The global steam boiler systems market, valued at USD 17.5 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 4.3% from 2024 to 2034, reaching USD 27.5 billion by the end of the forecast period. This robust growth is driven by rising investments in power generation, increasing demand for energy-efficient boilers, and advancements in boiler technologies.

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Analyst Viewpoint

Steam boiler systems play a critical role in energy generation and industrial processes, acting as a reliable source of steam for power production and operational needs. The increasing emphasis on sustainability and energy efficiency is pushing the development of next-generation condensing boilers and electric steam boilers. These innovations address environmental concerns while meeting growing industrial demands, creating significant opportunities for manufacturers.

Market Dynamics

Surge in Investment in Power Generation

A key driver of market growth is the rising investment in power generation projects. Steam boilers are essential for generating electricity in power plants and supporting manufacturing operations across various industries, including food processing and pharmaceuticals. The adoption of auxiliary boilers in Combined Cycle Gas Turbine (CCGT) plants, which help reduce the cold startup time of steam turbines, is contributing to the market’s expansion.

Governments worldwide are strengthening energy security by leveraging renewable energy resources. For instance, Peru’s Ministry of Energy and Mines (MINEM) announced the upcoming operation of four renewable energy power plants in April 2024, representing an investment exceeding USD 530 million. These initiatives underline the global trend of increased investments in energy infrastructure, bolstering demand for steam boiler systems.

Rising Demand for Energy-efficient Boilers

Industries such as oil and gas, manufacturing, and pulp and paper are adopting steam boilers for their rapid startup, high efficiency, and reliability. However, boiler performance can degrade over time due to poor combustion and maintenance practices, leading to inefficiencies. To counteract these challenges, manufacturers are developing energy-efficient boilers that simplify installation and maintenance while offering superior performance.

For example, in January 2024, Riello, a division of Carrier Global Corporation, introduced the RESIDENCE HM condensing boiler. This innovative product incorporates advanced technologies to enhance energy efficiency, meeting the needs of environmentally conscious consumers. Such advancements in energy-efficient boilers are poised to drive significant growth in the steam boiler systems market.

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Regional Insights

North America dominated the steam boiler systems market in 2023, supported by rapid industrialization and significant investments in power generation. The region is also witnessing substantial research and development in boiler technology. In March 2024, U.S.-based startup AtmosZero secured USD 21 million in Series A funding to commercialize its Boiler 2.0 technology, which integrates seamlessly with photovoltaic power generation and storage systems.

Key Players and Strategies

Prominent companies in the global steam boiler systems market, such as Cleaver-Brooks, ZHENGZHOU BOILER (GROUP) CO., LTD., Buderus, Doosan, and Clayton Industries, are focusing on energy efficiency and smart technologies. These players are developing boilers with low carbon emissions and advanced IoT capabilities, enabling comprehensive system monitoring and control.

For example, the introduction of smart boiler systems with user-friendly interfaces and internet connectivity is reshaping the industry landscape. These innovations cater to the increasing demand for connected systems that improve operational efficiency and reduce downtime.

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