Global Boilers And Steam Generators Market Overview
The Boilers And Steam Generators Market Size was estimated at 49.54 (USD Billion) in 2022.The Boilers And Steam Generators Industry is expected to grow from 51.23(USD Billion) in 2023 to 69.3 (USD Billion) by 2032. The Boilers And Steam Generators Market CAGR (growth rate) is expected to be around 3.41% during the forecast period (2024 - 2032).
Key Boilers And Steam Generators Market Trends Highlighted
The soaring demand for efficient heating and power generation is propelling the growth of the Boilers and Steam Generators market. Key drivers include stringent environmental regulations and the need for sustainable energy solutions. Opportunities lie in the adoption of advanced technologies like digitalization and IoT for remote monitoring and optimization. Recent trends indicate a shift towards renewable energy sources, necessitating the development of boilers and steam generators compatible with biofuels and hydrogen. The rise of modular designs and pre-engineered solutions is also gaining traction due to their flexibility and cost-effectiveness. Additionally, the increasing demand for district heating and combined heat and power (CHP) systems in urban areas presents significant growth opportunities.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Boilers And Steam Generators Market Drivers
Increasing Demand for Energy-Efficient Boilers
Boilers and steam generators provide cost-effective and reliable heating solutions for various industrial and commercial applications. However, growing concerns over energy efficiency and sustainability have increased the demand for high thermal efficiency and low-emission boilers and steam generators. Several governments are implementing stringent regulations to encourage the adoption of energy-efficient technologies, which is contributing to market growth.Moreover, the increasing energy prices and the need for industries to minimize their operating costs are promoting the adoption of energy-efficient boilers and steam generators.
Expansion of Power Generation Capacity
The rapid growth in the consumption of electricity results in an increase in power generation capacities. The latter leads to the high demand for boilers and generators. One of the main users of boilers is the thermal power plants that are widely spread and utilized all over the globe to produce electricity. The latest projection implies that the tendency for the growth of electricity consumption and, hence, investment in thermal power plants will continue and this is beneficial for the industry of Boilers And Steam Generators Market.
Growing Industrialization and Urbanization
The rapid industrialization and urbanization powered the growth of the Boilers And Steam Generators Market Industry in the developing countries. A higher number of manufacturing facilities, food processing plants and other industrial entities have been equipped with the devices ever since. Moreover, as the urban population continues to grow, the demand for heating and hot water is on the rise.
Boilers And Steam Generators Market Segment Insights
Boilers And Steam Generators Market Boiler Type Insights
The Boilers And Steam Generators Market is segmented by Boiler Type into Firetube Boilers, Watertube Boilers and Electric Boilers. Firetube Boilers held the largest market share in 2023, with over 55% of the market revenue. This is due to their simple design, ease of maintenance, and lower initial investment cost compared to other types of boilers. Firetube boilers are suitable for residential, commercial, and industrial applications where lower steam pressure and capacity are required. At the same time, Watertube Boilers are also likely to show high growth.By 2032, they are forecasted to take a market share of 20% due to their higher efficiency, capability to withstand higher pressures, and suitability for large power generation and the industrial segment. They have more flexibility in terms of the fuel used and can be tailored according to specific steam requirements. High growth is expected due to the increased efficient and reliable power generation demand. Electric Boilers seem to be gaining popularity with growing awareness of the benefits of this boiler type. Being environmentally friendly as they do not generate emissions, they have a compact size and are easy to install.Their application is convenient, there there are space constraints and tight environmental regulations. The high mark of 2023-2032 is predicted to drop by 2032. Inexpensive installation and the overall savings that come from minimized CO2 footprint, transportation of gas and electricity, and recirculation pumps. The demand will be further increased by growing popularity of electric boilers in residential and office buildings. Thus, by 2032, the Boiler Type is expected to have steady high growth throughout the forecast period due to the increase in demand for efficient, reliable steam generation systems for different applications and industries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Boilers And Steam Generators Market Fuel Type Insights
The Fuel Type segment of the Boilers And Steam Generators Market is divided into Natural Gas, Coal, Oil, Biomass and Electricity. Of these, Natural Gas is the largest segment, as it is the cheapest and the most environment-friendly of all the fuel sources. The fuel is also readily available. The natural Gas segment is expected to retain its position as the largest segment for the rest of the forecast period and will be worth USD 22.5 billion by 2024. Coal has been the traditional fuel source and is used widely in the whole world. However, its usage is becoming increasingly unpopular due to ecological concerns and can be limited by government rules in some regions.The fuel is still a significant part of the segment, especially in the up-and-coming economies. Oil is the third, albeit a distant, source of fuel. It is not very widely used around the world, as well as the cost and environmental impact of the fuel is too great. Biomass, the renewable source of energy, is growing ever more popular as a viable substitute for any of the other segment sources. It will take a larger part of the segment in the near future. The lastly mentioned will remain an alternative chiefly used due to high efficiency. It is limited by the availability and cost of electricity.
