A steam boiler is a type of heating appliance that generates heat using a variety of fuels. The core principle of a steam boiler comprises a heat source alongside a heat transfer medium, typically a heat exchanger, which enables water to achieve its boiling point. Ongoing innovations in boiler design that support the use of natural gas, shale gas, and electricity as main fuel sources are likely to drive further growth within the industry.
According to SPER Market Research, ‘North America Steam Boiler Market Size- By Capacity, By Fuel, By Technology, By Application - Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ the North America Steam Boiler Market is estimated to reach USD 2.75 billion by 2034 with a CAGR of 5.82%.
Drivers:
Escalating Industrial Demand for Efficient Energy Systems: The expanding industrial sector in North America — comprising manufacturing, chemical production, food processing, and power generation — necessitates steam boiler systems that are both highly efficient and dependable. These industries rely on a consistent steam supply for their operations, and energy-efficient boilers contribute to the reduction of fuel consumption and operational expenses. The increasing emphasis on optimizing energy use to cut costs and enhance productivity is propelling investments in advanced steam boiler technologies that provide improved efficiency and durability.
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Restraints:
The concerning rise in air pollution caused by steam boilers represents a significant constraint on the global market. This situation has resulted in serious health and environmental challenges, which are expected to hinder market growth during the forecast period. Nitrogen oxides, carbon monoxide, hydrocarbons, and particulate matter are among the air pollutants released by steam boilers. These pollutants have detrimental effects on human health, contributing to illnesses such as stroke, heart disease, lung cancer, and asthma.
The United States is expected to dominate the steam boiler industry by 2034. A continuous increase in the pipeline for manufacturing plants, in conjunction with ongoing government initiatives aimed at the development of large-scale projects and supportive regulations and policies, will invigorate business dynamics. The growing demand for space heating, coupled with low winter temperatures and the ongoing modernization and expansion of existing commercial facilities, will further support industry growth. Some of the key market players are- Atlantic Boilers, Babcock & Wilcox Enterprises, Inc, Babcock Wanson, Bosch Industriekessel GmbH, Clayton Industries, and others.
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North America Steam Boiler Market Growth
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