U.S. Industrial Boiler Market to phenomenally drive the global landscape over 2017-2024

The profitability quotient of industrial boiler market is projected to escalate in the coming years, augmented by the rapid industrialization across economies. Countries under the Asia Pacific and African belts have made hefty investments in improving the industrial output over the past few years, which has impelled the overall market growth. For instance, in the year 2014, manufacturing exports in Sub- Saharan Africa accounted for almost USD 100 billion. Increasing FDI investment in major economies is undoubtedly complementing the business proliferation. Speaking along the similar lines, U.S. industrial boiler market has been phenomenally swayed by foreign direct investments, especially in the food sector. As per reliable source, in 2015, food industry in U.S. had fetched FDI investments of around USD 78.3 billion. Driven by food processing applications which procure a major chunk of the overall market, U.S. industrial boiler market is slated to record a revenue of USD 600 million by 2024.

If statistics are to be relied on, U.S stands as a major revenue pocket for the entire North America industrial boiler market share, having procured almost 80% of the regional revenue in 2016. Not only in the food processing industry, the nation’s chemical sector also observes huge FDI investments, a prime factor that has proliferated the overall business growth. In 2015, chemical sector in the U.S. accounted for an FDI investment of more than USD 470 billion. As per the record, in 2016, U.S. had a strong pipeline of over 275 chemical production projects worth over USD 170 billion. Taking into account the humongous progression in the chemical sector, it is certain that U.S. industrial boiler market will carve a profitable path over 2016-2024. On that note, Global Market Insights Inc., forecasts that overall chemical industrial boiler market size would record a valuation of USD 1.6 billion by 2024, subject to the high demand for plastic, bulk petrochemicals, and resin across varied utility domains.

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Growing trend toward deploying energy efficient heating units has undoubtedly brought a renewed dimension to the global industrial boiler market. A large number of regulatory initiatives with regards to carbon emission abatement speaks volume and has contributed immensely in the remodeling of industrial boiler market space. It has been observed that industrial processes accounts for a major chunk of carbon footprints and GHG emissions. The European Parliament in 2015 has introduced a new regulation under the directive (EU) 2015/2193 to curb pollutant emissions from medium capacity combustion plants. As recent as in January this year, the France government has taken a pledge to cut down carbon emissions by 40% by 2030 from that recorded in 1990. All these stringent government regulations demand deployment of energy efficient heating systems, and boiler being an integral vertical of all industrial processes certainly adds up to the overall business outlook.

Robust investments toward industrial construction along with escalating demand for energy-efficient space heating systems across major economies have enhanced global industrial boiler market outlook. For instance, Government of Saudi Arabia and Iran together have recently signed a pact with regards to the development of three petrochemical units in the country. Expansion and upgradation of existing facilities is expected to complement industrial boiler industry. In fact, considering Saudi Arabia government encouraging initiatives toward economic diversification, privatization of state assets, and oil recovery price trends, the regional industrial boiler market will grow at a remarkable pace in the coming years, claim experts. In April 2016, the regional government had announced the Saudi Vision 2030, which mainly aims at economic restructuring through industry diversification. Since the GDP of the country is highly dependent on oil price trends, the government has set a target of increasing the participation of private players to 65% by 2030.

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West South Central, in 2016 accounted for over 18% of the U.S. industrial boiler market share. High concentration of chemical industries in the region along with capacity expansion and upgradation of refineries will stimulate the product penetration. Major refineries in the region are located in Texas and Louisiana owing to their strategic location and presence of robust crude oil extraction industry.

East North Central industrial boiler market is projected to witness growth over 2% by 2024. Michigan, Illinois and Ohio are some of the major industrial centers across the region. Positive outlook towards equipment manufacturing, food processing and chemical manufacturing across prominent industrial centers will propel the product demand.

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