According to the latest report published by Credence Research, Inc. “Steam Boiler Systems Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global steam boiler systems market was valued at US$ 12.24 Bn in 2016, and is expected to reach US$ 20.05 Bn by 2025, expanding at a CAGR of 5.5% from 2017 to 2025.
Browse the full report Steam Boiler Systems Market – Growth, Future Prospects and Competitive Analysis, 2017–2025 report at https://www.credenceresearch.com/report/steam-boiler-systems-market
The global market for steam is anticipated to progress at a moderate growth rate. Steam boilers are used across several industries as generators to produce power. Steam boiler systems, based on their types are classified into water tube boilers, fire tube boilers and super heaters. Among these, water tube boilers have emerged as the largest segment in the base 2016 and is anticipated to retain its dominance through the forecast period. Water tube boilers are majorly used in high pressure applications, i.e. in comfort heating.
Rise in demand for energy across the world forms the largest driving factor for the global stem boiler systems market. These systems are touted to be highly efficient in augmenting power plant productivity. Growth in government initiatives aiming at swift adoption of steam boilers and respective incentives in terms of subsidies will further add to growth in demand for steam boiler systems. On the down side, high installation and maintenance cost of these systems may hold back the growth of this market during the forecast period.
For the purpose of this study, the global steam boiler systems market is geographically segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa markets. Currently, North America holds the largest market share in terms of revenue. It is further predicted that the region shall continue its dominance through the forecast period majorly attributed by the proliferation of food processing industry. In addition, large scale requirement of steam boiler systems from refineries, and power plants in North America will also contribute to the dominance of the region. Demand for steam boiler systems in commercial and residential heating is also significant in North America.
Asia Pacific is expected to witness remarkable progress in the steam boiler systems market in the near future. Penetration of market incumbents in the Asian market is expected to drive Asia Pacific market. Proliferation of infrastructure and industrialization in the region is further augmenting the demand for steam boiler systems in Asia Pacific market. China and India form the largest country level markets for steam boiler systems in Asia Pacific.