Steam Generator Market – The rising global demand for electricity, coupled with the increasing adoption of renewable energy sources, is expected to drive the growth of the Global Market during 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.
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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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