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Europe Steam Boiler Market - By Capacity, By Fuel (Natural Gas, Oil, Coal), By Technology (Condensing, Non-Condensing), By Application (Commercial, Industrial), COVID-19 Impact Analysis, Forecasts 2024 – 2032

  • Report ID: GMI5470
  • Published Date: Mar 2023
  • Report Format: PDF

Europe Steam Boiler Market Size

Europe Steam Boiler Market size valued at USD 4.2 billion in 2023 and is projected to expand at more than 6% CAGR from 2024 to 2032. Driven by the strict policies for the development of green buildings.
 

Europe Steam Boiler Market

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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.
 

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.
 

Europe Steam Boiler Market Analysis

Europe Steam Boiler Market Share By Fuel

 

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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.
 

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

In 2023, the market size of Europe steam boiler crossed USD 4.2 billion and is slated to grow at over 6% gains through 2032, on account of strict policies for green building development.
The ? 10 MMBtu/hr capacity segment is anticipated to grow at over 6.5% CAGR between 2023 and 2032, driven by the low operational costs of these boilers.
Where is Germany steam boiler industry growth expected to come from? Germany accounted for more than 20% of the revenue share in 2022, increasing investments towards the development of the region’s pulp & paper, chemical, and food processing markets will drive the regional growth through 2032.
The list of major players includes in the global industry are Mitsubishi Heavy Industries, Thermax Limited, Babcock Wanson, PARKER BOILER, Forbes Marshall, General Electric, and John Wood Group, among others.

Europe Steam Boiler Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 22
  • Tables & Figures: 1599
  • Countries covered: 9
  • Pages: 1070
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