Boilers And Steam Generators Market Pressure Range Insights
The Boilers And Steam Generators Market is segmented based on pressure range into Low Pressure (0-150 psi), Medium Pressure (150-900 psi) and High Pressure (Over 900 psi). In 2023, the Medium Pressure segment dominated the market with a revenue share of 45.6%. This is attributed to the increasing demand for medium-pressure boilers in various industries, such as power generation, oil and gas and manufacturing. The High-Pressure segment is expected to witness significant growth over the forecast period due to the rising demand for high-pressure boilers in the chemical and petrochemical industries.
Boilers And Steam Generators Market Application Insights
The Boilers And Steam Generators Market is segmented into Industrial, Commercial and Residential applications. The Industrial segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the rising demand for boilers and steam generators in various industries, such as power generation, manufacturing and oil gas. The Commercial segment is also expected to witness significant growth due to the increasing number of commercial buildings and the need for efficient heating and cooling systems.The Residential segment is expected to grow at a steady pace, driven by the need for comfortable and energy-efficient heating solutions in homes and apartments.
Boilers And Steam Generators Market Capacity Insights
The Boilers And Steam Generators Market is segmented by Capacity into Small (Up to 500,000 BTU/hr), Medium (500,000 - 1,000,000 BTU/hr) and Large (Over 1,000,000 BTU/hr). The Small Capacity segment is expected to account for the largest share of the market in 2023, while the Large Capacity segment is expected to grow at the highest CAGR during the forecast period. The growth of the Large Capacity segment is attributed to the increasing demand for high-capacity boilers in power plants and industrial applications.
Boilers And Steam Generators Market Regional Insights
The Boilers And Steam Generators Market is segmented into regions such as North America, Europe, APAC, South America and MEA. Among these regions, North America and Europe are expected to hold a significant market share due to the presence of various end-use industries such as power generation, manufacturing, and oil gas. The Asia Pacific region is projected to witness the highest growth rate owing to rapid industrialization and urbanization. 
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Boilers And Steam Generators Market Key Players And Competitive Insights
Main players in the Boilers And Steam Generators Market industry are actively innovating and expanding their technological capabilities, which will positively affect the market’s growth over the upcoming years. The Boilers And Steam Generators Market competitors are also concerned with their expansion and reinforcing their distribution networks. The Boilers And Steam Generators Market industry's key rivals will try to outdo one another over the following years in terms of market presence and new product development as they aim for further market superiority through new alliances, acquisitions and product launches. The Boilers And Steam Generators Market advance is largely due to the increased need for energy-efficient and ecologically friendly models. Boilers And Steam Generators Market Competitive Landscape will witness an anticipated major consolidation over the next five years. The demand of this market is encouraged by increased demand for energy-efficient and environmentally friendly models. The competitive rivalry in the market is ultimately fueled by the presence of major players and the rate at which they are innovating.One of the major players in this market is Babock and Wilcox a leader in the design, making, and service of steam-generating and environmental technologies. This company delivers boilers and steam-generating units across all major industries, such as power, oil and gas and manufacturing. Boilers And Steam Generators Market Competition is also highly affected by the presence of Thermax, which is an Indian provider of energy and environmental solutions. Thermax also offers boilers and steam generators, including but not restricted to industrial boilers, power plant boilers and waste heat recovery boilers. Another major competitor in this market is Siemens a tech giant with a strong market presence in the field of energy. urrencies and Indices Conversion tables.
