Global Boiler Market to exceed $50bn by 2024
Published Date: July 17, 2017 Author: Global Market Insights, Inc.
Boiler Market size will exceed USD 52 billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Supportive policies toward installation of energy efficient heating systems coupled with shifting trend towards adoption of zero emission buildings will drive the global boiler market size. In November 2016, Government of Germany approved Climate Protection Plan 2050 with an aim to reduce Greenhouse Gas (GHG) emissions from various sources including energy, industries, commercial buildings, transport and agriculture.
Escalating demand for electricity owing to growing investments across industrial and commercial sector will propel the global market share. Developing regions including Africa and Asia-Pacific have underlined huge investment plans toward upgradation and expansion of existing power generation units which will positively impact the business growth. In December 2016, NTPC in joint venture with Nalco Power announced to invest USD 2.1 billion towards construction of super critical power plant in India.
Residential boiler market size is set to exceed 10 million annual installation by 2024. Introduction of Building Codes toward energy efficiency along with upgradation of existing building infrastructure will stimulate the product demand. Positive outlook toward chemical industries along with ongoing investment to expand the food processing plants will fuel the industrial boiler market. Strong manufacturing indicators and rapid industrialization will further complement the business landscape.
Browse key industry insights spread across 500 pages with 679 market data tables & 11 figures & charts from the report, “Global Boiler Market Size By Capacity (≤10 MMBtu/hr, 10-50 MMBtu/hr, 50-100 MMBtu/hr, 100-250 MMBtu/hr, ≥250 MMBtu/hr ), By Product (Fire-tube, Water-tube), By Fuel (Natural Gas, Oil, Coal), By Application (Residential, Commercial (Offices, Healthcare Facilities, Institutions, Lodgings, Retail), Industrial (Food, Paper, Chemical, Refinery, Primary Metals), Utility), Analysis Report, Regional Outlook (U.S., Canada, Mexico, France, UK, Poland, Italy, Spain, Austria, Germany, Sweden, Russia, China, India, Philippines, Japan, South Korea, Australia, Indonesia, Saudi Arabia, Iran, UAE, Nigeria, South Africa, Argentina, Chile, Brazil), Competitive Market Analysis & Forecast, 2017 – 2024” in detail along with the table of contents:
Rising investments toward development and upgradation of existing power projects will drive the utility boiler market. Countries including India, China, Indonesia, Philippines and Myanmar are heavily investing towards capacity addition to meet growing electricity demand. In 2016, China added 125 GW of generation capacity where coal and gas accounted for 52 GW.
100-250 MMBtu/hr capacity segment is predicted to witness gain over 4% by 2024. Ongoing investments toward refinery and heavy industries coupled with applications across utility sector will positively impact the business growth. In March 2017, Exxon Mobile Corps announced to invest USD 20 billion towards expansion of oil refining and chemical plants in the U.S.
Natural gas boiler market will witness strong growth owing to strict government regulations toward adoption of low emission fuel. Growing need for energy efficient space heating systems across residential and commercial buildings will further stimulate the product penetration. Compact size, improved safety and ease of installation are some of the prominent features which make its adoption preferable over available alternatives.
China in 2016, accounted for over 35% of Asia Pacific market share. Positive outlook towards chemical and primary metal manufacturing will foster the business growth. In June 2017, BASF inaugurated new plant for waxes and emollients in Shanghai. Rapid urbanization along with increasing demand for energy efficient heating units will further complement the industry outlook.
Notable players in global market include Thermax, Weil-McLain, Fulton, Cleaver-Brooks, Hurst Boiler and Welding, Bharat Heavy Electricals, Parker, Walchandnagar Industries, Forbes Marshall, Burnham Commercial, Cochran, A.O. Smith, Babcock and Wilcox and General Electric.
Global boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2013 to 2024, for the following segments:
- ≤10 MMBtu/hr
- 10-50 MMBtu/hr
- 50-100 MMBtu/hr
- 100-250 MMBtu/hr
- ≥250 MMBtu/hr
- Natural Gas
- Healthcare facilities
- Food Processing
- Pulp and Paper
- Primary Metals
The above information is provided on a country basis for the following:
- North America
- Asia Pacific
- South Korea
- Middle East and Africa
- Saudi Arabia
- South Africa
- Latin America