by 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Steam coils are heat exchangers used mainly in the heating, ventilation, and air conditioning industry to transfer heat from steam into air or other fluids like water. They are used in industrial applications like process heating, steam tracing, sterilization, autoclaving and humidification. Steam coils offer advantages like reliable and continuous heat delivery, emission-free operation, precise temperature control and remote monitoring capabilities. With rapid industrialization worldwide, the demand for process heating equipment has increased tremendously thereby driving the steam coil market.
Market key trends:
One of the key trends in the Steam Coil Market Size is the growing adoption of stainless steel steam coils. Stainless steel provides superior corrosion resistance, longer operational life and withstands high temperatures and pressures as compared to other materials. It is suitable for a wide range of applications handling acids, alkalis and other corrosive mediums. Several market players are focusing on developing innovative stainless steel steam coil designs with compact sizes, self-cleaning capabilities and quick mounting options to tap new growth opportunities.
Porter’s Analysis
Threat of new entrants: The steam coil market has moderate barriers for new entrants due to the presence of established players and high initial capital requirements for setting up a manufacturing facility.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players providing a variety of steam coil options at competitive prices. However, switching costs for buyers are low.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the fragmented nature of suppliers and availability of substitute materials.
Threat of new substitutes: The threat of new substitutes is low as steam coils have appropriate performance and are difficult to replace in many process industries.
Competitive rivalry: Competition in the steam coil market is high due to the presence of numerous global and regional players.
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 food processing industries.
Regionally, Asia Pacific dominated the global steam coil market in 2023 and is expected to continue its dominance during the forecast period. This is attributed to rapid industrialization and growing process industries in China and India.
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. Thermax Limited is a prominent player with strong presence across India and other Asian markets. Armstrong International Inc specializes in custom engineered steam coils and heat transfer products.
The global steam coil market size for 2023 is US$ 8.23 Bn. Rising demand from pharmaceutical, chemical, and food processing industries is expected to drive the market during the forecast period. Regionally, the Asia Pacific market dominated with over 35% revenue share in 2023 due to rapid industrialization in the region. Key players focus on product innovation and expansion in emerging markets to strengthen their market position.
