The Global Steam Boiler Market is valued for USD 16.8 Billion in 2021 and is anticipated to reach USD 24.4 Billion by 2030 with a CAGR of 4.3% from 2022 to 2030.

A steam boiler is a device that warms water to produce steam, which is then utilized for a range of applications such as power generation, heating, and industrial activities. To heat the water and generate steam, the boiler consumes fuel such as natural gas, oil, or biomass. It is popular because it is a highly efficient and dependable technology capable of producing enormous volumes of steam rapidly and safely. As a result, it is used in a wide range of sectors, from power plants and refineries to food processing and industrial facilities. Furthermore, steam boilers are customized to fit unique needs, making them a versatile choice for a wide range of applications.

Steam Boiler Market Dynamics

Various factors are driving the worldwide steam boiler market, including rising demand for steam boilers in major sectors such as electricity generation, oil and gas, and chemical processing. Another key market driver is the increased demand for energy-efficient and ecological boilers. The growing use of biomass boilers and nuclear power plants will also increase demand in the future years. Furthermore, the rising need for process heating in a variety of industrial applications is likely to open up new potential for the steam boiler market. On the other hand, the high cost of installing and maintaining steam boilers, as well as severe laws regulating greenhouse gas emissions, may limit market development to some extent. However, advancements in technology and the use of cleaner fuels are projected to offset these issues.

Steam Boiler Market Segmentation

The steam boiler market can be classified based on capacity, fuel, technology, end-use, and geography.

The capacity segment is sub-segmented into <10 MMBtu/hr, 10-50 MMBtu/hr, 50-100 MMBtu/hr, 100-250 MMBtu/hr, and >250 MMBtu/hr. As per the latest market research report, the highest demand is for steam boilers with a heating capacity ranging from 10-50 MMBtu/hr, which account for the majority of the market share. This segment is witnessing steady growth due to the increasing adoption of steam boilers in various end-use industries such as food processing, pharmaceuticals, and chemicals. On the other hand, the fastest-growing capacity segment is expected to be the <10 MMBtu/hr segment. This is due to the increasing demand for compact and energy-efficient steam boilers for residential and small commercial applications. Moreover, the growing preference for renewable energy sources, such as solar and geothermal heating systems, has also led to the adoption of smaller capacity steam boilers in the market.

Fuel type covers natural gas, oil, coal, and others. Among the major fuel types, natural gas is the most commonly used fuel for steam boilers. This is due to its availability, cost-effectiveness, and environmental advantages. In terms of the fastest-growing fuel type, renewable energy sources such as biomass and solar-based steam boilers are gaining traction in the market. This is due to the increasing focus on sustainability and the need to reduce carbon emissions in various industries. However, the adoption of these renewable sources is still in the nascent stage and conventional fuels such as natural gas are expected to continue dominating the steam boiler market in the near future.

In terms of technology, the market is divided into condensing, and non-condensing. In terms of technology, the dominant type in the steam boiler market is non-condensing technology. Non-condensing steam boilers have been widely used for many years due to their simplicity and cost-effectiveness. However, the fastest-growing technology in the market is condensing steam boilers. These boilers are designed to recover the heat from the flue gases, resulting in higher energy efficiency. Condensing technology offers significant fuel savings and lower emissions, making it increasingly popular in industries striving for sustainability and energy efficiency.

Chemical, food processing, primary metal, pulp & paper, refinery, and others are the end-use that is considered in the market. Among the major end-uses, the chemical and food processing industries are the most significant users of steam boilers due to their extensive use of steam in their manufacturing processes. The fastest-growing end-use in the market is the renewable energy industry. As renewable energy sources such as biomass, geothermal, and solar thermal become more prevalent, steam boilers are increasingly being used to generate electricity through these renewable sources. Other industries such as primary metal, pulp & paper, and refineries also contribute significantly to the steam boiler market and are expected to continue to do so in the future. The demand for steam boilers in these industries is driven by factors such as the need for process heating, steam generation, and power generation. The exact dominance and growth of each end-use vary depending on factors such as regional regulations, industrialization, and economic growth.

Global Steam Boiler Market Geographical Competition

North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are among the areas that make up the worldwide steam boiler market. Due to rising demand for energy and industrial heating applications in emerging economies like as China and India, Asia-Pacific is projected to dominate the market. Furthermore, the region's rising use of sustainable and energy-efficient technologies is likely to drive market expansion in the future years. The region's chemical and pharmaceutical sectors are also rapidly expanding, which is projected to increase demand for process heating applications.

The Middle East and Africa area is predicted to increase significantly due to rising energy consumption and the expansion of the industrial sector. Because the region is a significant exporter of oil and gas, steam boilers in the oil and gas sector are in great demand. The areas of North America and Europe are predicted to develop steadily due to the increased use of energy-efficient technology and the growing need for cleaner energy sources. The area is also seeing the development of innovative technologies, which is projected to drive market growth in the next years. Latin America is also predicted to increase significantly due to the expansion of the food and beverage sector and the region's rising use of biomass boilers. The area is also seeing the rise of renewable energy sources, which is projected to further enhance market growth.

Global Steam Boiler Industry Segment Analysis

Market By Capacity

·         <10 MMBtu/hr

·         10-50 MMBtu/hr

·         50-100 MMBtu/hr

·         100-250 MMBtu/hr

·         >250 MMBtu/hr

Market By Fuel

·         Natural Gas

·         Oil

·         Coal

·         Others

Market By Technology

·         Condensing

·         Non-Condensing

Market By End-Use

·         Chemical

·         Food processing

·         Pulp & Paper

·         Refinery

·         Primary Metal

·         Other Manufacturing

Steam Boiler Market Leading Companies

The players profiled in the report are Babcock and Wilcox Enterprises, Inc. Bharat Heavy Electricals Limited CMI Group Clayton Industries Cleaver-Brooks, Inc. Cochran Ltd. Doosan Heavy Industries & Construction Co. Ltd. Forbes Marshall Private Limited Fulton Boiler Works, Inc. General Electric Hurst Boiler and Welding Co, Inc. IHI Corporation AMEC Foster Wheeler Ltd. Mitsubishi Hitachi Power Systems, Ltd. Siemens AG.

Steam Boiler Market Regions