In contrast, technological advances in steam boilers for high heating efficiency and the modernization of aging power generation infrastructure are anticipated to generate growth prospects for the steam boiler market's leading competitors. However, a surge in renewable energy power generation investment, strict government rules regarding greenhouse gas emissions from conventional fuel sources, and a high starting cost for steam boilers restrain the global market expansion.
In addition, a surge in investment in the power production industry due to rising energy consumption adds considerably to the expansion of the worldwide steam boiler market. Globally increasing demand for steam boilers from end-use industries is a key driver driving the expansion of the global market. A steam boiler's steam is used for power generation, industrial uses, and heating. This efficiency can be ascribed to partial oxidation, radiation loss, and other thermal losses. A steam boiler's general efficiency ranges between 80% and 90%. A steam boiler is a steam-producing equipment or component that uses heat from the combustion of a fuel source to heat water within a boiler, generating steam for various applications, including heating and power generation.
The global steam boiler market size was valued at USD 16,343 million, which will advance to USD 22,274 million with a CAGR of 3.5% during the forecast period.Ī steam boiler, also known as a steam generator, is a device that produces steam by applying heat to water.
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