Steam Generator Market to Grow with a CAGR of 4.19% through 2028
Increasing demand for electricity worldwide and growing
adoption of renewable energy sources are likely to drive the Market in the
forecast period.
According to TechSci Research report, “Steam
Generator Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Steam Generator Market is
experiencing a surge in demand in the forecast period. One significant driver
of the global Steam Generator market is the ever-increasing demand for
electricity generation. In an increasingly electrified world, where industries,
businesses, and households rely heavily on electricity, the need for efficient
and reliable power generation has never been greater. Traditional thermal power
plants, which use steam generators to convert heat into electricity, remain a
fundamental source of power in many regions. Additionally, combined-cycle power
plants, which utilize both gas and steam turbines, heavily depend on advanced
steam generators to enhance overall efficiency. As the global population
continues to grow, industrialization expands, and digitalization becomes more
prevalent, the demand for electricity is on a continuous upward trajectory. To
meet this growing electricity demand while also addressing environmental
concerns, there is a constant push for more efficient and eco-friendly steam
generators. Manufacturers are driven to innovate and develop technologies like
supercritical and ultra-supercritical steam generators, enabling power plants
to operate at higher temperatures and pressures, thereby improving efficiency
and reducing emissions. This drive for efficient electricity generation
significantly fuels the Steam Generator market, making it a vital component of
the global energy landscape.
Another key driver of the global Steam Generator
market is the expansion of industrial processes across various sectors. Steam
generators are essential components in industries such as chemicals,
petrochemicals, food processing, pharmaceuticals, and manufacturing. They
provide the critical steam necessary for heating, sterilization, and process
control in these applications. As industries continue to grow and evolve, the
demand for steam generators to support these processes follows suit. Efficiency
and reliability in steam generation are crucial for maintaining product
quality, safety, and overall operational effectiveness. Therefore, industries
are investing in modern and high-performance steam generators to ensure
dependable and energy-efficient steam production. Furthermore, emerging
economies, in particular, are experiencing rapid industrialization, leading to
increased demand for steam generators to support new manufacturing facilities.
This industrial growth, spanning sectors like steel production, textiles, and
paper manufacturing, significantly contributes to the expansion of the Steam
Generator market. In conclusion, the global Steam Generator market is driven by
the increasing demand for electricity generation, fueled by global population
growth and industrialization, as well as the expansion of industrial processes
across various sectors. These drivers highlight the indispensable role of steam
generators in providing essential steam for electricity generation and
industrial applications, shaping the market's growth and innovation.
Browse over XX Market data Figures spread
through XX Pages and an in-depth TOC on "Global Steam
Generator Market.”
The Global Steam Generator Market is segmented into material,
rated power, end user and region.
Based on material, The Martensitic segment held the
largest Market share in 2022. Martensitic stainless steels, while known for
their strength and toughness, may not provide the same level of corrosion
resistance as Austenitic stainless steels. Corrosion resistance is a critical
factor in steam generators, especially those in contact with high-temperature
steam and water. Steam generators often operate at high temperatures and
pressures. The material used needs to withstand these extreme conditions
without deformation or failure. Austenitic stainless steels are known for their
stability at high temperatures. Steam generators are typically long-term
investments, and the choice of material should ensure the longevity of the
equipment with minimal maintenance requirements. Austenitic stainless steels
are often chosen for their durability and low maintenance needs. In some
industries, there are specific regulations and standards that dictate the
materials to be used in steam generators. These standards often prioritize
safety and corrosion resistance. The cost of materials can also influence the
choice of material.
Based on end user, The Utilities segment held the
largest Market share in 2022. The Utilities sector is primarily responsible for
generating electricity to meet the demands of residential, commercial, and
industrial consumers. Steam generators are integral components in power
generation facilities, whether they are conventional thermal power plants or
advanced combined-cycle power plants. These facilities, operated by utilities,
rely on steam generators to convert heat energy into electrical power efficiently
and reliably. Utilities typically operate large-scale power plants that require
significant steam generation capacity. Given the substantial electricity
demand, utilities often invest in sizable power generation facilities, where
steam generators play a pivotal role. These facilities produce electricity in
megawatts (MW) or gigawatts (GW), and steam generators must provide the
necessary steam at high levels of efficiency and reliability. Utilities utilize
a diverse range of energy sources, including coal, natural gas, nuclear, and
renewable sources such as biomass or geothermal energy. Steam generators are
adaptable to various fuel types and are employed in power plants using these
different energy sources. This flexibility allows utilities to meet energy
needs while considering factors like cost, emissions, and availability.
Utilities operate under stringent regulatory standards and emissions limits,
requiring them to employ efficient and environmentally compliant steam
generator technology. Compliance with environmental regulations is essential,
and utilities invest in advanced steam generators to meet these standards while
ensuring reliable power generation. As the energy sector evolves, utilities
continue to invest in advanced technologies to improve power plant efficiency,
reduce emissions, and enhance operational reliability. This includes the
adoption of state-of-the-art steam generators and combined-cycle power plants,
driving innovation in the Steam Generator market.
Major companies operating in the Global Steam
Generator Market are:
- Babcock & Wilcox Enterprises, Inc
- Foster Wheeler Energy Corporation
- Alstom SA
- Siemens AG
- General Electric Company
- Doosan Heavy Industries &
Construction Co., Ltd.
- Bharat Heavy Electricals Limited
- Harbin Boiler Group Co., Ltd.
- Mitsubishi Heavy Industries, Ltd.
- Hitachi Zosen Corporation
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“The Global Steam Generator Market is expected to rise
in the upcoming years and register a significant CAGR during the forecast
period. The primary driver of the global Steam Generator market is the
ever-increasing demand for electricity generation. With the global population
rising, industrialization expanding, and digitalization becoming more
prevalent, the need for reliable and efficient power generation is on the rise.
Steam generators play a vital role in traditional and combined-cycle power
plants, converting heat into electricity. To meet escalating electricity demand
while addressing environmental concerns, there is a continuous push for
advanced steam generators, including supercritical and ultra-supercritical
systems. These innovations enhance efficiency and reduce emissions, making them
essential in the evolving energy landscape. Therefore, the Market of Steam Generator is
expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Steam Generator Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Rated Power
(Up to 30 MW, 31-100 MW, Above 100 MW), By Material (Martensitic, Ferritic,
Austenitic), By End User (Utilities, Chemical, Pharmaceutical, Refineries, Pulp
& Paper), By Region, By Competition”, has evaluated the future growth
potential of Global Steam Generator Market and provides statistics &
information on Market size, structure and future Market growth. The report
intends to provide cutting-edge Market intelligence and help decision-makers make
sound investment decisions., The report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
Global Steam Generator Market.
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