Europe Steam Boiler Market Size

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.

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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.