Europe Steam Boiler Market Size
Europe Steam Boiler Market size valued at USD 4.2 billion in 2023 and is projected to expand at more than 6% CAGR from 2024 to 2032. Driven by the strict policies for the development of green buildings.
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As the regulatory environment of Europe's building sector continues to tighten, it is forcing builders to continue keeping sustainability at the forefront of their project designs. This is creating the need for steam boilers across the region's residential and commercial complexes.
Some European governments are also in the process of shifting their energy ecosystem towards cleaner energy sources in a bid to lower their carbon emissions. To achieve this, most are notably targeting decarbonization of their infrastructure, which is ranked among the world's top carbon footprint causative factors. According to the European Commission, the EU's building infrastructure has more than 50% without energy-efficient systems and close to 25% of the union's buildings dating back more than 50 years.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Europe Steam Boiler Market Size in 2023 | USD 4.2 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 6% |
| 2032 Value Projection | USD 6.9 Billion |
| Historical Data for | 2019 to 2023 |
| No. of Pages | 1,070 |
| Tables, Charts & Figures | 1,599 |
| Segments covered | Fuel, Capacity, Technology, Application |
| Growth Drivers |
|
| Pitfalls & Challenges |
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What are the opportunities for growth in this market?
At the same time, the Russia-Ukraine conflict-induced energy crisis is also giving the region an additional growth boost by forcing the region to accelerate its transition to green energy and become energy self-sufficient.
According to the International Monetary Fund, Russian gas supply fell by over 80% and wholesale electricity prices shot up 15 times in early 2021, prompting energy-efficient heating to become the need of the hour.
High upfront capital expenses could delay adoption of products
Boilers are a bit more expensive than furnaces and installation also contributes to the cost, which could be a challenge to the industry growth. Further, the economic prospect of gas-fired boilers has come down considerably due to skyrocketing gas prices brought on by the energy crisis, which is further challenging the industry outlook. Boilers also need continuous maintainance, a malfunctioning boiler often turns into an expensive phenomenon due to the downtime involved and the heavy repair incurred.
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Europe Steam Boiler Market Analysis
Discover more about the major segments driving this market
On the basis of fuel, Europe steam boiler market from natural gas segment is expected to register a growth rate of more than 5.5% through 2032. Gas boilers are the go-to space heating option due to the generous availability of natural gas. With the low-emission source of the fuel and Europe's aggressive climate commitments, gas supply network has been growing at an exponential rate in the continent. Indeed, as of 2022, the Southern Gas Corridor had delivered 11.4 billion cubic meters of gas to Europe. Today, the EU gas network consists of more than 200,000 km of transmission pipelines for effective transportation of the fuel.
The = 10 MMBtu/hr capacity steam boiler market in Europe is expected to post almost 6.5% growth from 2023 through 2032, owing to the low operating expenses of these boilers. Moreover, some of the other crucial boiler attributes, such as lower energy expenditure, and improved comfort are further shaping the business landscape in support of these boilers. The increasing need for = 10 MMBtu/hr steam boilers also owes to increasing government efforts to achieve energy optimization. According to IEA, France's government will invest more than €1 billion (USD 1.05 billion) in renewable energy research and innovation projects in the frame of France 2030 national investment plan.
Discover more about the dominant segments influencing this market
Steam boiler market in Germany contributed approximately 20% to the revenue share in 2022. The nation is typically defined by its rigorous winters, which practically translates to a notably high need for space heating in this business hub. Germany also boasts a rapidly developing tourism industry, which has built a robust stimulus for the market from the country's F&B and hospitality sectors. Additionally, rising investments in the growth of the region's pulp & paper, chemical, and food processing industries is also creating ample business prospects in the sector.
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Europe Steam Boiler Market Share
Some prominent Europe steam boiler market players include
- The Fulton Companies
- Miura America Co.
- Clayton Industries
- FERROLI
- Babcock & Wilcox Enterprises
- Hurst Boiler & Welding Co
- Hoval
- VIESSMANN
Most of these companies are focusing on mergers and acquisitions in order to improve their industry position in a relatively short period of time. Referring an example, in January 2023, Babcock Wanson, a UK boiler maker, reported the acquisition of Parat, high-voltage boiler segment leader, and PBS Power Equipment, boiler solutions market leader based out of Europe.
The deal is anticipated to position Babcock Wanson to enhance its pan-European industry leadership in energy transition and drive it to become a market leader in industrial decarbonization.
Impact of the COVID-19 pandemic
- The COVID-19 pandemic negatively affected steam boiler market in Europe due to an unprecedented break in supply chain and industry shutdowns. Nevertheless, in 2021, the region's main energy consumption saw a recovery from the decline reported in 2020 and is expected to push demand for heating systems like steam boilers. Additionally, growing assistance from the government to boost the use of clean energy technologies will enhance industry growth in the post-pandemic era.
- Indeed, within the National Resilience and Recovery Plan, Italy invested €59 billion (USD 62 billion) to offer incentives on renewables during 2021-2026.
The Europe steam boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units”, “MMBTU/hr” & “USD” from 2019 to 2032, for the following segments
Market Insights, By Fuel
- Natural Gas
- Oil
- Coal
- Others
Market Insights, By Capacity
- ≤ 10 MMBtu/hr
- > 10 - 50 MMBtu/hr
- > 50 - 100 MMBtu/hr
- > 100 - 250 MMBtu/hr
- > 250 MMBtu/hr
Market Insights, By Technology
- Condensing
- Non-Condensing
Market Insights, By Application
- Commercial
- Offices
- Healthcare Facilities
- Educational Institutions
- Lodgings
- Retail Stores
- Others
- Capacity
- ≤ 10 MMBtu/hr
- > 10 - 50 MMBtu/hr
- > 50 - 100 MMBtu/hr
- > 100 - 250 MMBtu/hr
- > 250 MMBtu/hr
- Fuel
- Natural Gas
- Oil
- Coal
- Others
- Technology
- Condensing
- Non-Condensing
- Industrial
- Food Processing
- Pulp & Paper
- Chemical
- Refinery
- Primary Metal
- Others
- Capacity
- ≤ 10 MMBtu/hr
- > 10 - 50 MMBtu/hr
- > 50 - 100 MMBtu/hr
- > 100 - 250 MMBtu/hr
- > 250 MMBtu/hr
- Fuel
- Natural Gas
- Oil
- Coal
- Others
- Technology
- Condensing
- Non-Condensing
The above information has been provided for the following countries
- France
- UK
- Poland
- Italy
- Spain
- Austria
- Germany
- Sweden
- Russia
Frequently Asked Questions (FAQ)
How big is the Europe steam boiler market?
In 2023, the market size of Europe steam boiler crossed USD 4.2 billion and is slated to grow at over 6% gains through 2032, on account of strict policies for green building development.
What would fuel the demand for ? 10 MMBtu/hr capacity boilers in Europe?
The ? 10 MMBtu/hr capacity segment is anticipated to grow at over 6.5% CAGR between 2023 and 2032, driven by the low operational costs of these boilers.
Where is Germany steam boiler industry growth expected to come from?
Where is Germany steam boiler industry growth expected to come from? Germany accounted for more than 20% of the revenue share in 2022, increasing investments towards the development of the region’s pulp & paper, chemical, and food processing markets will drive the regional growth through 2032.
Who are the major players partaking in the Europe steam boiler landscape?
The list of major players includes in the global industry are Mitsubishi Heavy Industries, Thermax Limited, Babcock Wanson, PARKER BOILER, Forbes Marshall, General Electric, and John Wood Group, among others.
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