Steam Boiler Market for Thermal Power Plant and Oil Refinery - Growth, Trends, and Forecasts (2025 - 2030)

The Steam Boiler Market for Thermal Power Plant and Oil Refinery is segmented by Type (Water Tube Boiler and Fire Tube Boiler), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East & Africa). The report offers market size and forecasts in revenue (USD billion) for all the above segments.

Steam Boiler Market for Thermal Power Plant and Oil Refinery - Growth, Trends, and Forecasts (2025 - 2030)

Thermal Power Plant & Oil Refinery Steam Boiler Market Size

Steam Boiler for Thermal Power Plant and Oil Refinery Market Summary
Study Period 2021 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
CAGR 1.50 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Medium

Major Players

Steam Boiler for Thermal Power Plant and Oil Refinery Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Steam Boiler Market for Thermal Power Plant and Oil Refinery with other markets in Energy & Power Industry

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Thermal Power Plant & Oil Refinery Steam Boiler Market Analysis

The Steam Boiler Market for Thermal Power Plant and Oil Refinery Industry is expected to register a CAGR of less than 1.5% during the forecast period.

COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.

  • Over the medium term, the primary factors expected to drive the market are the upcoming thermal power plants and refineries worldwide. During the forecast period, an increase in thermal power plants and refineries would lead to higher demand for the steam boiler market.
  • On the other hand, increasing focus on renewable sources for electricity generation is expected to decrease the count of coal-powered thermal plants, which is expected to hinder market growth during the forecast period.
  • Nevertheless, with the set of targets to reduce greenhouse gas emissions by 2020 and 2050, the European Union is expected to reduce its emissions by 80%-95% by 2050. To abide by the targets, the European Union is expected to increase its investment to increase the thermal power plants' efficiencies and reduce CO2 emissions. Thus, an increase in efficiency is expected to provide an opportunity for the steam boiler market with better technologies and negligible heat losses in European countries.
  • Asia-Pacific is expected to dominate the market with the highest number of existing and upcoming thermal power plants and oil refineries.

Thermal Power Plant & Oil Refinery Steam Boiler Industry Overview

The Steam Boiler Market for thermal power plants and oil refineries needs to be more cohesive. The market's key players (not in particular order) include Alfa Laval AB, Victory Energy Operations LLC, Babcock Wanson Ltd, and Forbes Marshall Pvt. Ltd, and Viessmann Manufacturing Company Inc., among others.

Thermal Power Plant & Oil Refinery Steam Boiler Market Leaders

  1. Alfa Laval AB

  2. Victory Energy Operations LLC

  3. Babcock Wanson Ltd.

  4. Forbes Martshall Pvt. Ltd.

  5. Viessmann Manufacturing Company Inc.

  6. *Disclaimer: Major Players sorted in no particular order
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Thermal Power Plant & Oil Refinery Steam Boiler Market News

  • December 2022: Ereğli Demir ve Çelik Fabrikaları T.A.Ş., a Turkish steel manufacturer, announced that it had commissioned its sixth steam boiler, which will contribute to generating additional gas and electricity. It replaces the first steam boiler that had been in operation since the company's founding. It has a production capacity of 160 mt per hour and replaces the company's first steam boiler that was in operation since the company's founding.
  • August 2022: Babcock Wanson has launched two new product lines of electric boilers: the VAP EL 400V three-phase, 50Hz electric steam boiler with models for 16 to 360 kW; and the e-Pack industrial electric boiler with models for 500 to 17,000 KG/H.

Thermal Power Plant & Oil Refinery Steam Boiler Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Steam Boiler Market for Thermal Power Plant and Oil Refineries in USD billion, till 2027
  • 4.3 Existing Thermal Power Plant, by Location and Fuel Type in 2027
  • 4.4 Recent Trends and Developments
  • 4.5 Government Policies and Regulations
  • 4.6 Market Dynamics
    • 4.6.1 Drivers
    • 4.6.2 Restraints
  • 4.7 Supply Chain Analysis
  • 4.8 Porter's Five Forces Analysis
    • 4.8.1 Bargaining Power of Suppliers
    • 4.8.2 Bargaining Power of Consumers
    • 4.8.3 Threat of New Entrants
    • 4.8.4 Threat of Substitute Products and Services
    • 4.8.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION

  • 5.1 Type
    • 5.1.1 Water Tube Boiler
    • 5.1.2 Fire Tube Boiler
  • 5.2 Geography
    • 5.2.1 North America
    • 5.2.2 Europe
    • 5.2.3 Asia-Pacific
    • 5.2.4 South America
    • 5.2.5 Middle East & Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Company Profiles
    • 6.3.1 Alfa Laval AB
    • 6.3.2 Victory Energy Operations LLC
    • 6.3.3 Babcock Wanson Ltd
    • 6.3.4 Forbes Marshall Pvt. Ltd
    • 6.3.5 Viessmann Manufacturing Company Inc.
    • 6.3.6 Fulton Boiler Works Inc.
    • 6.3.7 Mitsubishi Hitachi Power Systems Ltd
    • 6.3.8 General Electric Company
    • 6.3.9 Clayton Industries
    • 6.3.10 ThyssenKrupp Industries India Pvt. Ltd
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Thermal Power Plant & Oil Refinery Steam Boiler Industry Segmentation

In a steam boiler, fluid is heated (typically water) but does not necessarily boil. After being heated or vaporized, the fluid leaves the boiler for various processes or heating applications, including cooking, water or central heating, or electricity production. A boiler (or, more specifically, a steam boiler) is an integral part of a thermal power plant.

The steam Boiler Market for thermal power plants and oil refinery market is segmented by type and geography. The market is segmented by type: water tube boiler and fire tube boiler. The report also covers the market size and forecasts for the steam boiler market for thermal power plant and oil refinery markets across major regions. The market size and estimates for each segment have been done regarding revenue (USD billion).

Type Water Tube Boiler
Fire Tube Boiler
Geography North America
Europe
Asia-Pacific
South America
Middle East & Africa
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Thermal Power Plant & Oil Refinery Steam Boiler Market Research FAQs

What is the current Thermal Power Plant and Oil Refinery Steam Boiler Market size?

The Thermal Power Plant and Oil Refinery Steam Boiler Market is projected to register a CAGR of less than 1.5% during the forecast period (2025-2030)

Who are the key players in Thermal Power Plant and Oil Refinery Steam Boiler Market?

Alfa Laval AB, Victory Energy Operations LLC, Babcock Wanson Ltd., Forbes Martshall Pvt. Ltd. and Viessmann Manufacturing Company Inc. are the major companies operating in the Thermal Power Plant and Oil Refinery Steam Boiler Market.

Which is the fastest growing region in Thermal Power Plant and Oil Refinery Steam Boiler Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Thermal Power Plant and Oil Refinery Steam Boiler Market?

In 2025, the Asia Pacific accounts for the largest market share in Thermal Power Plant and Oil Refinery Steam Boiler Market.

What years does this Thermal Power Plant and Oil Refinery Steam Boiler Market cover?

The report covers the Thermal Power Plant and Oil Refinery Steam Boiler Market historical market size for years: 2021, 2022, 2023 and 2024. The report also forecasts the Thermal Power Plant and Oil Refinery Steam Boiler Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Steam Boiler for Thermal Power Plant and Oil Refinery Industry Report

Statistics for the 2025 Steam Boiler for Thermal Power Plant and Oil Refinery market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Steam Boiler for Thermal Power Plant and Oil Refinery analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.