Europe Steam Boiler Market size worth $6.5 Bn by 2032

Europe Steam Boiler Market size is set to surpass USD 6.5 billion by 2032, according to a new research report by Global Market Insights Inc.
 

As per the report, surging need for space heating in Europe is a key driver behind market growth. Cooling and heating constitutes nearly 50% of the EU’s energy consumption as the region experiences both very high temperatures during summers and extremely cold weather during winters. In fact, in the backdrop of the ongoing energy crisis, surging disposable income of people in the region, specifically those living in cold countries, in increasingly going towards space heating solutions. Under the EU State aid rules, the European Commission recently approved a €2.98 billion (USD 3.15 billion) German scheme for encouraging district heating by using clean energy.
 

Easy availability of oil reserves to impel fuel segment expansion

Based on fuel, the oil segment accounted for over 20% of the Europe steam boiler market in 2022, owing to the easy availability of oil, with countries such as Norway sitting on vast oil reserves. The widescale availability of the fuel increases its adoption as a power source for heating systems. In fact, oil is responsible for almost 35% of the region’s energy mix. The region is also a major importer of oil, with total crude oil imports to the region standing at 440.3 million tonnes in 2020. While Russia was a major exporter to the region in 2020, the bloc is currently exploring deals with other oil producing countries to reduce their reliance on Russian energy imports.
 

Rising government policies to cut carbon emissions to fuel condensing technology segment growth

Europe steam boiler market size from the condensing technology segment is anticipated to reach over USD 5 billion by 2032. Condensing boilers have a low heating cost and are highly energy-efficient as they consume less gas. Shifting government policies towards the utilization of energy-efficient heating technologies to curb carbon emissions in the region are expected to elevate the product demand. To that end, US and Germany entered into a Climate and Energy Partnership in July 2021 to collaborate on deploying critical energy technologies.
 

Tightening emission control norms to foster commercial application segment growth

Europe steam boiler market from commercial applications is predicted to observe more than 7.5% growth rate by 2032, driven by the growing adoption of strict emission norms to promote the use of advanced, low-carbon heating systems. Increasing spending by private players and publicly traded firms for the expansion of their respective work areas are creating a strong demand for space heating solutions such as steam boilers. Meanwhile, government and private investments towards the upgradation of the region’s healthcare infrastructure is slated to bring further revenue opportunities to the market.
 

Browse key industry insights spread across 1070 pages with 1564 market data tables & 35 figures & charts from the report, “Europe Steam Boiler Market Size By Capacity, By Fuel (Natural Gas, Oil, Coal), By Technology (Condensing, Non-Condensing), By Application (Commercial, Industrial), COVID-19 Impact Analysis, Forecasts 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/europe-steam-boiler-market
 

Strong focus on achieving carbon neutrality across France

France steam boiler market value is projected to witness USD 900 million by 2032, fueled by the French government’s strong resolve towards achieving carbon neutrality. The country has taken a climate pledge to reach carbon neutrality by 2050 and become Europe’s first major decarbonized economy. For this purpose, it has set ambitious targets to expedite its transition towards a cleaner and healthier future, further elevate the business scenario for energy-efficient heating systems such as steam boilers. The country’s efforts towards decarbonizing is also creating lucrative opportunities for the market.
 

Product innovations to define the competitive landscape for Europe steam boiler market

Key participants operating in the global industry are Miura America Co., Clayton Industries, FERROLI, Atlantic Boilers, John Cockerill, Cochran, Hurst Boiler & Welding Co, Hoval, VIESSMANN, and Bosch Industriekessel, among others. Many of these firms are focusing on product innovations to consolidate their standing in a rapidly expanding market.