Boiler System Market 2018 Key Growth Drivers, Challenges, Demand and Upcoming Trends

Market Synopsis of Global Boiler System
Boiler is a pressure vessel that is used to create and supply steam required for various processes within industries. Oil-fired boilers have gained popularity with limited access to natural gas. Oil-fired boilers burn heating oil to generate heat, which is used to warm up water. Heat is then radiated through the structure. These boilers are almost always closed units with water that should be replaced for maintenance. These systems do not require constant connection to a water line while in use. These present an opportunity to use renewable fuels to heat homes. A number of companies offer heating oil blended with biodiesel, allowing customers to reduce their dependence on foreign oil, while drawing on a domestic energy source.

Boiler capacity can be expressed as steam evaporation rate or energy transfer rate of boiler. There are certain factors responsible for the evaporation rate of the boilers such as operating pressure, operating temperature, feed water temperature, dryness fraction, energy input ratio and surface area of the water plane of boiler. In the current scenario, with depleting fossil fuel and increasing government initiatives towards green energy, government authorities across the globe are looking at reducing their dependency on fossil fuels. Additionally, increasing prices of fossil fuels and strict regulations against emissions are resulting in the growing demand for cleaner energy sources. Natural gas acts as an essential substitute or fossil fuels. Recently, natural gas and biomass industrial boilers have been replacing traditional coal based boilers in developed economies, owing to their significantly lower operational costs than other fuels. The steady rise in adoption of green fuels for industrial boilers, across the globe, is increasing the demand in industrial boiler market.

The Global Boiler System Market was valued at USD 1,900.4 million in 2014, and is expected to reach USD 3,573.6 million by 2022.

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Latest Industry Updates:
December 8, 2017: Mitsubishi Hitachi Power Systems, Ltd. (MHPS) , in cooperation with group companies in Africa and Europe, has completed delivery of the third boiler unit of the Medupi Power Station(Note1) currently under construction in the Republic of South Africa for Eskom Holdings SOC Ltd.

January 15, 2018: General Electric Company (GE) had contracted with Bharat Heavy Electricals Ltd (BHEL) for supply of boilers for Telangana Super Thermal Power Project.

Key Players
Danstoker Boilers (Denmark), Bosch Industriekessel (Germany), Babcock & Wilcox Enterprises, Inc. (U.S.), AC Boilers S.p.A (Italy), Mitsubishi Hitachi Power Systems, Ltd. (Japan), ATTSU Termica (Spain), Rentech Boilers (U.S.), Byworth Boilers (U.K.), Proodos Industrial Boilers (Greece), and Siemens AG (Germany) are some of the leading players operating in this market.

Boiler System Market – Competitive Analysis
Boiler System Market appears to be highly fragmented and competitive owning to the presence of numerous large and small players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.

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Asia-Pacific accounts for the highest market share
Asia-Pacific region currently has the highest market share and along with the North American region is expected to drive the growth of the market due to the continuous increase in automobile sales activities. In countries such as China, India of the Asia-Pacific region, the presence of established manufacturing industries which support the growth of the boiler system market. Rising rate of industrialization and increasing demand for energy in the Asia-pacific region are also expected to boost the sales in the global boiler system market.

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