Superheater Market 2020 Development Strategy, Competitive Landscape and Trends by Forecast 2024
Superheater Market Analysis
The global superheater market is estimated to grow at 9.40% CAGR during the forecast period. Superheater is a device that is used to convert saturated steam into superheated steam. These devices are also used in steam turbines for electricity generation, steam reforming, and steam engines. The superheaters can be classified into three broad categories, which are convection superheaters, combined superheaters, and radiant superheaters. Convection superheater is the oldest type of superheater that is used in a wide range of applications and is located above or behind banks of water tubes to protect it from direct fire.
The global superheater market is set to witness significant growth due to booming steam boilers market and increasing construction of power plants. Additionally, Asia-Pacific is one of the most diversified industrial hubs with more than 70,000 products that have applications in cosmetics, petrochemicals, pharmaceuticals, and fertilizer industries. According to International Energy Agency (IEA), an investment of approximately USD 9.5 trillion has been estimated for the construction of new power plants and refurbishment of the existing ones by 2035. Moreover, the urban population will account for more than 60% of the total population. Additionally, supportive industrial growth policies, low-cost raw materials, cheap labor cost, and ease of availability has turned China and India into attractive markets for superheaters. All these factors are expected to drive the superheater market.
Industry Segmentation
The global superheater market has been segmented based on type into- radiant superheaters, convection superheaters, and combined superheaters. Among these types, the radiant type segment dominates the market due to fact that when a boiler load is reduced by around 50%, the heat of the flue gas reduces, therefore the convection superheater will capture less heat. However, a radiant superheater will maintain the heat at almost any load, thereby maintaining final superheat temperature.
Regional Outlook
Region-wise, Asia-Pacific held the largest market share of the global superheater market in 2018. It is estimated that Asia-Pacific would be the fastest growing market during the forecast period, mainly due to the growing demand for power and rising investments in constructing new power generation plants. China is expected to lead the Asia-Pacific superheater market during the forecast period and is projected to grow at the highest CAGR from 2018–2023. The market in China and India are projected to be among the fastest-growing economies during the forecast period. These countries are estimated to account for nearly 70% of all the proposed thermal power capacity addition during the same period. All these factors are likely to drive the superheater market, as superheaters are an integral part of power generation plants.
Prominent Players
The key players of the global superheater market are National Boiler Service, Chromalox, Optimus Industries, Birwelco, Alfa Laval, Sussman Electric Boilers, Watlow, KNM Group, Sandvik AB, VPI Acquisition Company LLC, Maarky Thermal Systems Inc., and Uchino Co., Ltd.
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