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Steam Boiler Market size to reach $22 Bn by 2032

  • Published Date: April 3, 2023

Steam Boiler Market size is anticipated to cross USD 22 billion by 2032, according to the new research report by Global Market Insights Inc.

The increasing investments towards healthcare infrastructure upgradations are likely to fuel the industry growth by 2032. Post COVID-19, many governments have been putting consolidated efforts towards pandemic proofing their healthcare capabilities. In fact, according to non-profit organization, HIMSS, The US needs a total investment of more than USD 36.7 billion over the next decade to modernize its State, Tribal, Local and Territorial (STLT) public health infrastructure to effectively address ongoing as well as emerging public health emergencies.

Surging demand for energy efficiency to foster condensing technology segment growth

The condensing steam boiler market is poised to grow at 9% CAGR from 2023 to 2032. The rollout of favorable emission control mandates is creating lucrative product growth opportunities. According to GreenMatch, a UK-based consumer guide that helps customers transition to green energy, condensing steam boilers have an annual carbon footprint of just 5.2 tons CO2, which is almost 3 tons lower than its non-condensing counterparts. In addition, these boilers are also boast of a 99% efficiency, which makes them highly cost-efficient over the long run.

Strong demand from the food processing sector to drive industrial application share

The industry size from industrial applications was valued at more than USD 8 billion in 2022, with the global food processing sector bringing in a majority of the expansion. A paradigm shift in dietary habits is creating a strong demand for high nutritional value foods such as meats and chocolates, garnering a notable demand for these systems throughout the food processing industry. The market also possesses another notable revenue pocket in the form of the metal processing market. The businesses use steam boilers for numerous processes such as extraction, rectification, distillation, refining and synthesis.

Browse key industry insights spread across 1650 pages with 3445 market data tables & 51 figures & charts from the report, “Steam Boiler Market Size By Capacity (≤ 10 MMBtu/hr, > 10 - 50 MMBtu/hr, > 50 - 100 MMBtu/hr, > 100 - 250 MMBtu/hr, > 250 MMBtu/hr), By Fuel (Natural Gas, Oil, Coal), By Technology (Condensing, Non-Condensing), By Application (Commercial, Industrial) & Forecast, 2023 – 2032” in detail along with the table of contents:

Favorable incentives to shape North America industry outlook

The North America steam boiler market is estimated to amass USD 4 billion by 2032, driven primarily by the introduction of favorable tax incentives in the region. The province is heavily reliant on space heaters to keep residential and commercial properties heated through the harsh winter months. In fact, according to the US EPA, homeowners annually spend more than USD 73 billion, or 29% of their overall energy bills, on space heating, while commercial buildings spend over USD 27 billion, or 15% for the same.

Given that space heating is a major emission producer in the region, government agencies are rolling out tax breaks for consumers to encourage them to adopt more energy-efficient technologies that burn less fuel. These tax breaks are likely to shape the regional industry scenario through 2032.

Product launches to outline the competitive landscape for steam boiler market

The worldwide steam boiler business is populated with players such as Bosch Industriekessel, Atlantic Boilers, Babcock & Wilcox Enterprises, Cleaver-Brooks, Babcock Wanson, Clayton Industries, Doosan Heavy Industries & Construction, Cochran, General Electric, Mitsubishi Heavy Industries, and VIESSMANN among others. Many firms frequently launch new product iterations to keep pace with the tightening emission norms.

Authors: Ankit Gupta, Shubham Chaudhary