Future Growth of Boiler Market 2024 Global Analysis By Key Players - A.O. Smith, Parker, Cleaver-Brooks, Thermax, Weil-McLain, Fulton, General Electric, Burnham, Hurst Boiler, Welding, Forbes Marshall, Cochran
Boiler Market, Boiler Market Size, Boiler Market trends, Boiler Market forecast, Boiler Market Growth
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Another factor that is likely to drive product demand is the growing industrial development and surging energy needs. Recently, for instance, Imperial Oil Ltd has handed a contract to leading advanced energy and environmental technology company Babcock & Wilcox Enterprises to offer 5 industrial water-tube boilers to use in its upcoming Aspen oil sands project in Alberta.
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.
The U.S. boiler market is set to surpass annual deployment of 700 thousand 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.
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.
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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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.
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.
Table of Content:
Chapter 1. Boiler Market Methodology and Scope
Chapter 2. Boiler Market Executive Summary
Chapter 3. Global Boiler Industry Insights
Chapter 4. Global Boiler Market, By Application
Chapter 5. Global Boiler Market, By Capacity
Chapter 6. Global Boiler Market, By Product
Chapter 7. Global Boiler Market, By Fuel
Chapter 8. Global Boiler Market, By Region
Chapter 9. Boiler Market Company Profiles
Outer scope of this report B&W is set to design and supply the MCFM 200-120 model boilers, which are equipped with the company’s select multi-circulation boiler technology to provide steam for Imperial Oil’s steam-based gravity drainage to extract bitumen, which in turn will have a positive impact on the boiler market growth in the coming years.
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Global Utility Boiler Market Size By Capacity, By Technology, Analysis Report, Regional Outlook, Competitive Market Analysis & Forecast, 2018 – 2024
Global Utility Boiler Market is anticipated to exceed USD 20 Billion by 2024. Robust economic growth across developing countries coupled with growing energy demand will drive the utility boiler market. Stringent norms toward reduction of carbon emissions along with efforts to mitigate the electricity demand supply gap will fuel the adoption of super-critical boilers. Ongoing investment toward expansion of generation capacity in order to support industrialization efforts in developing economies will further escalate the business landscape.
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