Rising Usage in Various Industries to Accelerate Demand in Steam Boiler Systems Market with 5.30% CAGR
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.
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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.
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.
High Initial Costs to Hinder Demand In Market
Surging demand regarding energy over the world emerges as the biggest boosting element for the global steam boiler systems market. These systems are touted to be very proficient in amplifying power plant efficiency. Development in government activities, quick popularity of steam boilers and particular motivations regarding sponsorships will additionally add to development sought after for steam boiler systems.
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On the drawback, high maintenance cost of these systems may keep down the development of this market in the span of forthcoming years.
The review is based on the findings of a report by Transparency Market Research, titled “Steam Boiler Systems Market (Type of Boiler – Fire Tube Boiler (Horizontal Return Tubular Boiler, Short Fire Box Boiler, and Compact Boiler), Water Tube Boiler (Horizontal Straight Tube Boiler, Bent Tube Boiler, and Cyclone Fired Boiler), and Super Heater; Application – Generator, Steam Engine (Locomotives),Cement Production, and Agriculture; End User – Food, Chemical, Refineries, Primary Metal, and Thermal Power Plants) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
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