April 24, 2024
Steam Coil Market

Steam Coil Market is Estimated to Witness High Growth Owing to Rising Demand for Clean Heating Solutions

The global steam coil market has witnessed robust growth owing to the rising demand for highly-efficient and clean heating solutions across various industrial and commercial applications. Steam coils are prominently used in boilers, furnaces, and radiators for space heating as they provide advantages such as precise temperature control, energy efficiency, and reduced carbon emissions. The rising environmental concerns and stringent regulations to curb carbon emissions have further augmented the adoption of steam coils.

The global steam coil market size is estimated to be valued at US$ 9.49 Mn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the steam coil market are Audi AG, Bayerische Motoren Werke AG, General Motors Company, Nissan Motor Co., Ltd., Tesla Motors, Inc., The Volvo Group, Toyota Motor Corporation, Uber Technologies Inc., Waymo LLC, Kia- Hyundai, Poni.ai. Key players are focusing on new product launches, partnerships, and mergers & acquisitions to strengthen their market position and capitalize on lucrative growth opportunities.

The steam coil market is expected to witness lucrative opportunities due to the rising demand for energy-efficient heating systems from the industrial and commercial sectors. The growing need to curb energy costs is compelling industries and commercial facilities to replace conventional heating systems with advanced steam coils. Additionally, the rising construction of new residential and commercial buildings particularly in developing nations will further create high demand.

Globally, the Steam Coil Market Size is anticipated to witness high growth in Asia Pacific owing to rapid industrialization and infrastructure development activities in the region. China and India are among the largest producers and consumers of steam coils. North America and Europe are also expected to offer sizeable growth opportunities for market players owing to stringent energy efficiency protocols.

Market drivers

The global steam coil market growth is primarily driven by the rising need for energy-efficient and cost-effective heating solutions across various industries. Steam coils offer significant benefits over conventional water-based radiators such as minimal energy losses, precise temperature control, fast steam circulation and enhanced heating capacity. The cost savings on energy bills and higher return on investment have encouraged adoption among commercial establishments and industries. Additionally, growing concerns regarding carbon emissions and stringent environmental regulations by governments worldwide are compelling end-use sectors to replace traditional heating methods with clean and sustainable steam coil technology.

PEST Analysis

Political: Steam coil market is subject to regulations regarding safety standards and emission levels set by regulating authorities. Manufacturers must adhere to changing emission norms.

Economic: Changes in global and domestic economy can impact demand for end-use industries of steam coils like HVAC, industrial processes etc and thus influence market trends.

Social: Increasing living standards and preference for energy efficient heating solutions is driving demand for steam coil based systems from residential and commercial sectors.

Technological: Advancements in materials and technologies help optimize coil designs for better heat transfer, durability and control. Digitization allows remote monitoring of systems for performance and predictive maintenance.

Geographical concentration

The Asia Pacific region holds the largest share of the global steam coil market in terms of value, led by countries like China and India. This is attributed to high demand from heating, ventilation and industrial sectors catering to the large population.

Fastest growing region

The Middle East and Africa region is projected to witness the highest growth during the forecast period due increased construction of commercial buildings and manufacturing activity spurring installation of steam coil based HVAC and process heating systems. Government initiatives to develop infrastructure will further support regional market expansion.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it