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The increase in government initiatives to encourage the use of steam boiler systems, such as the provision of rebates and subsidies for their purchase.

HYDERABAD, TELANGANA, INDIA, October 28, 2022 /EINPresswire.com/ -- The global Steam Boiler Market is estimated to surpass $21.46 billion mark by 2026 growing at an estimated CAGR of more than 3.9% during the forecast period 2021 to 2026. The growth of the demand for steam boiler systems is driven mainly by increased usage of steam boilers in various end-user industries. This rise can be attributed to the increase in the deployment of steam boilers worldwide in the manufacturing and processing industries. In addition, new power plants are being set up to meet the growth in demand for power from the manufacturing industries, which is further increasing the demand for steam boiler systems. New product innovations and contracts and agreements were the strategies most widely implemented by the top players. This was followed by mergers & acquisitions and investment & expansions.

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Key Takeaways
1. High demand for electricity has been driven by industrialization and the rising use of electrical appliances and machinery, along with growing economic development in developing countries. This pattern is more pronounced in the population of the Asia Pacific zone, which is projected to hit 5.1 billion by 2050.
2. China and India have both been transformed into lucrative manufacturing markets and the world's fastest-growing economies by supportive industrial development policies, low-cost raw materials, ease of availability, and cheap labour costs. This is resulting in surge in demand for electricity in industrial applications.
3. Increase in power plant capacity addition set to drive demand for steam boilers in the energy and power sector in the medium to long term.

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Segmental Analysis:

Steam Boiler Market Segment Analysis - By Type: Steam Boilers are generally categorised into Gas, Electric, Coal, Oil, Others. The demand for electricity is rising due to factors such as increasing industrialization and the increasing use of electrical equipment and machinery, along with growing economic growth. Thus, this is propelling the demand for power generation systems including steam boiler systems. In addition, an increase in the addition of power plant capacity due to the building of new power plants and the reconstruction of existing ones worldwide is projected to intensify the global demand. The coal segment held the highest market share in 2020.

Steam Boiler Market Segment Analysis - By End-Use Industry: Energy and Power sector will be a major end-user for steam boilers in the global market. The rising power plant capacity will be a major cause of this market growth. The International Energy Agency’s World Energy Investment Outlook estimated that around USD 9.5 trillion would be spent on the construction of new power plants and in the refurbishment of existing ones across the world from 2014 to 2035. More than 30% of which is expected to be utilized for fossil-fuel-based thermal power plants. Increased generation capacity is expected to be achieved mainly through thermal power plants based on fossil fuels, which act as a primary source of electricity generation in these countries.

Steam Boiler Market Segment Analysis - By Geography: Geographically, APAC region is anticipated to witness significant market growth during the forecast period 2021-2026 with a CAGR of 4.9%. According to the IEA, the Asia Pacific zone has seen an increase in primary energy usage, from 5748 million tonnes of oil equivalent in 2017 to 6185.8 million tonnes by the end of 2019. In the Asia Pacific region, the full utilisation of coal has been accomplished. The largest share of global electricity usage was owned by China in 2019, which accounted for 46.7 per cent of overall global electricity consumption in non-OECD nations. The move towards the implementation of alternate green energy sources, such as hydropower and Steam Boiler, to meet energy scarcity and energy needs is expected to fuel demand growth in the country.

Competitive landscape:

The top 5 players in the Steam Boiler industry are:
1. GE
2. Alfa Laval
3. Doosan
4. Viessmann
5. BHEL

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