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Market size-$12.8 billion in 2018, market growth-compound annual growth rate of 5.8%, market trend-high-efficiency product launches and low-emission boilers
New York City, New York, USA, November 6, 2021/EINPresswire.com/-The global industrial boiler market was valued at US$12.8 billion in 2018 and is expected to reach US$20 billion by 2026, with a compound annual growth rate of 5.8%. The research Covers boilers used in steam generation processes in various industries. Boilers are used in many industries such as food and beverages, manufacturing, textiles, and chemicals. The recent emergence of CAD and CFD for advanced boiler design, optimized use of available oxygen for better fuel combustion, efficient condensing units and low-emission boilers are disrupting the industrial boiler market.
The rapid development of the global manufacturing industry, the unmet needs of the industry that promote the development of boiler technology, the great importance of boiler manufacturing companies on the development of efficient and safe boilers, the availability of public and private research funds, and favorable regulatory conditions are some of these factors. . The key factor to promote the growth of the industry's market. However, strict emission regulations set by regulatory agencies, high installation costs associated with industrial boilers, and long waiting times for manufacturing custom boilers are the main obstacles to market growth in 2019-2026.
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Major participants include Bharat Heavy Electricals Limited, Thermax, Babcock & Wilcox, IHI Corporation, Mitsubishi Hitachi Power Systems, Harbin Electric Group, General Electric, AC Boilers, Dongfang Electric, Siemens, Doosan Heavy Industries
The further main findings of the report indicate
• The growth of textile, food processing, power generation and other industries in various developing economies is a key development factor for the growth of the industrial boiler market. • Industrial boilers involve a variety of components, which come from different suppliers. Sometimes, these suppliers may even come from overseas, so it takes a lot of time to purchase these parts. This will affect the overall delivery time of the boiler project. • The high emission level of industrial boilers is the main obstacle to the growth of the industrial boiler market. • The natural gas fuel type boiler market segment is growing at a CAGR of 6.2%. Industry participants are adopting cleaner fuel technology to power boilers. This led to the development of the natural gas boiler section. In the future, this segment is expected to record an accelerating growth trajectory • The installation of industrial boilers initially requires a large amount of investment. This hinders the adaptation path of small and medium-sized industries involving various manufacturing processes to industrial boilers. Government grants and subsidies will help eliminate this problem in the growth of the industrial boiler market• The Asia-Pacific region is expected to account for about 40% of the global industrial boiler market. The rapid industrialization of developing countries such as China and India may see rapid growth. The Asian market also has the highest growth rate among various boiler markets
The power and energy industry includes major companies operating in the fuel, oil, natural gas, and nuclear power markets. The continuous production of energy and electricity is a necessary condition for the country's economic growth. It also covers the exploration and production of oil and gas reserves, oil and gas drilling and refining industries. The power and energy industry is one of the most diversified industries in the world. Rapid industrialization and urbanization have increased dependence on electricity and energy. Today's industry consumes a lot of fuel, making the energy industry an important part of today's industrial infrastructure.
As people pay more and more attention to sustainable energy and alternative energy to alleviate global warming, countries today are investing heavily in hydropower, solar and wind energy. The widespread demand for energy and electricity has led to lucrative growth opportunities in the market and has accelerated revenue growth in the retail energy market. However, the long-term use of fossil fuels, energy depletion, and the negative impact of the increase in the number of pollutants in the atmosphere on the environment are some of the key constraints. The increase in automation in the power and energy industries, the integration of advanced technologies such as artificial intelligence, the increasing focus on hybrid and electric vehicles, and the increasing focus on improving the energy variability and cost of residential and commercial buildings and vehicles, will be the power industry’s Development opens up new avenues. Energy and power sector.
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For the purpose of this report, Reports and Data has segmented the industrial boiler market based on boiler type, fuel type, end use, and region:
Boiler type (revenue, millions of dollars; 2016-2026)
Fuel type (revenue, millions of dollars; 2016-2026)
• Coal • Oil • Natural Gas • Others
End use (revenue, millions of dollars; 2016-2026)
• Power generation • Manufacturing • Medical care • Food industry
North America (United States, Canada, Mexico)
Europe (UK, Italy, Germany, France, other parts of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, other Asia Pacific regions)
Latin America (Chile, Brazil, Argentina, other parts of Latin America)
Middle East and Africa (Saudi Arabia, UAE, South Africa, other areas of MEA)
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