|02-11-2019 07:46 PM CET - Energy & Environment||
Global Boiler Market Excellent Revenue Growth by 2024 Prominent Players GRUNDFOS, Groupe Atlantic, Vaillant Group, Fulton Companies, Cleaver-Brooks, Weil-McLain, Hoval, Ferroli S.p.A.
Press release from: Global Market Insights, Inc.
The U.S. market is set to exceed an annual installation of 700 thousand units by 2024. Ongoing investment activities across industrial & commercial sector along with rising focus toward replacement of existing steam generating units will fuel the product demand. Positive outlook toward primary metal manufacturing & chemical industry will further augment the business growth.
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Recently, Fulton, which is one of the key giants in global boiler industry formed a study group to check the energy saving feasibility of boilers. This initiation is likely to help companies develop novel boilers with superior efficiency that will require sufficiently moderate maintenance at substantially lower costs – a move that may have a considerable impact on boiler industry. Incidentally, an assessment report by Global Market Insights, Inc., claims worldwide boiler market to have generated a revenue of USD 50 billion in 2017.
Sizeable investments toward the upgradation & expansion of existing commercial facilities along with rapid industrialization across emerging economies will stimulate the global boiler market size. For instance, in 2017, Singapore based CAPITALAND established its private equity fund worth USD 300 Million in order to boost commercial property expansion in Vietnam. In addition, shifting trends toward energy efficient heating solutions on account of rising concerns over GHG emissions will further accelerate the product deployment.
Aging boilers are mainly responsible for the reduction in the energy efficiency of the power plants. Also, older boiler systems may lead to more carbon emission, thereby prompting the need for their replacement. The growing need of aging boiler replacement will thus significantly boost global boiler market. With regards to the efficiency improvement, the European Parliament has passed the Eco-design Directive. Eco-design plays an important role in technical developments and performance enhancement of energy related products.
A recent news snippet claimed the Southwestern Vermont Health Care to have signed a five-year strategic contract with NG Advantage LLC, which is one of the leading providers of trucked natural gas in U.S. The contract dictates NG Advantage LLC to supply compressed natural gas to the Southwestern Vermont Medical Center, that would be requiring this natural gas for its newly installed central boiler plant. This goes to prove that hospitals and other similar avenues would find exceptional use for commercial boilers, thereby augmenting their sales. As per statistics, commercial applications accounted for over 25% of global boiler industry share in 2017. However, owing to the increasing demand for the product across various commercial sectors such as healthcare, hospitality, and offices, global boiler market size from commercial applications is set to register a CAGR of 6% over 2018-2024.
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Key participants operating across the global market comprise GRUNDFOS, Ariston Thermo Group, Carrier Corporation, Groupe Atlantic, Vaillant Group, Fulton Companies, Cleaver-Brooks, Weil-McLain, Hoval, Ferroli S.p.A.
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