Global Industrial Boiler Market to Witness Huge Growth by 2024 by Hoval, Ferroli S.p.A., Viessmann, Fondital S.p.A., Groupe Atlantic, Babcock & Wilcox, Thermax Limited, Amec Foster Wheeler
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Rapid industrialization across emerging economies coupled with substantial investments toward the expansion and modernization of existing industrial facilities will stimulate global industrial boiler market. For instance, in 2018, Lord Corporation announced to invest USD 80 million to expand and upgrade its manufacturing facility in the U.S. by 2023. Furthermore, shifting trends toward energy efficient heating systems on account of rising concerns over greenhouse gas emissions will stimulate product adoption.
Gas fired boiler market is anticipated to witness growth on account of robust gas infrastructure. Natural gas is considered to be one of the cleaner fuels consumed by industrial sector to meet growing energy needs. Rising investment toward the extension of existing gas supply networks favored by declining fuel prices will further augment the industry growth.
Condensing industrial boiler market is anticipated to witness gains over 4% by 2024. High efficiency, low environmental impact and reduced heating costs are some of the prominent features which make the product deployment preferable over other available alternatives. Rising investment toward substitution of conventional heating units coupled with regulatory policies to reduce carbon emissions will further thrust the product adoption.
Europe industrial boiler market is predicted to grow over 3% by 2024. Stringent emission norms across the region coupled with implementation of regulatory measures pertaining to industrial pollution will drive the demand for replacement of conventional boilers. In line with the global initiative to reduce carbon footprint, the European Union in 2015, introduced the Eco-design Directive with respect to solid fuel boilers with an aim to minimize the negative environmental impact of GHG emission.
Ongoing efforts to reduce greenhouse gas emissions driven by increasingly stringent legislative requirements will stimulate the global market growth. For instance, the European Union has set a target by 2030 to reduce GHG emissions by 40% compared to the 1990 levels which will lead to the replacement of existing high-emission fuel boilers. Shift toward energy optimization will further augment the business growth.
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Key industry players operating across global industrial boiler market include Amec Foster Wheeler, Hoval, Viessmann, Fondital S.p.A., Ferroli S.p.A., Groupe Atlantic, Babcock & Wilcox, Thermax Limited.
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