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Europe Steam Boiler Market Size By Capacity, By Fuel (Natural Gas, Oil, Coal), By Technology (Condensing, Non-Condensing), By Application (Commercial, Industrial), COVID-19 Impact Analysis, Forecasts 2023 – 2032
- Report ID: GMI5470
- Published Date: Mar 2023
- Report Format: PDF
Industry Statistics
Europe Steam Boiler Market size valued at USD 3.5 billion in 2022 and is projected to expand at more than 5.5% CAGR from 2023 to 2032. Driven by the strict policies for the development of green buildings.
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As the regulatory scenario around Europe’s construction industry continues to tighten, it is pushing builders to keep sustainability at the center of their project plans. This is fostering the demand for steam boilers in the region’s residential and commercial complexes.
Several European governments are also in the midst of transitioning their energy ecosystem towards more clean sources to reduce their carbon emissions. For this purpose, many are specifically focusing on decarbonizing their infrastructure, which is considered one of the leading contributors to the world’s overall carbon footprint. As per the European Commission, over 50% of the EU’s building infrastructure does not have energy-efficient systems, and nearly 25% of the bloc’s buildings are older than 50 years.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 3.9 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 5.9% |
| 2032 Value Projection: | USD 6.9 Billion |
| Historical Data for: | 2019 to 2022 |
| No. of Pages: | 1,070 |
| Tables, Charts & Figures: | 1,599 |
| Segments covered: | Fuel, Capacity, Technology, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Meanwhile, the ongoing energy crisis, caused by the Russia-Ukraine conflict, is providing further growth impetus by pushing the region to expedite its green energy transition and become energy independent. As per the International Monetary Fund, the supply of Russian gas dropped by more than 80% and wholesale prices of electricity saw a 15-fold increase in early 2021, making energy-efficient heating the need of the hour.
Heavy initial investment costs may hold back product adoption
Boilers are more costly than furnaces and their installation also adds to the financial burden, which may pose a challenge to industry growth. In addition, the economic viability of gas-fired boilers has severely deteriorated owing to surging gas prices caused by the energy crisis, which is further hindering the industry scenario. Boilers also require constant up-keep, a broken boiler often turns into a costly affair due to the downtime caused and the expensive repair entailed.
Abundant availability of natural gas to greatly influence fuel segment growth
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Based on fuel, the Europe steam boiler market from natural gas segment is slated to witness a growth rate of over 5.5% by 2032. The abundant availability of natural gas makes gas-powered boilers the default space heating solution. Given the low-emission nature of the resource and Europe’s active climate pledges, gas supply network has been expanding at an exponential pace in the region. In fact, back in 2022, the Southern Gas Corridor transported 11.4 billion cubic meters of gas to Europe. Currently, the EU gas network comprises over 200,000 km of transmission pipelines for efficient transportation of the fuel.
Low operational cost to bolster ≤ 10 MMBtu/hr capacity segment share
| Capacity | CAGR, 2023 - 2032 (%) |
|---|---|
| ? 10 MMBtu/hr | 6.8% |
| > 10 - 50 MMBtu/hr | 5.5% |
| > 50 - 100 MMBtu/hr | 5.5% |
| > 100 - 250 MMBtu/hr | 5.5% |
| > 250 MMBtu/hr | 4.9% |
The ≤ 10 MMBtu/hr capacity steam boiler market in Europe is poised to register nearly 6.5% gains between 2023 and 2032, driven by the low operational costs of these boilers. Additionally, some of the other imperative boiler features, including reduced energy costs, and better comfort are further defining the business scenario in favor of these boilers. The growing demand for ≤ 10 MMBtu/hr steam boilers can also be credited to surging government initiatives to attain energy optimization. As per IEA, the government of France is expected to invest over €1 billion (USD 1.05 billion) in renewable energy innovation projects as part of the France 2030 national investment plan.
Strong demand for space heating to spur industry outlook across Germany
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Steam boiler market in Germany accounted for around 20% of the revenue share in 2022. The country is commonly characterized by its harsh winters, which effectively results in a particularly high demand for space heating in this economic hub. Germany also has a growing tourism sector, which has created a strong impetus for the market from the nation’s F&B and hospitality industries. Moreover, increasing investments towards the development of the region’s pulp & paper, chemical, and food processing markets is also providing ample business opportunities in the segment.
Mergers and acquisitions to outline the competitive landscape
Some prominent Europe steam boiler market players include The Fulton Companies, Miura America Co., Clayton Industries, FERROLI, Babcock & Wilcox Enterprises, Hurst Boiler & Welding Co, Hoval, and VIESSMANN, among others. Many of these firms are emphasizing of mergers and acquisitions to enhance their industry position in a relatively quick manner. Citing an instance, in January 2023, Babcock Wanson, a UK-based manufacturer of industrial boilers, announced its acquisition of Parat, a leader in high-voltage boiler segment, and PBS Power Equipment, a market leader in boiler solutions based out of Europe.
The acquisition is expected to help Babcock Wanson strengthen its pan-European industry position for energy transition and turn it into a market leader in decarbonization of the industrial space.
Impact of COVID-19 on industry trends
The COVID-19 pandemic had a negative impact on steam boiler market in Europe on account of an unprecedented halt in supply chain and industry closures. However, in 2021, the region’s primary energy consumption witnessed a rebound from the decline observed in 2020, which is likely to elevate the demand for heating systems such as steam boilers. Furthermore, rising support by the government to increase the deployment of clean energy technologies will augmenting industry expansion in the post-pandemic world.
In fact, in the National Resilience and Recovery Plan, Italy contributed €59 billion (USD 62 billion) to provide incentives on renewables between 2021-2026.
The Europe steam boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units”, “MMBTU/hr” & “USD” from 2019 to 2032, for the following segments:
Market Insights, By Fuel
- Natural Gas
- Oil
- Coal
- Others
Market Insights, By Capacity
- ≤ 10 MMBtu/hr
- > 10 - 50 MMBtu/hr
- > 50 - 100 MMBtu/hr
- > 100 - 250 MMBtu/hr
- > 250 MMBtu/hr
Market Insights, By Technology
- Condensing
- Non-Condensing
Market Insights, By Application
- Commercial
- Offices
- Healthcare Facilities
- Educational Institutions
- Lodgings
- Retail Stores
- Others
- Capacity
- ≤ 10 MMBtu/hr
- > 10 - 50 MMBtu/hr
- > 50 - 100 MMBtu/hr
- > 100 - 250 MMBtu/hr
- > 250 MMBtu/hr
- Fuel
- Natural Gas
- Oil
- Coal
- Others
- Technology
- Condensing
- Non-Condensing
- Industrial
- Food Processing
- Pulp & Paper
- Chemical
- Refinery
- Primary Metal
- Others
- Capacity
- ≤ 10 MMBtu/hr
- > 10 - 50 MMBtu/hr
- > 50 - 100 MMBtu/hr
- > 100 - 250 MMBtu/hr
- > 250 MMBtu/hr
- Fuel
- Natural Gas
- Oil
- Coal
- Others
- Technology
- Condensing
- Non-Condensing
The above information has been provided for the following countries:
- France
- UK
- Poland
- Italy
- Spain
- Austria
- Germany
- Sweden
- Russia