The 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 finned heat exchangers installed in air handling units or fan coil units that are used to provide heating for humidity control and temperature regulation in commercial buildings. They are commonly used in HVAC applications such as air handling units, unit ventilators, fan coil units and cabinets. Steam coils provide precise temperature and humidity control and can handle large temperature differentials between supply and return air. They are suitable for applications ranging from industrial process heating to humidification and dehumidification in commercial spaces.
Market Dynamics:
Increasing construction of commercial buildings such as hotels, hospitals, shopping malls and offices globally is expected to drive the demand for steam coils for heating, ventilation and air conditioning (HVAC) systems. According to data published by The World Bank, the global stock of commercial buildings is forecasted to increase by 60% between 2018 and 2030, with majority of the new construction occurring in developing countries in Asia and Africa. Rapid urbanization and growing real estate sector especially in developing economies will necessitate efficient HVAC solutions in commercial spaces, thereby propelling the steam coil market growth over the forecast period. Moreover, stringent government regulations regarding energy efficiency in buildings is compelling commercial building owners to invest in advanced HVAC technologies such as steam coils to reduce carbon footprint. For instance, the updated ENERGY STAR Certified Homes criteria by the U.S. Environmental Protection Agency mandates stringent efficiency standards for commercial HVAC systems.
Segment Analysis
The Steam Coil Market Size is segmented by type, application and end-use industry. Based on type, the finned tube steam coil segment is dominating the market as it provides better heat transfer surface area compared to bare tube coils. Fin tube coils offer better efficiency over bare coils in heating applications.
PEST Analysis
Political: Governments across regions are introducing stringent regulations regarding emission levels from industries which is increasing replacement of conventional heating systems with energy efficient steam coils in various industries.
Economic: Growing industrialization and urbanization is driving demand for steam coils from various process industries. Investments in infrastructure development is also augmenting market growth.
Social: Increasing health awareness is promoting use of steam coils for sterilization and pasteurization in pharmaceutical and food processing industries.
Technological: Advancements in materials and surface coating technologies is helping manufacturers develop steam coils with improved corrosion resistance and durability.
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 investments in industrial expansion and facility upgradations globally.
Regionally, Asia Pacific is projected to be the fastest growing as well as the dominant regional market over the forecast period. Countries like China, India are witnessing rapid industrialization which is driving demand of steam coils from various industries in the region.
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 holds major market share owing to its wide product portfolio and global distribution network. Armstrong International offers fluid handling equipments including steam tracing, steam coils and heat exchangers for industrial applications.
