Sarasota, FL -- (SBWire) -- 01/19/2019 --Global Steam Boiler System Market: Overview
In the steam boiler system, a boiler furnace heats water through the means of gas or oil-fired burner and then turns it into steam. After wards, the steam travels through pipes to radiators or convectors, which give off heat and warm the room.
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Global Steam Boiler System Market: Growth Factors
Rising demand for energy across the world is anticipated to contribute notably towards the growth of steam boiler system market in the years ahead. The augmenting need to improve energy efficacy of power plants and power generation process has been fueling the demand for steam boiler systems substantially. The rise in the government initiatives to encourage the usage of steam boiler systems, such as providing rebates and subsidies on their purchase, is also adding to the growth of this market remarkably. However, the high initial, as well as maintenance cost of these systems may limit their uptake, hindering the progress of this market in the near future. Industrialization and the increasing use of electrical appliances and machinery along with the growing economic activities in the developing countries will generate strong demand for electricity. This, in turn, will further spur steam boiler system market trends in the near future. Massive population in countries such as India and China in APAC will pave the way to huge demand for power and this will lead to humungous demand for power supply, thereby generating ripples of growth across the steam boiler system market. Furthermore, favorable industrial growth policies, low raw materials cost, ease of availability, and cheap labor cost has turned China and India into attractive business destinations and fastest growing economies in the world, thereby further propelling the business scope in these regions.
Global Steam Boiler System Market: Segmentation
The global steam boiler system market can be divided based on Component, Type Fuel type, and End-user. Based on Component, the steam boiler system market is segmented into Boiler, Economizer, Superheater, Air Preheater, and Feed Pump. On the basis of type, the market is divided into Watertube Boiler and Fire Tube Boiler. Based on the fuel type, the market is sectored into Coal, Gas, Biomass, Oil, and Electric.
Global Steam Boiler System Market: Regional Analysis
Based on regions, the global steam boiler system market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is projected to dominate the global market in the years ahead, owing to increasing number of chemical manufacturing units, food processing facilities, power plants, and oil and gas refineries resulting in tremendous demand for steam boiler systems in the region. Increasing applications of steam boiler systems in the commercial and the residential sectors are also anticipated to add to the growth of this regional market in the near future.
Europe, which is also considered as one of the key markets for steam boiler systems, is likely to report an upswing in its total share in the global market in the years to come, thanks to the presence of a large number of established manufacturing industries. Among others, the Asia Pacific market for steam boiler systems is expected to register a healthy growth rate over the next few years on account of rising industrialization and escalating demand for energy in emerging economies, such as China and India.
Global Steam Boiler System Market: Competitive Players
Some of the most prominent players of steam boiler systems across the world are Hurst Boiler & Welding Co. Inc., Larsen & Toubro Ltd., Fulton Boiler Works Inc., BHEL, Byworth Boilers, Clayton Industries, Doosan, Buderus, Zhengzhou Boiler (Group) Co. Ltd., and Cleaver-Brooks.
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Global Steam Boiler System Market: Regional Segment Analysis
North America
The U.S.
Europe
The UK
France
Germany
The Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
Steam Boiler System Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2018–2026