A steam boiler system is an economical way to create and move steam around a facility. The boiler creates steam by applying heat energy to water which is then used for generating power in steam engines or steam turbines, in process industries for various processes, for heating the buildings in cold weather and to produce hot water for hot water supply. There are two main types of steam boilers, fire tube, and water tube boilers. These systems are being used in Oil & Gas, Power, Chemical and Food processing industries and in residential areas as well. The boilers can be coal-fired, oil fired or biomass-fired and each of them is designed differently. Coal is one of the major fuels used due to its easy availability and low cost. The Asia Pacific region holds a significant market share due to industrial growth in countries like India and China.
Rapid urbanization and expansion of manufacturing industries increase the demand for electricity which is considered as the driving factor for the growth of the steam boiler systems market. New power plants are being constructed and the power generation capacity of existing ones are being increased. Increasing adoption of steam boilers in the commercial and residential sector also anticipate the growth of steam boilers market in the forecast period. High initial and maintenance cost of steam boilers is considered as the restraining factor for the growth of the market
The steam boiler system market has been analyzed through the following segments: