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Industrial Boiler Market Is Expected To Reach USD 20.88 Billion By 2027 At A CAGR Of 5.66 Percent.
Stellar Market Research has published a report on the Industrial Boiler Market that provides a detailed analysis for the forecast period of 2021 to 2027.
The report comprises thorough insights into the market for industry stakeholders which includes an interpretation of complex market data in simple language, the industry’s historical and current state, along with estimated market size and trends. The report explores all segments of the industry, with a focus on significant players e.g. market leaders, followers, and new entrants. The report covers a detailed PESTLE analysis for different countries. A clear representation of the competitive landscape of key players by products and services, revenue, financial position, portfolio, growth strategies, and regional presence in the Industrial Boiler market make the report an investor’s guide.
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Business boiler sales are anticipated to increase throughout the forecast period due to an increase in the number of commercial and residential buildings, as well as stricter safety regulations for heating equipment. Additionally, most commercial boiler manufacturers are installing safety relief valves in new and existing commercial boilers to relieve excess pressure and increase performance and efficiency, which is a key driver of the global market.
The high cost of regular cleaning and maintenance is one of the major reasons expected to reduce overall sales of commercial boilers over the forecast period. A prominent commercial boiler manufacturer focuses on developing compact designs and energy-efficient commercial boiler accessories. Additionally, industrial boilers are being manufactured in compliance with regulatory norms. This is a supply-side trend in the global commercial boiler market that is expected to remain during the forecast period.
The rapidly expanding petrochemical and chemical industries in developing nations such as India and China are expected to drive up demand for industrial boilers. Demand is expected to expand further due to increased investment in mega-power projects throughout the world. These vessels are frequently employed in the chemical and petrochemical sectors, which account for the majority of industrial boilers in this application segment.
In these systems, fossil fuels are commonly utilized. These fuels emit a lot of hazardous pollutants, including carbon monoxide. Manufacturers of industrial boilers are continually upgrading their products to suit national emission limits, driving the market.
Industrial Boiler Market Regional Analysis:
In 2020, Europe dominated the industrial boiler market, accounting for around 35 percent of total sales. The area is anticipated to dominate the sector due to various factors, including fast industrialization and rising businesses such as FMCG, food and beverage, and electricity. Likewise, the European government’s tight limits on hazardous emissions in the environment are likely to stimulate demand for industrial boilers.
Because of increased industrialization, the market in Central and South America is expected to grow at a CAGR of 3 percent over the forecast period. Additionally, the expanding food and beverage industry is expected to increase demand for industrial boilers in developing nations, particularly Brazil. The industrial boilers market in Central and South America is expected to account for about 6 percent of total revenue during the forecast period.
During the forecast period, India’s market is expected to develop rapidly. The country’s rapid industrialization has resulted in increased investment in a variety of areas, including automotive, agricultural, oil and gas, and renewable energy. Increasing demand for ecologically friendly and biodegradable packaging materials, as well as the country’s increasing e-commerce industry, are expected to drive market growth.
Industrial Boiler Market Key Competitors:
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Stellar Market Research, established in 2018, is an India-based consulting firm that focuses on supporting customers with company transformation goals through advisory services and long-term planning. The business uses its extensive industry knowledge and huge network to provide insightful views on reports that provide customers with a strategic advantage. Its heavy emphasis on secondary market analysis, consumer purchasing patterns, and price fluctuations offers clients a market portfolio that will enable their organization to gain a permanent presence or strategize solutions and take the course of action that will result in incredible growth and market dominance.
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