New York(United States):- Global Steam Boiler System Market is valued at approximately USD $billion in 2021 and is anticipated to grow with a healthy growth rate of more than $% over the forecast period 2022-2028.
A steam boiler is a steam producing heating system; it produces energy by heating water to create steam. A steam boiler burns fuel to heat water. The combination of heat and water produces steam. Steam boilers are defined by their construction, portability, types of tubes, types of fuel, and the pressure they produce. The increase in power plant capacity addition and rapid increase in the demand for electricity has led to the adoption of Steam Boiler System across the forecast period.
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For Instance: as per the IBEF In FY22 (until October 2021), the total thermal installed capacity in the country stood at 234.44 GW. Installed capacity of renewable, hydro and nuclear energy totalled 103.05 GW, 46.51 GW and 6.78 GW, respectively. Also, with the aging power generation infrastructure, the adoption & demand for Steam Boiler System is likely to increase the market growth during the forecast period. However, focus on renewable energy sources for power generation impedes the growth of the market over the forecast period of 2022-2028.
The key regions considered for the Global Steam Boiler System Market study include Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world in terms of market share owing to the aging power infrastructure with low-efficiency levels and high carbon emissions. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2022-2028. Factors such as rising population, heavily investing in the power capacity addition would create lucrative growth prospects for the Steam Boiler System market across Asia-Pacific region.
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Major market players included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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