Fire Tube Industrial Boiler Market anticipated to grow at a CAGR 4% by 2024|International Participant GE, Siemens, Bharat Heavy Electricals Limited, Thermax Limited, Babcock & Wilcox, Groupe Atlantic
The U.S. market is set to surpass 4 thousand units by 2024. Increasing industrial investment for the replacement of conventional heating units intended toward environmental compliance will stimulate the industry growth. Sizeable expansion in the refining capacity to serve the rising demand of fuel coupled with strengthening measures to upgrade the manufacturing capabilities will further favor the industry landscape.
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Compact design, low ownership cost and high efficiency are some of the product’s prominent features that will propel the fire tube industrial boiler market size. Furthermore, rising focus toward technological advancements, primarily for the improvement of fuel utilization efficiency will augment the product demand. For instance, in 2017, Bosch Thermotechnology introduced ULS steam boiler system that is capable of providing low running cost while saving over 47 cubic meters of natural gas per hour.
The chemical industry is yet another segment that demands industrial boilers on a large scale. Being one of the largest industries across the globe, it goes without saying that its colossal expansion scope is likely to create positive growth avenues for the fire tube industrial boilers market. in 2017, chemical industry accounted for approximately 25% of the fire tube industrial boiler market revenue, propelled by the rising demand for petrochemical products, cosmetics, commodity and fine chemicals. With the demand for such chemicals growing each year, the chemical industry is expected to receive a boost, which in turn will be reflected in the fire tube industrial boiler market growth statistics over 2018-2024.
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The food processing industry is one of the most ardent users of boilers – in most probability, fire tube industrial boilers. Industrial food processing involves the application of heat at several stages as heat still constitutes one of the basic means of reducing and effectively eliminating microbiological risk in food. Industrial boilers play a major role in producing this heat and it is needless to mention that with the expansion of the food processing industry, fire tube industrial boiler market share is certain to depict a major upsurge.
Fire tube industrial boiler market is predicted to grow on account of the product’s suitability for small and medium scale industries along with the ongoing expansion of small-scale industry sector. According to the United States Trade Representative (USTR), there are over 30 million small and medium scale industries operating in the U.S. as of 2017. Furthermore, low initial cost, easy maintenance, compact design, steady steam/hot water supply and optimum load surge handling capability are some of the key features that will boost the product’s adoption.
“Fire Tube Industrial Boiler Competitive Market Analysis & Forecast, 2018 – 2024” in detail along with the table of contents:
Eminent participants in the global Fire tube industrial boiler market:
• Fulton Boiler Works (GB) Limited
• Hurst Boiler & Welding Company, Inc.
• Clayton Industries
• IHI Corporation
• Fondital S.p.A.
• Ferroli S.p.A.
• AC BOILERS S.p.A. formerly ANSALDO CALDAIE
• MIURA AMERICA CO., LTD.
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