The growing need of effective heating systems as well as the requirement of increasing operating efficiency of residential and commercial complexes has led to the widespread adoption of steam boiler systems. This technology provides high steam temperature and improved pressure parameters to achieve the heating and cooling requirements in industrial and residential areas. Low fuel consumption is a direct consequence of installing efficient steam boiler systems, which is one of the important parameters of installing new fuel efficient steam boiler systems. With development of technology highly efficient steam boiler systems are being developed which will further boost investment in this market.
These systems can be utilized in a variety of applications such as humidification, comfort heating, sterilization and large industrial processes. Steam boiler systems have the ability to respond and adjust to market conditions which makes these systems important. The market for steam boiler systems is anticipated to grow at a substantial rate owing to rapid industrialization and government development programmes in developing economies.
Increasing requirement of efficient boiler systems and the need to reduce carbon emissions are some of the primary drivers attracting investment in the steam boiler market. Steam boiler systems have few moving parts which makes them durable and reliable than complicated heating systems. These systems also provide clean and dust-free heating and cooling solutions. Residential and commercial complexes often complain about dust and other allergens that are liberated from modern boiler systems. The cost of heating or power generation can significantly be reduced with installation of efficient steam boiler systems. Availability of more upgraded and advanced boiler systems may hamper the market growth of the steam boiler market in the future.
The market for steam boiler systems can be segmented into two broad categories on the basis of end-users and fuel type. On the basis of end-users the market can be segmented as residential, commercial, and industrial. The market can also be segmented on the basis of fuel type as natural gas, propane, fuel oil, electricity and unconventional fuel sources such as biomass.
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The mature markets of North America and Europe have already a significant capacity of installed steam boiler systems, thus the market growth in these regions is expected to grow at a sluggish pace in the future. However the aging systems in these regions will require constant upgradation and replacement in the coming years, this provides an opportunity for the further growth of the steam boiler system market. The Asia Pacific region and a few developing countries of the Middle East represent the largest growing market. Increasing industrialization and vigorous economic development are the major factors driving the market growth of steam boiler systems in these regions. Countries such as China, India and Japan have invested substantial amounts in the development of this market. In the Middle East there is growing demand for effective cooling solutions and thus the market for steam boiler systems is anticipated to grow at a significant rate in this region.
Some of the key players competing in this market are Hurst Boiler Inc., Rentech Boiler Systems, Inc., Aalborg Engineering A/S, Fulton Companies, Thermodyne Engineering Systems, Parker Boiler Co., and JP Energy Systems Pvt Ltd.
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