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Steam Boiler Market Size

Report ID: GMI3177
Published Date: Jul 2024
Report Format: PDF

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Steam Boiler Market Size

Steam Boiler Market size was valued at USD 13.4 billion in 2023 and is estimated to grow at a rate of 5.8% from 2024 to 2032. Ongoing technological advancements enabling the use of natural gas, shale gas and electricity as the preferred feedstock will augment the business landscape. For instance, in 2022, Weil-McLain has introduced Smart Sequencing technology to minimize the energy costs. The technology allows boilers to maintain optimal efficiency through lead lag rotation and balanced heat loading.

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A steam boiler is a device used to produce steam by applying heat energy to water. The primary function of this boiler is to produce steam for various industrial and domestic applications, including power generation, heating, and process use. These systems operate by burning fuels such as coal, oil, natural gas, or utilizing electricity to heat water, creating steam under pressure. The generated steam can be used to drive turbines for electricity production, provide heat in industrial processes, or supply steam for heating systems.

Steam Boiler Market Report Attributes
Report Attribute	Details
Base Year:	2023
Steam Boiler Market Size in 2023:	USD 13.4 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5.8%
2032 Value Projection:	USD 22.1 Billion
Historical Data for:	2021 to 2023
No. of Pages:	160
Tables, Charts & Figures:	105
Segments covered:	Fuel, Capacity, Technology, Application & Region
Growth Drivers:	Increasing demand for space heating in commercial buildings Stern policy framework for the development of green buildings Stringent government regulations pertaining to carbon emissions Replacement of the existing heating units with energy-efficient systems
Pitfalls & Challenges:	High initial investment Increasing popularity of available alternatives

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Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

Steam boiler market size was worth USD 13.4 billion in 2023 and will grow at 5.8% CAGR between 2024 and 2032, propelled by the growing demand for efficient energy solutions in industrial processes, and the need for heating in commercial and residential sectors.

The natural gas segment will garner 6% CAGR through 2032 due to its high efficiency, lower emissions, and cost-effectiveness compared to coal and oil-fired boilers.

Asia Pacific steam boiler industry will reach USD 9 billion by 2032, owing to the expanding food and beverage, chemical, and power generation industries, rapid industrialization, urbanization, and the growing population.

Some of the leading steam boiler industry players include Atlantic Boilers, Babcock & Wilcox Enterprises, Babcock Wanson, Bosch Industriekessel, Clayton Industries, Cleaver-Brooks, Cochran, FERROLI, Forbes Marshall, and General Electric, among others.