Industrial Sector Propels Steam Boiler Market Growth, Forecasted to 2027
The steam boiler market is anticipated to witness considerable growth during the forecast period. This is attributed to the rise in demand for steam boilers in the generation of electricity from various end-use industries. In addition, an increase in investment in the power generation sector, owing to a rise in electricity demand fuels the growth of the steam boiler market. However, stringent government regulations toward environmental pollution from conventional fuel sources and high installation/initial cost associated with steam boilers restrain the growth of the market globally. Conversely, technological advancements in steam boilers toward high heating efficiency and upgrading of aging power generation infrastructure are anticipated to provide potential growth opportunities in the coming years. The steam boiler market was valued at $15.6 billion in 2019 and is projected to reach $20.0 billion by 2027, growing at a CAGR of 3.3% from 2020 to 2027. 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 ...