Steam Generator Market Size

Steam Generator Market size was over USD 12.82 billion in 2024 and is anticipated to cross USD 19.8 billion by 2037, growing at more than 3.4% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of steam generator is estimated at USD 13.53 billion.

Market growth is primarily owing to the advances in heat transfer and advanced steam control technology. Moreover, increasing demand for electricity worldwide has created a need among energy industry players to increase daily energy production, which is appraised to boost market growth. In the year 2018, approximately 23 trillion kWh of electricity was consumed worldwide, compared with 22 and 21 trillion kWh of electricity in 2017 and in the year 2016, respectively.

In addition, rising demand for energy efficient systems coupled with increased use of machinery for generating dry and saturated steam for pharmaceutical plants is expected to fuel market growth in the near future. It was noted that global energy demand increased by 2.3% in 2019, with buildings and industry accounting for 80% of the increase. Energy efficiency improvements accounted for 40% of the reduction in global energy demand in the year 2019. It is widely used to reduce the generation load and prevent low vapor rates. This has been assessed as a key factor that is estimated to create lucrative opportunities for the market over the forecast period. A steam generator is a low water boiler of a type similar to a flash steam boiler. The usual construction is a helical coil of water tubes arranged as a single or single tube coil. Circulation is done as a forced circulation boiler in the flow and pumped under pressure.