Steam Boiler Market Share 2020 COVID – 19 Impact Analysis, Outstanding Growth and Demand by Forecast

Steam boilers have manifold functions in diverse industries. They find usage in a host of application areas ranging from sugar industries, cotton mills, to power generation plants. Market Research Future (MRFR) has published an in-depth report on the global steam boiler market, covering all essential accruals of the market. The report has been compiled after thorough analysis of all the pertinent factors that could affect the Steam Boiler Market Share over the forecast period of 2018-2023. MRFR's analysis has projected a CAGR of 4.10% in the market over the forecast period. Perhaps, fast-track industrialization in the developing regions can be chiefly credited for generating incremental demand within the market, which was previously sustained by the developed countries. Steam boilers are of paramount importance to industrial and chemical processes as a medium of heat delivery. Steam boilers are extensively used in frigid areas for providing hot water supply to buildings and for other heating purposes. Growing power requirements of the mushrooming population has led to increased investments in the expansion of power generation capacities. Additionally, major economies of the globe have demonstrated heightened interest towards environmentally fewer polluting methods of power generation such as clean coal technologies and Combined Cycle Gas Turbines (CCGT), where steam boilers work in tandem with other components to produce electricity in a less polluting manner. Conversion of various open-cycle gas turbine (OCGT) plants to CCGT plants have also opened new avenues for the growth of the market. Moreover, steam boilers have multifarious application and growth in end-use industries have resonated strong growth within the market. Segmentation The global Steam boiler market has been segmented based on type, component, fuel, and end-user. By component, the steam boiler market has been segmented into boiler, economizer, superheater, air preheater, and feed pump. The boiler segment is anticipated to be the largest segment over the forecast period. The growth of the market can be credited to the increasing power demand in developing countries and substantial investments made for the expansion of capacity. By fuel, the steam boiler market has been segmented into coal-fired steam boiler, gas-fired steam boiler, oil-fired steam boiler, biomass-fired steam boiler, and electric steam boiler. The coal-fired steam boiler segment is anticipated to account for the largest share of the market. Coal is extensively used for power generation. As per the reports of IEA, coal fuel makes up for 40% share of the global electricity production. Coal is the most widely used fuel source in developing countries. Regional Analysis Region-wise, the global steam boiler market has been segmented into North America, South America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC). APAC is the largest market and held the largest market share in 2017. The region is investing heavily in capacity expansion due to accelerated industrial activities in the region, which

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