Steam Water Heater Market Size, Share, Growth, and Industry Analysis by Type (Instantaneous Steam Water Heater, Semi-instantaneous Steam Water Heater, Storage Steam Water Heater), by Application (Hospitals , Food and Beverage Industrial, Schools, Buildings and Hotels, Others), Regional Insights, and Forecast To 2032

Updated On: 08 April 2024

STEAM WATER HEATER MARKET REPORT OVERVIEW

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The global steam water heater market size was USD 86 million in 2020 and market is projected to touch USD 121.94 million by 2032 at CAGR 2.9% during the forecast period.

The steam water heater is used to heat the water by using available steam and various types of water heating systems. Steam is the source of energy used to heat domestic and laboratory water as well as numerous other applications. The increasing focus on sustainability and the need for reducing greenhouse gas emissions are key factors contributing to the market growth. Steam water heaters provide an efficient and eco-friendly way of heating water, making them an attractive option for industries such as food & beverage, oil & gas, and chemical processing.

Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact:  Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

"Use Of Innovative Products To Boost The Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

STEAM WATER HEATER MARKET SEGMENTATION

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• By Type Analysis

According to type, the market can be segmented into instantaneous steam water heater, semi-instantaneous steam water heater, storage steam water heater

Instantaneous steam water heater will capture the maximum market share through forecast period.  

Instantaneous steam water heater - These water heaters provide hot water on-demand and are suitable for applications where a continuous supply of hot water is required without the need for storage tanks. They are known for their energy efficiency and quick heating capabilities.

Semi-instantaneous steam water heater – Semi-instantaneous steam water heaters combine some aspects of instantaneous and storage heaters. They may have a small storage tank to provide some immediate hot water while also utilizing steam to maintain a continuous supply.

Storage steam water heater- Storage steam water heaters have a large storage tank to store and heat water. They are suitable for applications where a significant amount of hot water is needed periodically, such as in large industrial processes.

• By Application Analysis

According to application, the market can be segmented into hospitals, food and beverage industrial, schools, buildings and hotels, others

Steam water heater market players cover segment as hospitals will dominate the market share during forecast period.

Hospitals– Hospitals require a reliable and constant supply of hot water for various purposes, including patient care, sterilization, and cleaning. Steam water heaters can be used in hospitals to meet these demands efficiently.

Food and beverage industrial – The food and beverage industry often requires hot water for cooking, cleaning, and sterilization processes. Steam water heaters are used in this industry to provide hot water efficiently and meet hygiene standards.

Schools -Educational institutions like schools may require hot water for cooking, heating, and sanitation purposes. Steam water heaters can be installed in schools to ensure a steady supply of hot water.

Buildings and hotels -Commercial buildings and hotels use hot water for various purposes, including showers, laundry, and heating. Steam water heaters can be installed in these facilities to provide hot water to occupants and guests.

Others -This category includes various other applications where steam water heaters may be used. It can encompass industries such as manufacturing, chemical processing, and any other setting where hot water is needed for specific processes.

DRIVING FACTORS

"Increasing Demand In Industrial Applications To Boost The Market Growth"

Steam water heaters find extensive use in industrial applications, such as in manufacturing, food processing, and chemical industries. The demand for these heaters is driven by the need for hot water in various industrial procedures.

"Technological Advancement and Innovation To Upsurge The Market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the steam water heater market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. As energy efficiency becomes more critical for environmental reasons, steam water heaters are seen as a greener alternative to traditional water heaters, as they can reduce greenhouse gas emissions.

RESTRAINING FACTOR

"High Maintenance Costs To Hamper The Market Growth"

Steam water heaters may have specific maintenance requirements, including regular inspections and cleaning to ensure optimal performance. Failure to maintain them properly can lead to decreased efficiency and increased operational costs.

STEAM WATER HEATER MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Region Due To Expansion Of Industries And Infrastructure Projects"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa.

Asia Pacific is further expected to witness growth in the steam water heater market share. The region is dominating the market due to growth of industries and infrastructure projects in this region. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

"Key Players Focus On Partnerships To Gain Competitive Advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

List Of Market Players Profiled

• Spirax Sarco (U.K.)
• Armstrong (U.S.)
• Patterson Kelley (U.S.)
• PVI Industries (U.S.)
• Hubbell Electric Heater (U.S.)

INDUSTRIAL DEVELOPMENT

June 2023: PVI, a Watts brand, expands its Centurion family of compact, direct-fired domestic water heaters with the addition of a 1600 MBH model to complement its existing 2000 MBH size.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.