Oil-Fired Boiler Market size is expected to grow at a robust pace from 2021 to 2027 due to extensive penetration across the residential, commercial and industrial sectors for the generation of steam and heat. The surge in electricity tariffs along with the rising integration of ecologically clean fuels will drive the demand for effective oil-fired heating units.
Condensing oil-fired boilers are anticipated to record higher demand with the inclining focus on limiting CO2 emissions across the globe. The growing need for reliable and highly efficient boilers to offer heating and hot water solutions, mainly across the U.K. will fuel the demand spurt for the product.
Application wise, the industrial oil-fired boilers market is anticipated to gain traction between 2021 and 2027. This is mainly ascribed to their higher presence across the various industrial verticals, such as chemical, pharma, and food sectors on account of their high thermal efficiency, stable pressure, and low power consumption.
Market share of residential oil-fired boilers is set to see substantial expansion in North America and Europe on account of the increasing need for renewable fuels in space heating, laundry, and defrosting in homes. The increasing concerns over the growing pollution levels, depleting dependency on foreign oil, and limited access to natural gas are some other promising factors likely to push the adoption of oil-fired boilers in the residential sector in the coming years.
In terms of end-use, the oil-fired boilers market is distributed across warehouses, offices, retail stores, healthcare facilities, and educational institutions. The demand for oil-fired boilers in the hospitals and medicare centers is expected to grow owing to the increasing need for space & water heating along with the sterilization of the medical sheets and equipment. The surge in government investments for the up-gradation and expansion of medical facilities will bolster market size.
Danfoss, Clayton, Certuss, Viessmann, Bradford White, Weil-McLain (SPX Corporation), Fulton, Foster Wheeler, Babcock & Wilcox, Andritz, Forbes Marshall, Cleaver-Brooks, Groupe Atlantic Dongfang, Manley’s, A.O. Smith, and Thermax(RDA Holdings Private Limited) are some of the prominent manufacturers of oil-fired boilers in the business.
Most of these industrial entities are actively implementing inorganic marketing strategies, including acquisitions, partnerships, capacity expansions, and novel product launches to consolidate their global presence while achieving a competitive advantage.
For instance, in February 2020, Xindaxin Food Burma Factory entered a contract with ZOZEN for the skid-mounted boiler project. This initiative helped the gas-fired and oil-fired skid-mounted boilers from ZOZEN to enter the overseas market.
In another instance, Alfa Laval, in May 2020, collaborated with Chinese containership management leader, Seaspan Ship Management, to offer an integrated steam boiler plant that features oil-fired steam production, to meet the sulfur-compliant fuel requirements of the latter company.
The COVID-19 crisis drew significant impacts on the global economy and almost every aspect of life by donating to major changes across numerous businesses, and personal life. The stringency of the nationwide lockdowns, together with the containment directives put into motion by several governments worldwide, made way for the abrupt shuttering of numerous public entities, mainly the IT companies, service arena, malls, hotels, and educational facilities.
Its effect was also noticed on the industrial boiler sector, owing to the creation of numerous roadblocks in the maintenance operations. With the dearth of labor and social distancing norms throughout the U.S., a lot of steam and boiler businesses saw hindrances in providing services such as routine inspections and maintenance. However, with the issuance of statements and protocols on COVID-19, most companies are looking to resuming their services for growth in the post pandemic era.