PUBLISHER: Market Research Future | PRODUCT CODE: 1255202
PUBLISHER: Market Research Future | PRODUCT CODE: 1255202
Southeast Asia Steam Boilers Market Research Report Forecast to 2027
The Southeast Asia steam boilers market was valued at USD 3,257.22 million in 2020 and is expected to register a CAGR of 6.12% to reach USD 4,906.77 million by the end of 2027.
The key factor driving the growth of the Southeast Asia steam boilers market is rising government investments, new hotel projects, and the growing tourism industry. Furthermore, increased demand for a variety of applications from the food processing industry is boosting the Southeast Asia market. However, factors such as high installation and maintenance costs are likely to impede the Southeast Asia market. Nonetheless, manufacturers can expect lucrative opportunities soon with the introduction of hybrid compact steam boilers.
Southeast Asia steam boilers market has been segmented by type, size, fuel, application, and country. Based on type, the market has been segmented into water tube boiler and fire tube boiler. The fire tube boiler segment accounted for a 65.13% share of the Southeast Asia steam boilers market in 2020 owing to the simple design, low cost and maintenance compared to the water tube boiler, and cost-efficient heating system.
Based on size, the market has been segmented into 1.5T-3T, 3T-5T, 5T-10T, and 10T-15T. The 5T-10T segment accounted for the largest share of 35.88% in the Southeast Asia steam boilers market, owing to its high efficiency and durability.
Based on fuel, the market has been segmented into gas-fired steam boilers and oil-fired steam boilers. The gas-fired steam boiler segment accounted for the larger share of 59.69% in the Southeast Asia steam boilers market, owing to the high efficiency and cost-efficiency. Based on application, the market has been segmented into commercial, residential, and industrial. Further, the commercial segment is divided into hotels, hospitals, and others.
By country, the Southeast Asia steam boilers market has been divided into Indonesia, Malaysia, Singapore, Thailand, Vietnam, and the Rest of Southeast Asia. The Singapore market dominated the Southeast Asia steam boilers market with a share of 22.25% by value in 2020 and is expected to register the highest CAGR of 5.63% during the forecast period. The market growth in Singapore is driven by various factors, including the increase in the hospitality industry, the rising tourism industry, and the increase in government investments to expand hotel supply.
Thermax Group, PT Aalborg Industri Indonesia, Vietnam boiler JS company, Taishan Group, Doosan Heavy industry & Construction, Henan Yuanda Boiler Corporation Ltd, and Wuxi Zozen Boilers Co., Ltd.
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