Steam Boiler Market Analysis

Steam Boiler Market Analysis

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.