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North America Industrial Boiler Market worth over $2bn by 2028
- Published Date: April 8, 2022
North America Industrial Boiler Market size is set to surpass USD 2 billion by 2028 as reported in the latest study by Global Market Insights Inc.
The market growth is driven by the ongoing refurbishment of industries and the upgrading of existing heating systems. Extensive investments by private & public leaders in industrialization coupled with strict government norms to curb emissions will stimulate the industry outlook. Moreover, the rising demand for efficient steam & hot water-generating solution will foster the industry demand.
Robust expansion of industries coupled with technological advancements will sway the market progression
The fire-tube industrial boiler market is expected witness around 4.1% growth rate through 2028 led by the increasing consumer spending in line with the rapidly expanding food processing sector. The product offers key benefits including less installation time and better operational efficiency, which in turn, will influence the industry landscape. Additionally, the rising demand for efficient steam & hot water generation solutions across various industries will accelerate the business outlook.
The increasing demand for enhanced energy-efficient heating & storage systems in line with continuous research & development activities will augment the 100 - 175 MMBtu/hr. capacity boiler industry. For instance, in January 2022, Hurst Boiler & Welding Co, Inc. introduced an innovative Hurst EGO Series 3-Fuel Boiler, which can be powered either by oil, gas, or electricity. The introduction of this innovative EGO series boiler offers several advantages including low emission footprints & maximized efficiency. In addition, the boiler is designed for elevated steam pressure.
The COVID- 19 pandemic has marginally influenced the market expansion due to the shutdown of manufacturing units coupled with delays in the restructuring & renovation of several projects. The rules initiated by respective governments along with the introduction of various vaccination drives on a large-scale have offered stability to the industry by bringing operational activities back to normalcy.
Browse key industry insights spread across 230 pages with 242 market data tables & 34 figures & charts from the report, “North America Industrial Boiler Market Size, By Product (Fire-Tube, Water-Tube), By Capacity ( <10 MMBtu/hr., 10 - 25 MMBtu/hr., 25 - 50 MMBtu/hr., 50 - 75 MMBtu/hr., 75 - 100 MMBtu/hr., 100 - 175 MMBtu/hr., 175 - 250 MMBtu/hr., > 250 MMBtu/hr.), By Application (Food Processing, Pulp & Paper, Chemical, Refinery, Primary Metal), By Technology (Condensing, Non-condensing), By Fuel (Natural Gas, Oil, Coal), COVID-19 Impact Analysis, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Rising consumer adoption of reliable & efficient heating units will propel the product demand
Food processing application is anticipated to experience significant growth owing to the rising prominence of packaged food and a paradigm shift toward high value-added food including. Growing demand for processed food followed by increasing investments in capacity expansion of processing units will further boost product deployment. Furthermore, the rising prominence of packaged food on account of COVID- 19 will spur the business growth.
Canada industrial boiler market accounted for 9% of revenue share in 2021 impelled by the extreme winter temperatures along with increasing construction activities. The reviving economic growth in line with continuous investments for the upgrading of industrial facilities will enhance the industry growth. Rising investments in the chemical industry coupled with increasing disposable incomes will complement the business scenario.
Key players operating across the market are Babcock & Wilcox Enterprises, Fulton Companies, Cleaver-Brooks, John Cockerill, Clayton Industries, Hurst Boiler and Welding Co., IHI Corporation, Doosan Heavy Industries & Construction, General Electric, Mitsubishi Heavy Industries, John Wood Group, Sofinter, Siemens, Forbes Marshall, Rentech Boilers, Thermax Limited, Miura America, Viessmann Climate Solutions, Groupe Atlantic, and Victory Energy Operation.