In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
March 2021- Larsen & Toubro delivered 700 MW steam generator for Gorakhpur Haryana Anu Vidyut Pariyojana in 36 months, ahead of schedule.
December 2021- Mitsubishi Power Europe was awarded a contract for supplying heat recovery steam generator for a new combined cycle power plant in Flensburg, Germany.
The global steam generator market is estimated to garner a sizeable revenue and grow at a CAGR of ~3% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed primarily to the increasing advancements in heat transfer and advanced steam control technologies. Along with these, growing requirement for high energy efficiency systems, coupled with the rising use of the machine for the production of dry and saturated steam for pharmaceutical plants are also expected to accelerate market growth in the near future. In addition, upsurge in the demand for electricity globally is giving rise to the need for increasing the day-to-day production of energy amongst the players in the energy industry, which in turn is also evaluated to expand the market growth. In 2018, approximately 23,000 billion kilowatt hours of electricity was consumed around the world, up from 22,000 billion kilowatt hours and 21,000 billion kilowatt hours of electricity in 2017 and 2016 respectively. Furthermore, steam generators are extensively being used to prevent contamination by bacteria and endotoxin genic load at low steam rates. This is evaluated to be a crucial factor projected to offer lucrative opportunities to the market in the near future.
Get more information on this report: Download Sample PDF
The market is segmented by end user into utilities, chemicals, pharmaceutical, refineries, pulp & paper, and others, out of which, the utilities segment is anticipated to hold the largest share in the global steam generator market. This can be accounted to the largescale deployment of steam generators by the utility sector for capturing heat from existing industrial processes. Additionally, on the basis of material, the austenitic segment is predicted to grab the largest share during the forecast period owing to the high resistance to hydrogen embrittlement of this class of steel. Apart from these, excellent temperature strength, corrosion resistance and ductility of this steel is also predicted to propel the growth of this market segment in the years to come.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global steam generator market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth and occupy the largest share over the forecast period on the back of the increasing emphasis on improving the engineering practices, and high manufacturing output in the region. In 2020, China’s manufacturing output was approximately USD 3,850 billion, which was a 0.8 percent increase from the year 2019. In addition, growing production of sterilized products in the pharmaceutical industry is also expected to drive the market growth in the region in the future. Moreover, the market in Europe is also anticipated to gather a notable share during the forecast period, which can be credited to the large adoption rate of latest technology for steam generators, and strong presence of major market players in the region.
Get more information on this report: Download Sample PDF
The global steam generator market is further classified on the basis of region as follows:
Our in-depth analysis of the global steam generator market includes the following segments:
Ans: The major factors driving market growth are increasing technological advancements in heat transfer and advanced steam control technologies, and growing requirement for high energy efficiency systems.
Ans: The market is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2022 – 2030.
Ans: High installation cost of steam generator is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the increasing emphasis on improving the engineering and manufacturing practices in the region.
Ans: The major players in the market are Robert Bosch GmbH, Sioux Corporation, Ecostil Group Srl, Elma GmbH & Co. KG, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by rated power, material, end user, and by region.
Ans: The pharmaceutical segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.