Steam Boiler Market Driven by Industrialization and Power Generation Demand

According to a new report published by Allied Market Research, the steam boiler market was valued at $15.6 billion in 2019 and is projected to reach $20.0 billion by 2027, growing at a CAGR of 3.3% from 2020 to 2027. The steam boiler market is witnessing steady growth due to rising industrialization, increasing electricity demand, and expanding applications across multiple end-use industries such as food processing, pharmaceuticals, chemicals, and power generation.

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A steam boiler is a steam-generating device that uses heat produced from fuel combustion to heat water and generate steam for industrial and commercial applications. Key components of a steam boiler include the shell, furnace, grate, heating surface, and mounting accessories. These systems play a vital role in industrial heating, process operations, and electricity generation, making them essential equipment in modern industrial infrastructure.

Growing Industrialization Driving Steam Boiler Market Growth

Significant development in end-use industries such as oil & gas, chemical, metal mining, food processing, and pharmaceutical sectors is a major factor fueling the growth of the steam boiler market. Rapid expansion of manufacturing activities and increasing demand for process heating solutions have led to higher adoption of steam boilers across industrial facilities worldwide.

Moreover, steam boilers are widely used in rice mills, metal forging units, and chemical plants where consistent and efficient steam supply is required. As industrial production continues to rise in emerging economies, the demand for advanced and energy-efficient steam boiler systems is expected to grow steadily during the forecast period.

Rising Demand for Heating Applications in Cold Regions

The demand for steam boiler systems is also increasing due to their extensive use as a reliable heating source, particularly in cold regions. Steam boilers provide efficient heating for residential, commercial, and industrial buildings, ensuring stable thermal performance. This growing requirement for heating solutions in colder climates is contributing significantly to the expansion of the steam boiler market.

In addition, modernization of district heating systems and infrastructure upgrades in developed countries are further supporting the adoption of advanced steam boiler technologies.

Environmental Regulations and Renewable Energy as Market Restraints

Despite steady growth, the steam boiler market faces certain challenges that may hinder its expansion. Implementation of stringent government regulations related to environmental pollution from coal-fired and conventional fuel-based boilers is a key restraining factor. Regulatory bodies across various regions are emphasizing the adoption of cleaner energy technologies to reduce carbon emissions.

Furthermore, rapid development of the renewable energy sector and increasing preference for sustainable heating alternatives such as solar and electric heating systems may limit the growth potential of the steam boiler market in the coming years. However, ongoing technological advancements in low-emission and high-efficiency boilers are expected to mitigate these challenges.

Water Tube Boilers Dominating the Market by Type

Based on type, the water tube boiler segment accounted for the highest market share of about 73.3% in 2019 and is expected to maintain its dominance throughout the forecast period. This dominance is attributed to the rising demand for high operational efficiency and high-temperature steam, particularly in the power generation industry.

Water tube boilers offer several advantages over fire tube boilers, including higher steam generation rates, improved efficiency, easy transportation, and the ability to operate under varying load conditions. These benefits make them highly suitable for large-scale industrial and power generation applications, thereby boosting their adoption in the global steam boiler market.

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Gas-Fired Boilers Gaining Strong Traction

On the basis of fuel type, the gas-fired segment is expected to register the highest growth rate of 3.6% in terms of revenue during the forecast period. Increasing awareness regarding low-emission fuels and strict environmental norms are encouraging industries to shift toward gas-fired steam boilers.

Gas-fired steam boilers offer faster steam production, lower greenhouse gas emissions, better operational efficiency, and improved performance compared to coal-fired alternatives. These advantages are playing a crucial role in driving the growth of the steam boiler market as industries aim to comply with sustainability regulations.

High-Pressure Boilers Holding the Largest Market Share

Based on pressure, the high-pressure segment held the largest market share of about 69.7% in 2019 and is expected to grow at a CAGR of 3.3% during the forecast period. The increasing demand for high-pressure steam boilers across industries such as pulp & paper, chemical, pharmaceutical, food processing, and manufacturing is fueling segment growth.

High-pressure steam boilers are essential for applications that require high thermal efficiency and continuous steam supply, especially in large-scale industrial operations. This increasing industrial demand is significantly contributing to the expansion of the steam boiler market.

Power Generation Segment to Witness Fastest Growth

By end-use industry, the power generation segment is projected to grow at the highest CAGR of 3.5% during 2020-2027. Rising global electricity demand from residential, commercial, and industrial sectors is driving the need for efficient power generation systems, including steam-based power plants.

Steam boilers are a critical component in thermal power plants, where they generate steam to drive turbines for electricity production. The increasing focus on energy security and reliable power supply is expected to accelerate the adoption of steam boilers in the power generation sector.

Regional Insights: Asia-Pacific Leading the Market

Region-wise, the steam boiler market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is anticipated to register the highest CAGR of 3.6% during the forecast period, driven by rapid industrialization, growing population, and increasing energy demand in countries such as China, India, Japan, and Australia.

The presence of a large consumer base, expanding industrial infrastructure, and rising investments in power generation projects are key factors supporting the growth of the steam boiler market in the Asia-Pacific region. Meanwhile, North America dominated the global market in 2019 with more than 33.8% share in terms of revenue, owing to advanced industrial facilities and strong demand for efficient heating systems.

Competitive Landscape and Key Players

The global steam boiler market is highly competitive, with major industry participants focusing on technological innovation, product efficiency, and strategic expansions. Key players operating in the market include General Electric, Babcock & Wilcox Enterprises, Inc., IHI Corporation, Forbes Marshall, Mitsubishi Heavy Industries, Ltd., Viessmann Limited, Alfa Laval AB, ThyssenKrupp, Hurst Boiler & Welding, Inc., and Thermax Limited.

Other notable companies in the value chain include Fulton Boiler, Clayton Industries, Cleaver-Brooks, Inc., Cochran Ltd., Dongfeng Electric, and Walchandnagar Industries Limited. These companies are investing in advanced boiler technologies to enhance performance, reduce emissions, and improve operational efficiency.

Impact of COVID-19 on the Steam Boiler Market

The outbreak of COVID-19 had a moderate impact on the steam boiler market, as lockdowns and restrictions led to a decline in industrial activities and electricity demand across the globe. Industries such as transportation, oil & gas, manufacturing, and energy experienced reduced growth rates due to operational disruptions.

In addition, stringent safety measures and limited workforce availability in major economies including Germany, France, Spain, and Italy affected production and supply chains. These factors collectively slowed the growth of the steam boiler market during the pandemic period.

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Future Outlook of the Steam Boiler Market

The future of the steam boiler market remains positive, driven by growing industrial demand, rising electricity consumption, and technological advancements in efficient boiler systems. Increasing investments in industrial infrastructure, power generation facilities, and process industries are expected to create substantial growth opportunities. Despite environmental challenges and regulatory pressures, the market is likely to witness steady expansion as industries continue to rely on steam boilers for reliable heating and power generation solutions.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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