Steam Boiler Systems market will see an impressive year on year growth from 2018 to 2023

The recent study titled, “Steam Boiler Systems Market - Forecasts from 2018 to 2023” covers an in-depth analysis of the market on the basis of product type, fuel type, end user and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2018-2023. The report has segmented the Steam Boiler Systems market by product type (fire-tube boiler, water-tube boiler), fuel type (coal, oil, biomass, others), by end user (oil and gas industry, chemical industry, power generation, others) and geography (North America, South America, Europe, Middle East, Africa, Asia Pacific). Steam boiler systems are used to create steam by applying heat energy to water with the purpose of generating power in steam engines. Rapid industrialization and increasing use of electrical appliances and machinery have driven the demand for electricity which is expected to drive the growth of the market during the forecast period. In addition, growing economic activities in the developing countries coupled with increasing adoption of steam boilers in the commercial and residential sector also anticipate the growth of steam boilers market in the coming years. However, strict emission standards across various economies around the globe are expected to hinder the growth of the market during the forecast period.

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By fuel type, coal segment is showing an impressive year-on-year increase, and this trend is expected to continue over our forecast period.
By fuel type, coal segment is estimated to account significant market share and is expected to grow rapidly during the forecast period on account of easy availability of raw material and low price associated with it. In addition, coal is one of the dominant sources used for electricity generation, according to world coal association, Coal-fired power plants currently fuel 37% of global electricity and with the rising dependence on electricity for manufacturing activities the market for this segment is expected to increase significantly in the coming years.

Asia Pacific region is expected to account for a significant share in the market.
Asia Pacific steam boiler systems market is estimated to have a significant share in terms of both value and volume in the global market and the region is further anticipated to grow during the forecast period on account of increasing investment in power capacity by major developing countries like China, India and Indonesia. In addition, expanding manufacturing industry in the region is further expected to propel the market growth opportunities during the forecast period.

Some of the major industry players profiled as part of the report are Thermax, GE, Alfa Laval, Bosch, Cleaver-Brooks, Cochran Dura-Line Holdings, Inc, Byworth and Forbes Marshall among others.

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