Global Market Insights adds global Boiler Market report which focuses on the major drivers and restraints for the key players. It also provides analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.
The U.S. boiler market is set to surpass annual deployment of 700’000 units by 2024. Rising investment across commercial & industrial establishments along with growing efforts toward the replacement of conventional boilers will drive the industry growth. Positive outlook toward chemical and primary metal industry will further nourish the business outlook.
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Global Boiler Market is predicted to reach over USD 65 Billion by 2024. Growing investment toward the expansion and upgradation of commercial facilities coupled with ongoing industrialization across developing economies will propel the deployment of these steam generating units. In addition, rising focus toward energy efficient units on account of growing concerns over greenhouse gas emissions will further drive the product demand.
Ongoing demand for electricity owing to rapid industrialization will drive the global boiler market growth. Massive investment plans to increase the power generating capacity of the powerplants across various emerging economies in Asia Pacific and Africa region will propel the product adoption. For instance, NHPC announced to generate additional 4458.6 Million Units (MUs) power from its Parbati-II and Kishanganga projects by end of 2018.
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Commercial boiler market will reach over 6% by 2024. High efficiency, lower breakdown risk, automation option & ambient air quality are some of the underlying abilities of these boilers which will propel their adoption. Moreover, surge in demand for hot water & steam from temperate and hot climatic zones will fuel the industry growth.
Gas fired boiler market will grow owing to shifting trends toward green technology and cleaner fuel sources. Stringent government mandates to curb emissions along with growing environmental concerns will further augment the business growth. For instance, in 2018 the UK signed the fifth carbon budget to reduce 57% GHG emissions between 2028-2032.
In 2017, the UK boiler market was valued over USD 2 billion. Sturdy technological advancements along with upgraded gas infrastructure will propel the business growth. For instance, as per the Infrastructure and Projects Authority (IPA), an investment of over USD 700 billion will be allocated on infrastructure development in the next 10 years.
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Global commercial boiler market will witness robust growth on account of strengthening demand for the replacement of old heating systems along with positive outlook toward healthcare industry. Improved gas pipeline infrastructure, technological advancements and government subsidies will further propel the business growth. For instance, as per the IEA, Russia has offered Natural Gas subsidy of USD 9 billion.
Eminent players operating in the global boiler market include: Burnham, Fulton, Babcock & Wilcox, General Electric, Parker, Hurst Boiler & Welding, Cochran, Thermax, A.O. Smith, BHEL, Forbes Marshall, Cleaver-Brooks, Weil-McLain and others.
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