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Steam Boiler Market size surpassed USD 13.4 billion in 2023 and is projected to grow at 5.8% CAGR from 2024 to 2032, driven by the tightening government mandates on limiting carbon emissions.
In recent years, growing climate concerns have directed world government focus towards bringing sizable reductions to their respective carbon footprints through strict emission control policies. These initiatives have subsequently created a notable impetus for energy-efficient steam boilers globally. The global market for boilers is likely to witness 5.5% CAGR and will cross USD 180 billion by 2032.
Report Attribute | Details |
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Base Year: | 2023 |
Steam Boiler Market Size in 2023: | 13.4 billion (USD) |
Forecast Period: | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR: | 5.8% |
2032 Value Projection: | 22.1 billion (USD) |
Historical Data for: | 2019 to 2023 |
No. of Pages: | 1,650 |
Tables, Charts & Figures: | 3,494 |
Segments covered: | Fuel, Capacity, Technology, Application |
Growth Drivers: |
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Pitfalls & Challenges: |
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Despite the overall steam boiler market scenario turning favorable for steam boilers, the high prices and installation costs associated with them are notably holding back the business statistics. Steam boilers across both commercial and residential spaces also entail tight maintenance and upkeep schedules to operate without any issues, which further affects the prices. Additionally, the availability of more aggregable alternatives further sways consumer demand away from the market.
The steam boiler market from natural gas segment is anticipated to witness 6.3% growth during 2023-2032, primarily backed by the increasingly competitive natural gas prices worldwide. In addition, growing world government focus towards the rollout of more sustainable heating technologies is also playing in favor of the industry growth. Moreover, many government agencies have issued mandates to replace old boilers in residential and commercial establishments to curb carbon emissions. The existence of consolidated gas supply networks in nations and the ease-of-extraction of natural gas further adds momentum to the replacement initiatives, supplementing the business scenario.
The ≤ 10 MMBtu/hr steam boiler market is poised to attain 6.2% gains through 2032, led by a effective demand from the commercial sector. Many commercial establishments prefer these units owing to the key benefits they offer, including ease-of-installation, low initial investment, and affordable maintenance. Business owners are becoming more aware of their expenditures and environmental impact, which is pushing them to adopt more efficient and reliable heating units.
The Asia Pacific steam boiler market is slated to observe 5.7% growth rate between 2023 and 2032, on account of the introduction of strict government norms and guidelines for emission reduction and pollution control. Regional governments are also heavily investing towards their healthcare infrastructure to make themselves more pandemic proof and capable of capitalizing on the influx of medical tourism to the region.
According to the Indian Brand Equity Foundation, India’s medical tourism sector is on its way to reach a valuation of more than USD 13.5 billion by 2026. With space heating and cooling being a critical element of any healthcare facility, a major chunk of this investment is likely to flow towards the region’s steam boiler industry.
The list of major steam boiler market players includes names such as :
Given the rollout of tight emission norms, many leaders have taken to frequently launching new product iterations to capture customer demand. The new boilers provide users precise control over the pressure of the steam, fully modulating multi-stage input of power, easy installation, and remote monitoring of operating.
COVID-19 had a severely negative impact on the global industry as supply chain disruptions and social distancing mandates made a direct impact on the world’s energy consumption. With almost all commercial establishments laying vacant for the better part of two years, property owners did not see any use for their space heating solutions. However, the pandemic also created a novel opportunity for the market as property owners were forced to switch to heating solutions that kept the space heated while ensuring that they do not spread the virus inadvertently.
Now, with the pandemic quickly becoming a distant memory and many organizations resuming work from office practices, the need for space heating is likely to increase notable, creating novel opportunities for the market for steam boilers.
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Market, By Fuel
Market, By Capacity
Market, By Technology
Market, By Application
The above information has been provided for the following regions and country: