Chemical Sector to Stimulate U.S. Industrial Boiler Market Growth, Industry Trends 2016-2024

U.S. Industrial Boiler Market has gained popularity over the past years due to stringent environmental norms towards eliminating carbon footprints and harmful pollutant emissions. Shifting focus of industrialists towards curtailing the use of fossil fuel-based plants will stimulate the U.S. industrial boiler industry.

Moreover, rising clean-energy fuel demand coupled with favorable government initiatives in the region will push the industry growth. According to Global Market Insights, Inc. “U.S. Industrial Boiler market size is estimated to witness a CAGR of 2% over the period of 2016-2024.”

Fluctuating fuel prices over the past few years has triggered the demand for high efficiency boilers, which ensure significant reduction of fuel costs. Fuel accounts for 80% of the total operational cost in boilers. These high efficient boilers will drastically cut down the expenditures on fuel cost which will boost their adoption across the globe. High costs of fuel will encourage the replacement of old boilers with advanced ones driving the U.S. industrial boiler industry revenue.

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Industrial boilers find applications in food, chemical, paper, and refinery industries, which are likely to be the major revenue generators for the boiler industry. According to Global Market Insights, Inc. U.S. Industrial boiler market size is projected to surpass USD 600 million by 2024.

The most lucrative industry contributing significantly to the U.S. industrial boiler market is the chemical industry, owing to the rising chemical production. The statistical study conducted by the American Chemical Council stated that the chemical production will witness a surge by 1.6% in 2016 and 3.7% in 2017. Furthermore, the increasing demand from the food processing and paper industry is also poised to benefit the U.S. industrial market share.
The chemical application is estimated to be the largest revenue generator for the U.S. industrial boiler industry and is predicted to beat USD 150 million by 2024. Favorable government initiative to reduce environmental hazards will augment the U.S. industrial boiler market growth in chemical sector.

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Below are the key highlights pertaining to the U.S. industrial boiler applications:
• Paper application is projected to exhibit an annual growth rate of 3%, owing to favorable demand from shale gas, dyes and cosmetics industry.
• Food industry is estimated to be the third most lucrative sector favoring U.S. industrial boiler market revenue. It has contributed over 27% of the total revenue for 2015.
• Refinery and metal industry will bring a huge set of opportunities for U.S industrial boiler business space. Growing demand for refinery products and steel consumption will influence the U.S. industrial boiler market growth in the coming seven years.

Browse Related Reports:
• Industrial Boilers Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024

https://www.gminsights.com/industry-analysis/industrial-boilers-market

About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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