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Albany, New York, Feb. 20, 2019 (GLOBE NEWSWIRE) -- The global steam boiler systems market is highly fragmented due to the presence of innumerable small as well as large-scale companies, observes Transparency Market Research based on a newly published report. Major industries participants in the global steam boiler systems market are Royal Dutch Shell Plc, Nynas AB, Russian Rosneft, BP, and China Petrochemical Corporation, among others. The global level leading players are Alstom, General Electric, Cleaver - Brooks Inc., BHEL, and Larsen & Toubro Ltd. These players collectively held a share of more than 46% in the overall market in 2015. These players are actively involved into acquisitions and mergers that are expected to increase the competition within the market over the years to come.
According to the research report by Transparency Market Research, the global steam boiler systems was valued at US$12.0 bn in 2015 and is projected to expand at a CAGR of 5.30% from 2016 to 2024. Based on type, the market is segmented into fire tube boiler, water tube boiler, and super heater. Among these, water-tube boiler segment held significant market share during the forecast period due to its higher efficiency and wide usage in large power plants.
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In the regional platform, North America is the largest market in terms of market revenue share accumulated in overall steam boiler system. Further, this region is expected to continue its dominance by the 2024. According to the study, North America led the global steam boiler systems market with a share of more than 30% in 2015. Europe and Asia Pacific are likely to witness a healthy progress in the global steam boiler systems market in the near future.
Space-Utilization Boosts the Growth Opportunities Worldwide
Rising demand for energy across the globe and large-scale requirement of steam boilers from power plants is boosting the market. Refineries and others are believed to be the dynamic factor behind the growth of steam boiler system market. Further, increasing use of steam boiler systems by food processing industry is also projected to boost the demand for steam boiler system. Moreover, government-taking steps for the usage of steam boilers systems are driving the market. Along with providing incentives in terms of subsidies are envisioned to bolster the growth of the global steam boiler system market over the forecast period.
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The need to ensure space utilization has contributed to a high demand of steam boilers that have compact designs and are fuel-efficient. Boiler manufacturers are focused on promoting steam boilers that are customized for different process requirements in various industries such as power generation, oil & gas, and chemical.
Increasing Pollutants Effects the Adoption of Steam Boiler System
The governments of developed countries worldwide have formulated strict emission standards for boilers, which in turn, are projected to affect the growth of the global steam boiler system market. Steam boiler system utilizes fuel to generate steam, which results in the release of pollutants into the atmosphere. Emission standards are formulated to limit the emission of air pollutants such as sulfur dioxide, soot, nitrogen oxide, and mercury and its compounds. Manufacturers of steam boilers find it challenging to comply with these stringent emission standards, owing to the high R&D investments involved in designing eco-friendly boilers. Nevertheless, increasing investment toward the thermal power capacity, construction, and updating of power plants will boost the global steam boiler system market.
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This review is based on a TMR report, titled, “Steam Boiler Systems Market (Type - Fire tube boiler, water tube boiler, and super heater; Application – Generators, Steam Engines, Cement Production, Agriculture; End User – Food, chemical, refineries, primary meal, thermal power plants, and others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024”.
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The report segments the global Steam Boiler Systems Market as:
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