Global Boiler Market Set to Exceed USD 6 billion by 2024 | Weil-McLain, Thermax, Cleaver-Brooks, Fulton, Bharat Heavy Electricals, Hurst Boiler and Welding

Global Boiler Market size was valued over USD 37 billion in 2016 and the annual installation is set to exceed 11 million units by 2024.

Rising electricity demand coupled with rampant investments toward industrial sector will propel the boiler market size. Developing economies across Asia Pacific and Africa has introduced ambitious plan to install and upgrade the existing power generation units which, will positively impact the business growth. In May 2017, Sumitomo Corporation, in collaboration with PT United Tractors and Kansai Electric Power announced investment of USD 4.4 billion towards the expansion of coal-fired Tanjung Jati B power plant in Indonesia.

Competitive Market Share

Notable players in the boiler market include Weil-McLain, Thermax, Cleaver-Brooks, Fulton, Bharat Heavy Electricals, Hurst Boiler and Welding, Walchandnagar Industries, Parker, Burnham Commercial, Forbes Marshall, A.O. Smith, Cochran, General Electric Babcock and Wilcox and others.

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Favorable government policies toward adoption of energy efficient heating system coupled will embellish the global boiler market share. Control features including setup wizards for installations, multiple preset systems, automation, intelligent boiler sequence controls and integration with building automation systems are some of the key features which makes them preferable over other available counterparts. Prohibitive replacement cost along with changing regulatory environment will further boost the product demand.

Replacement of traditional heating units to achieve buildings code compliance will stimulate the demand for residential and commercial boiler market. Residential boilers offer low operating cost, better air quality and improved zone heating when compared to traditional furnaces. Seasonal hot water and steam demand from temperate and hot climatic zones will further complement the industry growth.

Boiler Market, By Capacity
≤10 MMBtu/hr boiler market is predicted to exceed 10 million annual installations owing to increasing adoption of heating units across residential and commercial establishments. Positive outlook towards paper and food processing industries will further complement the industry growth. Infrastructural spending towards upgradation of commercial buildings along with measured to meet the energy efficiency standards will boost the product demand. In 2015, total investment towards housing development in EU-28 was valued over USD 760 billion.

Growing installation of power generating units to mitigate the demand supply mismatch will stimulate the ≥250 MMBtu/hr boiler market growth. These heating units are primarily deployed for steam generation across utility and high end industrial applications. Resurgence of industrial sector including primary metal manufacturing and refineries post 2008 recession will fuel the demand for 50-100 MMBtu/hr capacity units.

Boiler Market, By Product

Global water-tube boiler market is set to witness gain over 4% by 2024. High pressure handling capacity coupled with ability to achieve higher temperature using superheaters makes its adoption preferable over available alternatives. High capacity range of these products makes them suitable for large commercial, industrial and utility applications.

Fire-tube boiler market will witness growth owing to its ease of installation and low operating cost. Compact design and ability to meet fluctuating steam demand will boost the product penetration across small scale industrial applications.

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Boiler Market, By Application:
Growing measures towards energy conservation coupled with rising demand for energy efficient heating systems will drive the residential boiler market size. Respective governments have enacted legislations to promote installation of energy efficient heating systems. European Union has introduced Ecodesign Directive which requires boilers with a rated output of ≤ 70 kW to have minimum energy efficiency of 86%.

Industrial boiler market in 2016, accounted over 10% of global revenue share. Positive outlook towards food processing and chemical industry coupled with ongoing measures towards adoption of low emission heating system will augment the business growth. In 2016, food and beverage exports from Australia reached over USD 28 billion with an 11% surge when compared with 2015 level.

Global commercial boiler market revenue is set to exceed USD 6 billion by 2024. Rising government spending towards service sector along with its wide applications across institutions, healthcare facilities, offices and hotels will embellish the business growth. In 2016, China government spent over USD 180 billion towards healthcare sector.

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Table of Contents:

Report Content
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Boiler Market Industry Insights
Chapter 4. Boiler Market, By Capacity
Chapter 5. Boiler Market, By Product
Chapter 6. Boiler Market, By Fuel
Chapter 7. Boiler Market, By Application
Chapter 8. Boiler Market, By Region
Chapter 9. Company Profiles

Complete Report – https://www.reportsweb.com/reports/World-Boiler-Market-Size-Share-Industry-Growth-Report-2024

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This release was published on openPR.