Steam Generator Market - Regional Analysis
APAC Market Insights
The steam generator in the Asia Pacific region, amongst the market in all the other regions, is projected to hold the largest market share of about 35% by the end of 2035. The regional growth can majorly be attributed to the increasingly focused on improving technological processes and high manufacturing output. In the year 2020, China's manufacturing output was about USD 3.85 trillion, an increase of 0.8% from the year 2019. Moreover, increasing production of sterile products in the pharmaceutical industry is expected to boost the market growth in the region in the future. Moreover, the regional market is also expected to gain a prominent share during the forecast period owing to the high adoption rate of modern steam generator technology and the strong presence of key market players in the region. A steam generator is a device that uses a heat source to boil liquid water, transforming it into a gaseous phase known as steam. Heat can be generated by burning fuels such as coal, oil, natural gas, municipal waste or biomass, nuclear fission reactors, and other sources. Steam generators range from small medical and domestic humidifiers to the large steam generators used in traditional coal-fired power plants, producing approximately 3,500 kilograms of steam per megawatt-hour of power generation.
North American Market Insights
The steam generator in the North America region, amongst the market in all the other regions, is projected to hold the second largest share of about 24% during the forecast period. The growth of the market in this region can primarily be attributed to the high urbanization and increasing housing projects in the area. Public housing spending was tallied at about USD 9 billion in the year 2020 from about USD 6.5 billion in the year 2019. Population growth is estimated to boost domestic and electricity demand. In addition, about 20 million apartments are expected to be built in the area over the next ten years. The US commercial construction sector is expected to grow in the coming years. The University of Illinois at Chicago (UIC) recently announced plans to build a USD 95 million arts center on its campus. The 88,000-square-meter building is primarily used by its UIC School of Drama and Music. All these factors are estimated to increase the demand for steam generator in this region during the forecast period and hence, fuel the regional market growth.
Europe Market Insights
Further, the steam generator in the Europe region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the increasing demand of electricity in the region. The demand for electricity in Europe is increasing due to the growing population, urbanization, and industrialization. Steam generators are used in thermal power plants to generate electricity, and the increasing demand for electricity is expected to drive the market for steam generators. Many European countries have set targets to reduce greenhouse gas emissions and promote the use of renewable energy sources. Steam generators are used in solar thermal power plants to generate electricity, and the increasing focus on renewable energy is expected to boost the steam generator market. Many of the power plants in Europe are old and inefficient, and there is a need to replace them with new, more efficient ones. Steam generators are used in modern power plants to generate electricity, and this is expected to drive the market for steam generators.
