US Industry Analysis Industrial Boilers Market Forecast - 2023
However, extensive focus on technology innovation and product differentiation requires large investments. “Sizeable capital investments and the strong brand presence of key players are diminishing prospects of new entrants,” says the author of the report. The prominent players in the market are Cleaver-Brooks Inc., Hurst Boiler & Welding Company Inc., Fulton Boiler Works Inc., Superior Boiler Works Inc., Columbia Boiler Company, and Le Groupe Simoneau Inc.
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Increasing Manufacturing Activities to Assist East North Central in Retaining Leadership
The opportunity in the U.S. market for industrial boilers was valued at US$395.76 mn in 2015 and is poised to reach US$515.22 mn by 2023, progressing at a CAGR of 3.35% between 2015 and 2023. The East North Central region will continue to lead the market in terms of until 2023. The region is anticipated to witness a noteworthy rise in industrial growth and manufacturing activities, which in turn will drive the demand for industrial boilers. In this region, the demand for 300 BHP is higher than 600 BHP boilers due to the presence of large food processing and metal companies.
The South Atlantic region will expand at a CAGR of 3.41% during the same period. The growth of the region is supplemented by growth in manufacturing output of paper and chemical industries. The average capacity of boilers in this region is 600 BHP due to the high concentration of chemical companies.
High Costs of Fuel to Prompt Replacement of Old Boilers with Advanced Ones
Over the past few years, several regulatory bodies such as the Environmental Protection Agency (EPA) have introduced industry practical, protective, and cost-effective options to meet the emission standards of industrial boilers. Owing to stringent regulations, the majority of coal-fired industrial boilers are being increasingly replaced with natural gas boilers due to low emission of hazardous gasses. Moreover, the high costs of fuel are prompting the end-user industries such as chemical, refinery, and metals to replace old and inefficient boilers with the advanced and more efficient boilers. These factors are, collectively, working in favor of the growth of the U.S. industrial boilers market.
High Initial and Maintenance Costs to Hinder Growth of Industrial Boilers Market
Industrial boilers have high initial costs, which vary according to the required pressure, steam mass flow rate, and temperature range. Their efficiency reduces with time and eventually results in high cost of steam generation, thereby creating a need for replacement. In addition, boilers with fuels such as coal and wood require regular maintenance, which adds to their operational and maintenance costs. Therefore, the high costs of industrial boilers right from the deployment to maintenance are hampering the growth of the market.
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The review is based on the findings published in Transparency Market Research’s new report, titled “Industrial Boilers Market - US Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023.”
The U.S. industrial boilers market has been segmented as follows:
U.S Industrial Boilers Market: By Region
West North Central
West South Central
East North Central
East South Central
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