Steam Boiler Systems Market to Rise on account of Increasing Energy Demands
The global steam boiler systems market is likely to witness a significant growth, thanks to the rising demand for energy. Apart from this, need to improve energy efficiency in the power plants and power house are the two prominent factor expected to fuel the steam boiler systems market in the coming few years. Steal boilers are widely used in industries to elevate temperature of the particular contain with the help of steam. High initial cost of steam boilers and maintenance cost of these systems are the prominent factor expected to impede growth in the market. Nevertheless, favourable government initiatives towards for the consumers is expected to propel the global steam boiler system market.
According to Transparency Market Research, the steam boiler systems market was recorded at a valuation of US$12.0 bn un 2016. The market is anticipated to expand at a healthy 5.30% CAGR between 2016 and 2024. Rising at this, CAGR the steam boiler market is expected to surpass a valuation of US$18.9 bn by the end of 2024.
Surge in Demand from Refineries and Power Plants to Boost Prospects
Increase in demand for steam boiler system and rising government initiatives are the two prominent drivers in the global market. The steam boiler systems market is mainly classified into super heater, water tube boiler, fire tube boiler. Water tube boiler is further segmented into cyclone fired boiler, bent tube boiler and straight tube boiler. Fire tube boiler segmented into short fire box boiler, compact boiler and horizontal return tubular boiler.
Among all of them, water tube boilers is projected to enjoy a strong demand in the next few years, thanks to benefits offered by them as compared to other market segments.
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On the basis of region, the steam boiler systems market is divided into Asia Pacific, the Middle East and Africa, Latin America, North America, and Europe. Among all these regions, North America is projected to dominate the steam boiler system market with a majority of 30% share. This is mainly due to the presence of large number of end user industries in the region.
The completion in the steam boiler system market is expected to heat up further with the entery of several new players in the market. Some of the prominent players operating in the global steam boiler systems market are Hurst Boiler & Welding Co. Inc., Fulton Boiler Works Inc., Larsen & Toubro Ltd., BHEL, Clayton Industries, Byworth Boilers, Doosan, Buderus, and Cleaver-Brooks.
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