Steam Boiler Systems Market to Rise on account of Increasing Energy Demands
The global steam boiler systems market is foreseen to be extremely concentrated owing to presence of several players across the globe, says a report by Transparency Market Research (TMR). At the international scale, General Electric, BHEL, Alstom, Cleaver – Brooks Inc., and Larsen & Toubro Ltd., dominated the global steam boiler systems market. These firms in 2015, aggregately accounted for a 46% share of the entire market. The key players are rapidly adopting strategies such as collaboration, mergers and acquisitions that are estimated to propel the growth of steam boiler systems market in the forthcoming years.
The global steam boiler systems market is prognosticated to expand at a steady CAGR of 5.30% within the forecast period from 2016 to 2024. In 2015, the global steam boiler systems market was valued around worth US$12.0 bn. This figure is anticipated to surge around value of US$18.9 bn due to increasing opportunities for the players, by 2024 end.
Major Key Players of the 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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On the basis of type, the global steam boiler systems market is classified into water tube boilers, fire tube boilers, and superheaters. Out of these, water tube boilers segment is likely to lead the global market owing to high demands. The segment is expected to lead the market in forthcoming years as well. This is attributed to various advantage given by water tube boilers in comparison to fire tube boilers. Factors such as improved heat transfer, high efficiency, and steam producing abilities are foreseen to support the growth of water tube boiler segment in the market globally. Regionally, North America led with 30% share of steam boiler system market in 2015, and is expected to sustain its lead in forecast period as well. Owing to rising food processing industries, increasing chemical manufacturing units, oil and gas refineries, a and power plants are some of the key factors contributing in the dominance of North America over the globe.
The report segments the global steam boiler systems market as:
Boiler Type
- Fire Tube Boiler
- Horizontal Return Tubular Boiler
- Short Fire Box Boiler
- Compact Boiler
- Water Tube Boiler
- Horizontal Straight Tube Boiler
- Bent Tube Boiler
- Cyclone Fired Boiler
- Super Heater
Application
- Generators
- Steam Engines (Locomotives)
- Cement Production
- Agriculture
Urgent Need for Power Across Globe to Contribute in Market Development
The steam boiler systems market across the globe is foreseen to advance at a moderate development rate. Steam boilers are utilized in several sectors as generators to create power. Water tube boilers are significantly utilized in high pressure applications, for example in comfort warming.
Likewise, the expanding government activities, proposed to empower the use of steam boiler systems, for example, offering discounts and endowments on their buy, is probably going to add considerably to this market soon, However, the high maintenance and initial expenses of these systems may limit the advancement of this market over the coming years, expresses the research analysts.
Research objectives:-
– To study and analyze the global Steam Boiler Systems consumption (value & volume) by key regions/countries, product type and application, history data.
– To understand the structure of the Steam Boiler Systems market by identifying its various sub-segments.
– Focuses on the key global Steam Boiler Systems manufacturers, to define, describe and analyze the sales volume, value, market share, market competitive landscape, SWOT analysis, and development plans in the next few years.
– To analyze the Steam Boiler Systems with respect to individual growth trends, future prospects, and their contribution to the total market.
– To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
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