusinessinsights.com/industry-reports/steam-boiler-market-100251
Hurst Boiler Announces New Watertube Boilers
Hurst Boiler, a renowned multi-boiler manufacturing company, announced the production of engineered packaged watertube boilers. The product comprises of, dryback firetube, biomass, strong wetback and hybrid boiler manufacturing capabilities. Watertube boilers are predicted to witness high deman, owing to the recent advancements undertaken to ensure features such as strong wetback and biomass.
Collaboration between key companies with an aim to launch biomass boilers are also boosting the global steam boiler market. For instance, In February 2019, ThyssenKrupp made an agreement with Babcock and Wilcox Volund for a biomass boiler technology for India and neighboring countries that could help to reduce pollution.
Application of Steam Boilers in Various Industries Will Facilitate Growth
The steam boiler market on the basis of type is segmented into fire tube boiler and water tube boiler. The water tube is the most popular one due to its ability to produce high pressure and dry superheated steam. In the water tube boiler, water is easily heated by surrounded hot gases which flows through the tubes. The steam-water boiler market on the basis of types is segmented into the low-pressure boiler, medium-pressure boiler, high-pressure boiler. Lower-pressure is primarily used for heating residential and industrial building in cold weather and producing hot water. Medium pressure boilers mostly find its application in industrial process heating such as sugar mills, textile, agricultural, cement, and paper pulp industries.
A wide variety of fuel is used according to the purpose of heat generation such as natural gas coal, solid fuel and other. Steam boilers are utilized in various industries as a power source, this factor is fueling demand for steam boilers and enabling the growth of the global steam boilers market. low maintenance cost, Easy installation, flexible features of the steam boiler are also some of the factors making the steam boilers the best choice which in turn is favoring the steam boilers market.
North America to Remain Dominant
Geographically, the global steam boiler market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these regions, North America is expected to continue leading the market during the forecast period. The increasing demand for electricity, HVAC and various other industrial heating processes is supporting growth in the region. The rising demand for process heating, power generation, and others is also boosting the steam boilers market in the region.
The Asia Pacific market is projected to witness considerable growth backed by increasing GDP of emerging economies. The presence of established manufacturing units and processing industries in the region is also driving the market for a steam boiler in Asia Pacific. Besides this, government support and implementation of favorable policies will aid in expansion of the market. For instance, recently Prime Minister of India launched Saubhagya Yojana which aims to provide electricity to all household. In addition to this, the Europe market is predicted to exhibit substantial growth owing to the presence of a large number of apparel and clothing industries; steam boilers extensively are used in the clothing industry. The extreme weather conditions in several parts are also one of the reasons for boosting the market in the region.
Top Players Overview:
- Alfa Laval
- Forbes Marshall
- Thermax Limited
- Babcock and Wilcox
- Clayton Industries
- Mitsubishi Hitachi Power Systems
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Major Table of Content For Steam Boiler Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Steam Boiler Market Analysis, Insights and Forecast, 2014-2025
- North America Steam Boiler Market Analysis, Insights and Forecast, 2014- 2025
- Europe Steam Boiler Market Analysis, Insights and Forecast, 2014-2025
- Asia Pacific Steam Boiler Market Analysis, Insights and Forecast, 2014-2025
- Middle East and Africa Steam Boiler Market Analysis, Insights and Forecast, 2014-2025
- Latin America Steam Boiler Market Analysis, Insights and Forecast, 2014-2025
- Competitive Landscape
- Company Profile