A steam boiler systems are cast iron or steel containers that are designed to convert water into steam for various heating end-user applications.
Rising demand for demand for electricity from the developing countries coupled with the large investments for capacity addition are major factors expected to drive growth of the global steam boiler system market over the forecast period.
However, high installation cost of steam boiler system is a major factor expected to hamper growth of the target market over the forecast period.
The global steam boiler system market has been segmented on basis of component, type, fuel, end-user, and region. On the basis of component, the target market is segmented into boiler, economizer, superheated, air preheater, and feed pump. On the basis of type global steam boiler system market can be segmented as water tube boiler, and fire tube boiler. On the basis of fuel global steam boiler system market is segmented into coal-fired steam boiler, gas-fired steam boiler, biomass-fired steam boiler, oil-fired steam boiler, and electric steam boiler.
Coal-fired steam boiler segment dominates the global market in terms of revenue and is expected to maintain its dominance over the forecast period, owing to its easy availability coupled with low price associated with it. On the basis of end-user target market is segmented into power generation, oil & gas, chemical, and process industry
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Based upon region global steam boiler system market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. The market in Asia Pacific is estimated to be highest share in terms of revenue. Growing adoption of steam boiler system owing to growing demand for the electricity is major factor driving growth of the market in the region. The markets in North America and Europe are expected to register significant growth in terms of revenue, owing to increase in power plant capacity addition in the region over the forecast period.
Key players operating in the global steam boiler system market include Robert Bosch GmbH, General Electric, Alfa Laval Corporate AB, Thermax Limited, Cochran Inc., Viessmann Werke GmbH & Co. KG, and Doosan Corporation.