Global industrial boiler market to cross 100,000 annual installation units by 2024

Global industrial boiler market has been garnering popularity across myriad end-use sectors including chemicals, food processing, and hospitals, subject to the increasing adoption of energy efficient heating systems. It has been observed that of late, major companies in the food processing sector have been adopting green energy production systems to reduce carbon dioxide emissions, as fossil fuel based heating systems lead to a hazardous impact on the environment. The growing implementation of boilers for various industrial applications is likely to influence global industrial boiler industry share. This is evident from the forecast estimates – as per a study, worldwide industrial boiler market held a revenue of USD 11 billion in 2017 and is poised to achieve commendable heights of growth ahead.

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Apart from food processing industry, paper manufacturing companies have also been undertaking initiatives to reduce carbon emissions in the environment. A recent news snippet elucidates how Smurfit Kappa – an Austria based giant in the paper-based packaging business, invested around EUR 134 million in the refurbishment and installation of a new boiler and steam turbine system to reduce emissions. The escalating rework and renovation activities across various application sectors such as chemical, paper and pulp, food processing, and refineries for the installation of advanced boilers are thus, likely to stimulate global industrial boiler market over the years ahead.

Regional governmental bodies have been implementing favorable initiatives to promote green energy adoption by deploying strict rules and regulations with regards to boiler installation and the replacement of existing units with new energy efficient heating systems. In December 2016, the EU approved a new directive [(EU) 2015/2193] to reduce transboundary pollution as well as background concentration across Europe. To comply with regulatory norms, various industry players are installing natural gas based boilers on a large scale. Perhaps on account of the same, natural gas based industrial boiler market is forecast to exceed 30 thousand units by 2024.

Another instance in recent years that demonstrates the developments in global industrial boiler market is the 2015 United States Climate Change Conference held in Paris regarding greenhouse gas emissions and the rise in global temperatures. After this conference, it has been observed that many companies have undertaken appreciable initiations to minimize the carbon content in the environment, which has favorably stimulated global industrial boiler industry size.

Major corporations in global industrial boiler market headquartered in North America have been heavily investing in the renovation and upgradation of existing heating systems. Consumers across the U.S. are shifting their focus toward the usage of natural gas based products instead of fossil fuels pertaining to the cost effectiveness. Furthermore, favorable initiations undertaken by U.S. government to control carbon footprints is slated to boost the regional industrial boiler industry share over the years ahead. As per estimates, U.S. industrial boiler market size is forecast to cross USD 1 billion by 2024.

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In a recent development, in Bahrain, GE deployed mobile water technology to provide high purity boiler feed water to be used in refineries. Bapco (Bahrain Petroleum Company) is using this technology for boiler feed water at its Awali refinery. The increasing demand for such mobile desalination units from various refineries will influence global industrial boiler market size positively.

Most of the giants in global industrial boiler market are focusing on research and development activities to design high efficiency hot water systems for various sectors. Also, it has been observed that they are looking forward to increasing the cost-effectiveness of the product to attract a wider consumer base. The commendable efforts undertaken by various firms is certain to impel global industrial boiler market, projected to surpass a revenue collection of USD 14 billion by the end of 2024.

Research Methodology
The research process begins with extensive data mining, using authentic sources such as trade magazines, technical publications, independent studies along with paid avenues such as ICIS, Hoovers, etc. Primary objectives of data mining include:
• Definition and scope of research
• Market dynamics, growth drivers and industry pitfalls
• Regulatory and political guidelines for the industry
• Demographics and statistical data

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All the above factors are identified and analyzed in detail, with their present and expected market impact, which is quantified and used to derive market growth expectation. Market forecast is built using statistical analysis with models built around time-variance, regression and correlation analytics.
Significant emphasis is put on primary research, which serves the dual role or not only validating our findings but also obtaining penetrating market insights, which help us gain more clarity regarding business environment and competitive leverage. Notable participants in our primary research process include:
• Leadership figures such as CEOs, CSOs, VPs etc. in key companies
• Supply-chain participants, distributors and domain experts
• Key customers and B2B clients

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