Boiler Markett SWOT Analysis, Trends by Types and Application, Growth by Top Companies – Parker, Cleaver-Brooks, Thermax, Weil-McLain, Fulton, General Electric, Wilcox

Global boiler market is set to embark on a new developmental journey following the massive adoption of sustainable energy sources. To cater to the burgeoning need for energy considering the expanding urbanization and industrialization, various governmental organizations have been heftily investing in the development of power plants, generating profitable opportunities for major corporations.
Recently, the New Zealand government had delivered its plans of tackling the climate change issues by restraining the use of coal-fired boilers and collaborating with the private segment to help transit away from fossil fuels.

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As per a report by Energy World, this plan stands out to be the first major announcement, made by the federal government, to follow the release of climate commission’s package of advice to the federal government.

Having said that, the adoption of boilers is expected to lead to a major reduction in the dependency on fossil fuel-based energy generation, eventually supporting the reduction in carbon footprints and GHG emission levels.

It has been estimated that global boiler market share would apparently expand at a decent pace, allowing it to account for an annual valuation of USD 65 billion over the span of 2018 to 2024.

Pathway to green economy with natural gas boilers
Natural gas boilers have been considered to be the machinery of future. What has been favoring the growth of these boilers is the rising demand for natural gas, subject to the alarming concerns raised by fossil fuel combustion on the environment and reduced prices. Besides, penetration of a large number of natural gas and natural gas-fired boiler producers is also set to add to the growth of these boilers.

In 2020, Worcester Bosch, a UK-based heating and hot water products manufacturer, revealed its first hydrogen-fired boiler prototype. As per credible reports, the prototype fits wells into the same footprint as the company’s current natural gas boiler.

It would be pivotal to mention that the main by-product of igniting hydrogen gas is water, which implies that it is a carbon-free fuel source and could stand out to be a key method to help decarbonize heating and hot water in homes across the United Kingdom.

More so, the company had announced spending USD 14 million to take down the smokestack, take out obsolete equipment, and remove the mill’s coal-handling systems from 2021 to 2022, allowing the companies SO2 emissions to cut down by 90%.
Such initiatives have been deemed to influence the overall growth curve of boiler market across some of the prominent economies.
Will China stand out to be a key market for boiler industry?
It would not be surprising to note that China is touted to emerge as a lucrative growth ground for boiler industry in the upcoming years; reason? Hefty investments into healthcare infrastructural development.
According to industry professionals, the market size of hospital facility construction in the country is predicted to surpass an overall valuation of $75 billion over 2020 to 2025, encompassing USD 30 billion in infrastructure, USD 30 billion in digitization, and about USD 15 billion in medical equipment.

Industry conglomerates in boiler market have been planning to design and produce energy efficient heating systems to augment the overall energy grid. Additionally, numerous research organizations have also been constantly engaged in the exploration of biomass fueled boiler systems.

Related Report:
https://www.globenewswire.com/news-release/2021/04/06/2204782/0/en/Hydrogen-Market-value-to-hit-300-billion-by-2027-Says-Global-Market-Insights-Inc.html

https://www.prnewswire.com/news-releases/residential-boiler-market-to-hit-60-billion-by-2027-says-global-market-insights-inc-301226630.html

https://www.globenewswire.com/news-release/2020/07/08/2059160/0/en/U-S-Commercial-Boiler-Market-to-reach-over-2-billion-by-2026-Says-Global-Market-Insights-Inc.html

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