The global Steam Coil Market is estimated to be valued at US$ 8.23 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Steam coils are used in industrial heat exchangers to provide steam heating for various industrial processes. They offer benefits such as high efficiency, corrosion resistance, compact design and precise temperature control. Steam coils find wide applications in industries such as oil & gas, chemicals, power generation, HVAC, food & beverage and pharmaceuticals for processes like distillation, evaporation and sterilization.
Market key trends:
One of the key trends in the Steam Coil Market Size is the growing adoption of compact and energy efficient coils. With rising energy costs and focus on reducing carbon footprint, industrial users are increasingly opting for advanced steam coils that offer higher heat transfer capabilities in a smaller footprint. This has driven innovations such as multilayer coil designs, microchannel coils, and coils made of high performance alloys like Inconel and Hastelloy which allow for compact designs with enhanced heat transfer.
Segment Analysis
The global steam coil market is dominated by HVAC segment as steam coils are widely used in heating, ventilation, and air conditioning applications. They provide efficient and quick steam heating for industrial and commercial buildings. HVAC steam coils account for around 60% of the total steam coil market owing to high demand from the construction sector for heating solutions in offices, malls, hospitals, etc.
Key Takeaways
The global steam coil market is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing demand from industries like food & beverage, chemical, and pharmaceutical sector.
Regional analysis
Asia Pacific holds the major share of the global steam coil market and is expected to remain the fastest growing regional market during the forecast period. Increase in infrastructure development and expansion of manufacturing industries in China, India drive the APAC steam coil market.
Key players
Key players operating in the steam coil market are Thermax Limited, Armstrong International Inc., Stork Thermeq B.V., Alfa Laval AB, and Kelvion Holding GmbH. The market remains moderately fragmented with the presence of several global and domestic players. Thermax and Alfa Laval capture majority of the market share due to their widespread geographic presence and large product portfolio.
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