Key Companies in the Boilers And Steam Generators Market Include
Boilers And Steam Generators Market Industry Developments
The Boilers and Steam Generators Market size was valued at USD 46.71 billion in 2023 and is projected to reach USD 62.57 billion by 2032, exhibiting a CAGR of 3.41% during the forecast period. The market growth is primarily driven by increasing energy demand from various industries, growing need for efficient and reliable steam generation systems in power plants, and stringent government regulations on emissions. Additionally, advancements in boiler technologies, such as the development of high-efficiency boilers and the integration of renewable energy sources, are further contributing to market expansion. Recent news developments in the market include the launch of new boiler models with enhanced features by key players like Babcock Wilcox and Thermax, as well as strategic partnerships and acquisitions aimed at expanding market reach and product portfolios.
Boilers And Steam Generators Market Segmentation Insights
Boilers And Steam Generators Market Boiler Type Outlook
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Firetube Boilers
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Watertube Boilers
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Electric Boilers
Boilers And Steam Generators Market Fuel Type Outlook
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Natural Gas
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Coal
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Oil
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Biomass
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Electricity
Boilers And Steam Generators Market Pressure Range Outlook
Boilers And Steam Generators Market Application Outlook
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Industrial
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Commercial
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Residential
Boilers And Steam Generators Market Capacity Outlook
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Small (Up to 500,000 BTU/hr)
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Medium (500,000 - 1,000,000 BTU/hr)
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Large (Over 1,000,000 BTU/hr)
Boilers And Steam Generators Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
49.54(USD Billion) |
| Market Size 2023 |
51.23(USD Billion) |
| Market Size 2032 |
69.3(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.41% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Indeck, Parker Hannifin, Spirax Sarco, Cochran, Eaton, Doosan, General Electric, Thermax, Mitsubishi Heavy Industries, Amec Foster Wheeler, Wartsila, Alfa Laval, Siemens, Babcock Wilcox |
| Segments Covered |
Boiler Type, Fuel Type, Pressure Range, Application, Capacity, Regional |
| Key Market Opportunities |
Growing industrialization, increasing demand for electricity generation, technological advancements, rising infrastructure development and environmental regulations |
| Key Market Dynamics |
Rising demand for energy-efficient solutions Increasing demand for industrial boilers Growing adoption of renewable energy sources Technological advancements Expansion of manufacturing industries. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Boilers And Steam Generators Market was valued at USD 51.23 billion in 2023.
The Boilers And Steam Generators Market is expected to reach USD 69.3 billion by 2032.
The Boilers And Steam Generators Market is projected to grow at a CAGR of 3.41% from 2023 to 2032.
Asia Pacific is expected to hold the largest market share in the Boilers And Steam Generators Market, accounting for over 40% of the market.
The power generation segment is expected to drive the growth of the Boilers And Steam Generators Market, accounting for over 50% of the market.
Key competitors in the Boilers And Steam Generators Market include Babcock Wilcox Enterprises, Inc., General Electric Company, Mitsubishi Heavy Industries, Ltd., Siemens AG, and Thermax Limited.
Major growth drivers of the Boilers And Steam Generators Market include increasing demand for electricity, rising industrialization, and growing infrastructure development.
Key challenges faced by the Boilers And Steam Generators Market include stringent environmental regulations and high capital costs.
Key trends shaping the Boilers And Steam Generators Market include the adoption of advanced technologies, such as IoT and AI, and the growing adoption of renewable energy sources.
The Boilers And Steam Generators Market is expected to have a negative impact on the environment due to the emission of greenhouse gases.
