The steam coil market comprises steam heat exchangers that are used in heating, ventilation, air conditioning, and refrigeration (HVAC&R) applications. Steam coils help efficiently transfer heat from steam into air for the purpose of heating. They provide accurate temperature control and quick response time. Steam coils are easy to install and maintain, and can heat large air volumes cost-effectively.
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.
Key Takeaways
Key players operating in the Steam Coil Market are Audi AG, Bayerische Motoren Werke AG, General Motors Company, Nissan Motor Co., Ltd., Tesla Motors, Inc., The Volvo Group, Toyota Motor Corporation, Uber Technologies Inc., Waymo LLC, Kia- Hyundai, Poni.ai. HVAC systems are increasingly being integrated into autonomous and electric vehicles to provide optimal thermal comfort to passengers. This is expected to drive the demand for steam coils going forward. With growing global automobile production and sales, particularly of autonomous and electric vehicles, the steam coil market is projected to witness significant expansion worldwide over the coming years.
Market key trends
One of the key trends in the Steam Coil Market Demand is the shift towards autonomous and electric vehicles. Auto manufacturers are focusing on developing self-driving cars that provide enhanced mobility solutions. Several companies such as Waymo, Tesla, GM, and Toyota have already started testing autonomous vehicles. Meanwhile, production and sales of battery electric vehicles are also increasing owing to stringent emission regulations and lower operating costs. This transition towards electric and driverless technology will positively impact the steam coil market as advanced HVAC systems powered by steam coils will be integral to passenger comfort in such vehicles.
Porter’s Analysis
Threat of new entrants: High capital requirement and established value chain acts as a barrier for new players. Bargaining power of buyers: Large buyers can negotiate better pricing however diversified applications increase dependence. Bargaining power of suppliers: Suppliers possess low bargaining power due to availability of close substitutes and fragmented supply base. Threat of new substitutes: Alternatives like electric heating coils pose threat but steam coils hold advantage for industrial processes requiring controlled heating. Competitive rivalry: Intense competition amongst fragmented players to gain additional market share through product differentiation and innovation.
Geographical Regions
North America holds leading share in the global market, with the US accounting for major consumption. Established manufacturing industry and presence of major automotive companies drive the regional market.
The Asia Pacific market is projected to witness highest growth during the forecast period. Rapidly expanding industries like food processing, textile and automotive in China and India will boost the regional demand for steam coils.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it