The global steam coil market is estimated to be valued at US$ 8.23 billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Steam coils are heating coils designed to heat air or other gases using steam as the heat source. They are widely used in various industries such as HVAC, chemical, and power generation to provide energy-efficient heating solutions. Steam coils offer advantages such as high thermal efficiency, precise temperature control, and quick response time. The increasing demand for energy-efficient heating systems, coupled with stringent environmental regulations, is driving the growth of the steam coil market. These coils are extensively used in heat exchangers and heat recovery systems, which further contribute to their market growth.
Market Key Trends:
One key trend in the global steam coil market is the growing adoption of steam coils in HVAC systems. HVAC systems are widely used in commercial buildings, hospitals, and industrial facilities for maintaining indoor air quality and temperature control. The use of steam coils in HVAC systems helps in efficient heating and reduces energy consumption. For instance, Armstrong International Inc., one of the key players in the market, offers Modulatic® steam coil generators for HVAC applications, which provide precise and energy-efficient heating solutions.
– Political: The government regulations and policies regarding energy efficiency and environmental sustainability are driving the adoption of steam coils in various industries.
– Economic: The growing industrial sector and increasing investments in infrastructure development are expected to fuel the demand for steam coils.
– Social: The rising awareness about environmental issues and the need for energy-efficient heating solutions are influencing the market demand for steam coils.
– Technological: Advancements in steam coil design and manufacturing processes are enhancing their performance and efficiency, leading to their increased adoption in various industries.
1: The global Steam Coil Market Share is expected to witness high growth, exhibiting a CAGR of 5.5% over the forecast period, due to increasing demand for energy-efficient heating solutions. The use of steam coils in heat exchangers and heat recovery systems is driving their market growth.
2: The fastest-growing and dominating region in the steam coil market is North America, primarily due to the presence of key market players and the growing industrial sector. Asia-Pacific is also expected to witness significant growth, owing to rapid industrialization and infrastructure development in countries like China and India.
3: Key players operating in the global steam coil market are Thermax Limited, Armstrong International Inc., Stork Thermeq B.V., Alfa Laval AB, and Kelvion Holding GmbH. These companies are focused on product innovation, strategic partnerships, and expansion strategies to gain a competitive edge in the market.
In conclusion, the global steam coil market is poised for significant growth due to the increasing demand for energy-efficient heating solutions. The adoption of steam coils in HVAC systems and their use in heat exchangers and heat recovery systems are driving their market growth. Government regulations promoting energy efficiency and environmental sustainability also support the demand for steam coils. North America and Asia-Pacific are expected to be the fastest-growing regions in the market. Key players such as Thermax Limited, Armstrong International Inc., and Alfa Laval AB dominate the market through their innovative product offerings and strategic initiatives.