Steam Boiler System Market size is estimated to grow at a CAGR of 5.34%from 2020 till 2026
Extensive usage of boiler systems in numerous industries including refineries, power plants, and others.Also, its substantial role as generators to produce electricity is one of the factors driving the Steam Boiler System Market growth.
The upsurge in demand for energy across the globe and favorable government initiatives directing for the acceptance of steam boilers for energyattributed to significant market growth over the forecast period 2020-2026.
Further, rising demand for steam boiler systems in commercial and residential heating purposes to strengthen the growth of steam boiler systems in this region.
Asia-Pacific and North American region is set to drive the major share for steam boiler system market growth. Further, emergingnations including China, India, and Japanto observe augmenting the growth over the forecast period.
Further, China to leadthe regional aspects owing to the upward infrastructure and development. As well, the infiltration of major vendors into the Asia-Pacific steam boiler system market to bolster the steam boiler systems marketgrowth.
North America to drive the steam boiler system market owing to a cumulative number of chemical manufacturing units, power plants, oil & gasrefineries, and food processing amenitiesensuing in incredible demand for steam boiler systems across the region.
In addition, rising applications of steam boiler systems in the commercial and the housing sectors to enhance the regional marketgrowth in the near future.
Moreover, cumulative investment toward the thermal power capacity, construction of power plants to boost the steam boiler system market value.
Though, plant extension, replacement plans, increasingprospects for novel and renewed boilers, measures for upgradation in developed countries such as the US, Canada, UK, and Germany to positively impact the market growth.
2020 unveilings and cutting-edge technology by key players to trigger the market share
New launches, partnerships, and surge in production capacity by market players to boost the market demand. For instance, ZOZEN launched skid mounted steam boilers to meet the requirements of the overseas market and to accelerate the enactment of international strategies.
Further, Valmet to supply equipment to bioenergy heating plant in Finlandto increase district heat production with advanced environmental technology.
In addition, Fulton supplied an oil-fired, skid-mounted steam boiler system to Neal’s Yard Remedies.
As well, Kawasaki Heavy Industries to supply an 8-MW waste heat power generation systemfor power generation and energy-saving measures at the plant.
Moreover, ANDRITZ to Supply a universal shredder FRP to the Setra Groupto ensure high throughput and maximum efficiency of the rotor.
Key players of Steam Boiler System Market include Bosch, Alfa Laval, Thermax, Cochran, Viessmann,Doosan, Byworth Boilers, Clayton Industries, Buderus, Zhengzhou Boiler (Group) Co. Ltd. among others.