Market Leaders - Steam Boiler System Market
The steam boiler system market is projected to reach USD 21.63 billion by 2023, from an estimated USD 17.66 billion in 2018, at a CAGR of 4.13%. In 2018, the market in the Asia Pacific is estimated to be the largest for the steam boiler system, followed by the market in North America. Rapid industrialization with an increase in the use of electrical appliances and machinery in the developing countries have created a rise in demand for electricity. This has led to a high demand for steam boiler systems during the forecast period to increase the power generation capacity.
The steam boiler system market is dominated by a few major players that have a wide regional presence. Some of the leading players in the steam boiler system market include Bosch (Germany), GE (US), Alfa Laval (Sweden), Thermax (India), Cochran (UK), Viessmann (Germany), and Doosan (South Korea).
The major strategies adopted by the players include new product developments, contracts & agreements, investments & expansions, and mergers & acquisitions. New product developments and contracts & agreements were the most commonly adopted strategy from January 2015 to May 2018. Industry players also adopted mergers & acquisitions that was the second most widely followed strategy during the same period.
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Bosch is one of the leading manufacturers of industrial boilers. It offers steam boilers through its subsidiary Bosch Industriekessel for commercial and industrial applications. Bosch Industriekessel’s product portfolio includes hot water boilers, steam boilers, heating boilers, combined heat and power units, VFR systems, heat pumps, heat recovery systems, domestic hot water, water tube boilers, controls and connectivity, and related components. Bosch operates its business through 4 business segments, namely, mobility solutions, industrial technology, consumer goods, and energy and building technology. It offers steam boilers through its energy and building technology business segment, which accounted for 7% of the total net sales in 2017. Bosch has a strong footprint across the globe with 440 subsidiaries and regional companies in 60 countries. Moreover, in July 2017, Bosch was awarded a contract from Bionorica, a manufacturer of herbal medicines, to supply two single-flame tube boilers with a total output of ten tons of steam per hour for manufacturing the company's herbal medicines.
Alfa Laval provides engineering solutions and products based on its 3 key technologies heat transfer, separation, and fluid handling. Its products are used in various end-use industries and applications such as power plants, aboard ships, oil & gas, mining, wastewater treatment, comfort climate and refrigeration, and mechanical engineering. The company conducts its operations through 4 business segments, namely, food & water, energy, marine, and greenhouse. The marine business segment, which accounted for 30.6% of the total net sales in 2017, offers steam boilers. Alfa Laval has its presence in nearly 100 countries with 40 major production facilities across Europe, Asia, the US, and Latin America. Its sales and aftermarket organization operate in more than 100 countries either directly or in collaboration with external partners.
Related Reports:
Steam Boiler System Market by Component (Boiler, Economizer, Superheater, Air Preheater, and Feed Pump), Type (Watertube Boiler, and Fire Tube Boiler), Fuel (Coal, Gas, Biomass, Oil, and Electric), End-user, and Region- Global Forecast to 2023
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