Global Market Insights added a report on Industrial Boiler Market that provide in-depth information about market overview, top vendors, Key market highlights, product types, market drivers, challenges, trends, industry landscape, size and forecast, five forces analysis, Key leading countries/Region.
Global Industrial Boiler Market is predicted to exceed USD 12 Billion by 2024. Escalating demand for energy efficient heating units on account of rising concerns over greenhouse gas emissions will drive industry growth. Rising investments toward the modernization and expansion of existing industrial facilities coupled with industrialization across emerging economies will fuel the product adoption. For instance, the U.S. based Lord Corporation in 2018, announced investment worth over USD 80 million to upgrade and expand its manufacturing facility by 2023.
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Global industrial boiler market will witness growth owing to the positive outlook toward metal manufacturing and pulp & paper industries. Furthermore, rising focus toward replacement of existing heating systems coupled with ongoing investment across industrial sector will augment the business growth.
Europe industrial boiler market is predicted to grow over 3% by 2024. Implementation of regulatory polices relating to industrial pollution coupled with stringent emission norms across the region will fuel the demand for replacement of conventional boilers. In 2015, the European Union introduced the Eco-design Directive with an aim to minimize the negative environmental impact of greenhouse gas emission with respect to the solid fuel boilers.
175-250 MMBtu/hr boiler market is anticipated to expand over 5% by 2024. Increasing applications of the steam generating units across industrial sector along with ongoing investments for the expansion of petrochemical industries and oil refineries will positively impact the business landscape. In 2018, Total & Saudi Aramco signed an MOU worth over USD 5 billion to build a petrochemical complex in Saudi Arabia.
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Condensing industrial boiler market is predicted to grow over 4% by 2024. Low environmental impact, reduced heating costs and high efficiency are some of the key features which make the product adoption preferable over other alternatives. Government policies to reduce carbon emissions in conjunction with rising investment for the replacement of existing heating units will further stimulate the business growth.
Gas fired boiler market is predicted to witness growth owing to robust gas pipeline infrastructure. Natural gas is one of the prominent cleaner fuels consumed across the industrial sector to meet escalating energy demand. Furthermore, declining fuel prices have favored investment toward the expansion of existing gas supply networks which in turn will drive the product adoption.
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China industrial boiler market was valued over USD 2 billion in 2017. Government focus for advancement of its manufacturing facilities along with indigenous innovations for industrial development will drive the business landscape. For instance, according to the World Bank, in 2017, manufacturing value added was 22.3 % more as compared to 2013.
Eminent industry players in the global industrial boiler market include General Electric, Thermax, Bosch Thermotechnology, Mitsubishi Hitachi Power Systems, Hurst Boiler, Cleaver-Brooks, Siemens, Clayton, IHI, Forbes Marshall, Fulton, Cochran, Rentech, AMEC Foster Wheeler, Bharat Heavy Electricals, Babcock and Wilcox and Doosan amongst others.
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