May 22, 2024
Steam Coil Market

Steam Coil Market is Expected to be Propelled by Rising Demand from HVAC Sector

Steam coil, also known as steam heat exchanger, is a device used for heating applications in various industries such as HVAC, laundry drying, food processing, and industrial process heating. Steam coil functions by passing steam through copper tubing enclosed in a casing. The heat from steam is conducted through tubing and transferred to the surrounding air via convection and conduction, heating up the space. Some key uses of steam coil include heating in commercial buildings, food preparation, industrial processes, laundry drying, and airport tarmac heating.

The global steam coil market is driven by its extensive application in the HVAC sector. Steam coils are increasingly being used in rooftop package units, heat pumps, air handlers, and furnaces for heating purposes in commercial buildings like malls, hospitals, hotels, and office premises. Adoption of district heating systems utilizing steam coils in cities across Western Europe and North America has also contributed to the market growth. With rising demand for energy-efficient and reliable heating solutions from the booming commercial construction industry, the steam coil market is expected to witness lucrative opportunities.

The global steam coil market is estimated to be valued at US$ 9.49 Mn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers propelling the steam coil market growth is the rising demand from the HVAC sector. According to estimations, the global HVAC market was valued at US$ 200 Bn in 2022 and is forecast to reach US$ 290 Bn by 2030, expanding at a CAGR of 5%. With increased construction of commercial buildings and rising HVAC penetration in residential buildings across developing nations, the demand for efficient heating components like steam coils from the HVAC industry is surging.

Another factor contributing to the market opportunity is the increased adoption of district heating utilizing steam in cities. District heating systems powered by steam coils offer advantages like reduced carbon emissions, sustained indoor temperature control, and cost-effectiveness. European nations have deployed extensive district heating infrastructure powered by steam generation. For example, around 60% of Denmark’s heat demand is met through district heating systems using steam. Initiatives toward developing smart energy-efficient cities are propelling the district heating market, thereby augmenting steam coil adoption.

Segment Analysis

The global steam coil market is dominated by tube & finned coils sub-segment. Tube & finned coils accounted for around 65% market share in 2024 owing to their higher heat transfer rate and efficiency. These coils have thin tubes that are bundled together and soldered to fins or plates to dissipate heat faster.

PEST Analysis

Political: Steam coil industry is regulated by various environmental and safety standards regarding material usage and emissions. Frequent changes in such regulations may impact production cost.

Economic: Growth in process industry, food processing and healthcare sector will drive the demand for steam coils used in sterilization, heating and humidification. Rising income levels in developing nations further boost market growth.

Social: Increasing health awareness and food safety concerns promote the usage of steam coils in kitchen appliances, hospitals and food manufacturing plants. Strict hygiene standards in these end-uses also fuel the product adoption.

Technological: Manufacturers focus on developing coils with advanced materials, compact designs and higher corrosion resistance. Many players integrate sensors and IoT features in steam coils to enable remote monitoring and predictive maintenance.

Key Takeaways

The Global Steam Coil Market Growth is expected to witness high at a CAGR of 7.7% during the forecast period of 2024 to 2031.

Regional analysis comprises: The Asia Pacific region dominates the global steam coil market and is expected to maintain its leading position throughout the forecast period. Countries like China, India and Southeast Asian nations have emerged as major manufacturing hubs for various process industries, contributing largely to the regional demand for steam coils in this region.

Key players operating in the steam coil market are Audi AG, BMW AG, Daimler AG, Ford Motor Company, General Motors Company, Honda Motor Company, Renault and Toyota Motor Corporation.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it