According to research report by Global Market Insights, Inc., global industrial boiler market is estimated to foresee an annual installation of nearly 120 thousand units by 2026.Global industrial boiler market is anticipated to witness a remunerative growth trend owing to the rising investment for the expansion of existing manufacturing facilities and rapidly growing industrialization. The demand for these boilers is also rising across several high-revenue industrial sectors because of their longer operating life and high capacity.
Browse key industry insights spread across 1360 pages with 2458 market data tables & 74 figures & charts from the report, “Industrial Boiler Market 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, Others), By Technology (Condensing, Non-condensing), By Fuel (Natural Gas, Oil, Coal, Others) Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026”in detail along with the table of contents: https://www.gminsights.com/industry-analysis/industrial-boilers-market
Furthermore, rising investments throughout a number of prominent industries, which includes food & beverage, paper & pulp, and chemical industries are further projected to drive the market growth.Key features such as ease of installation, availability in wide array of capacities, and high energy efficiency are anticipated to further fuel global industrial boiler market share. Rise in industrial establishments together with growing demand for refined petrochemical products will further boost the product adoption over available equivalents.
Additionally, beneficial regulatory initiatives to curb the consumption of coal throughout the industries is anticipated to create new opportunities for energy conservation system manufacturers.With growing demand for high value refined products owing to increasing consumer spending on petrochemical products would drive installation of industrial boilers throughout the refining sector. Key features that are likely to influence the product installation include ability to generate steam for powering pumps, turbines, and heating of processes and facilities.
Furthermore, increasing government spending to upgrade the refineries so as to increase the capacity might further promote the business outlook.Meanwhile, growing demand for energy efficient products combined with rising industrial investment is projected to boost the market size for water tube industrial boiler. Some of the crucial factors leading to adoption throughout the industrial applications are longer lifespan with the presence of chief safety features.
Additionally, adoption of improved boiler technology in line with advancement of new industrial establishments will fuel the demand for these products globally. Some of the key advantages favoring the non-condensing industrial boiler demand include the ability to achieve high operating temperatures, and a low initial cost. Additionally, stringent environmental guidelines together with high maintenance cost and rising fuel prices will encourage the replacement of traditional heating units with energy efficient systems, which includes industrial boilers.
The expansion of present refineries in tandem with increasing demand for primary metal is likely to stimulate the demand for industrial boilers with 175 - 250 MMBtu/hr capacity. Moreover, growing pulp & paper industry globally will further increase the demand for these steam generating units. Citing an example, as per UNIDO, the investment for paper as well as paper industry in China has increased from $22,518 million in 2005 to $96,334 million in 2017. Geographically, the North America boiler market in is projected to foresee growth of over 3% by 2026. The increasing regulatory efforts that focus on reducing carbon footprints have significantly extended the funding for the deployment of sustainable technologies.
Moreover, existence of large steam intensive industries throughout the region combined with a positive business outlook for food processing and petrochemical industries will further impel the product demand.
The competitive spectrum of industrial boiler market’ includes companies like Cochran Ltd, Hurst Boiler, Babcock, IHI Corporation, Wilcox Enterprises, Fulton Boiler Works, Welding Co, and Bharat Heavy Electricals Limited among others.
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