Oil-Fired Boiler Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2591
Oil-Fired Boiler Market size will witness strong growth on account of low oil prices, rising electricity tariffs and the ease of installation. These products are primarily installed for the generation of steam and heat across the residential, commercial and industrial establishments. Integration of ecologically clean ethanol and bio-diesel with conventional fuel has lead the industry towards the installation of effective oil-fired heating units.
Residential oil-fired boiler market is set to witness robust growth across North America and Europe on account of growing purchasing power and declining prices. Space heating, laundry and defrosting are the key application area of these products. As per Energy Star, close to half of the household energy demand is comprised of the heating application across the regions. In addition, initiatives to promote energy efficient products along with stringent environmental regulations will further lead to the replacement of traditional heating units.
Major commercial establishments which deploy oil-fired boilers include offices, warehouses, retail stores, educational institutions and healthcare facilities. Hospitals and Medicare centers require these products for the purpose of space & water heating and sterilization of sheets & equipment. Growing investments toward the upgradation and expansion of medical facilities along with rapid commercialization will drive oil-fired boiler market. For instance, in 2016, the U.S. government spent USD 3.3 trillion on health care representing growth of 4.3% from 2015 level.
Industrial oil-fired boiler market is set to witness strong growth owing to rising steam demand across key manufacturing sectors. Chemical plants, pulp and paper plants, food processing units and petroleum refineries are some of the primary application areas. Over the past few years the demand for processed food, bulk chemicals, and refined petroleum products has witnessed a substantial increase. Rising consumption of specialty products in conjunction with the stiffening environmental policies and government initiatives towards energy efficient systems will further complement the industry growth.
Ability to operate under extreme climatic conditions, easy operation, minimum maintenance cost and compact design will propel the non-condensing oil-fired boiler market. These systems utilize a single heat exchange chamber and operate on a comparatively higher temperature of around 180°C.
Efforts toward limiting CO2 emissions coupled with towering fuel prices are some of the paramount factors which will foster the condensing oil-fired boiler market size. For instance, in 2014, U.S. government introduced the clean power plan mandating the power industries to cut the CO2 emission to 30% by 2030 from 2005 levels.
Notable players across the oil-fired boiler market include Foster Wheeler, Cleaver-Brooks, Fulton, Clayton, Danfoss, Babcock & Wilcox, Bosh, A.O. Smith, Bradford White, Groupe Atlantic Dongfang, Andritz, Weil-McLain, Thermax, Forbes Marshall, Alfa Laval, Manley’s, Viessmann and Certuss.
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