Industrial Boilers Market To Reach USD 20 Billion By 2026 | Reports And Data
Industrial Boilers Market Size – USD 12.80 Billion in 2018, Market Growth - CAGR of 5.8%, Industrial Boilers Industry Trends – High efficiency product launches and low emission boilers
New York, Aug. 08, 2019 (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, the global Industrial Boiler market was valued at USD 12.80 Billion in 2018 and is expected to reach USD 20 Billion by year 2026, at a CAGR of 5.8%. The study covers the boilers that are used in various industries for steam generation process. Boilers are used in a large number of industries such as food and beverages, manufacturing, textiles, chemicals, etc. Recent emergence of CAD along with CFD for advanced boiler design, optimized utilization of available oxygen for better combustion of fuel, efficient condensing units and low emission boilers are causing disruption in the industrial boiler market.
High paced manufacturing across the globe, unmet needs of industries pushing the boiler technology development, significant focus of boiler manufacturing companies on development of highly efficient and safe boilers, availability of public as well private funds for research, and favourable regulatory scenario, are some of the key factors propelling market growth in the industry. However, strict emission regulations laid by the regulating bodies, high installation cost associated with the industrial boilers and long waiting time for manufacturing of customized boilers are the major hindrance for market growth during 2019-2026.
Growth of the industries like textiles, food processing, electricity generation, across various developing economies, is the key development factor responsible for the industrial boilers market growth
The industrial boilers involve various parts, which are sourced from different suppliers. At times these suppliers can even be from overseas locations, due to which procurement of these parts takes up a lot of time. This affects the overall delivery time of the boiler projects
High emission levels of industrial boilers are a major hinderance in the market growth of the industrial boilers
The natural gas fuel type of boiler segment is growing at a CAGR of 6.2%. The industry players are adapting cleaner fuel technologies for feeding the boilers. This has resulted in the development of the natural gas fed boiler segment. In the coming future, this segment is estimated to record an accelerating growth trajectory
The installation of industrial boilers requires heavy investments initially. This poses a hinderance in the adaptation path of industrial boilers by small and medium industries involved in various manufacturing processes. Government grants and subsidies would help in the elimination of this problem in the market growth for industrial boilers
Asia Pacific is expected to account for about 40% of the global industrial boilers market. Rapid industrialization in developing nations such China, and India are likely to witness high growth. The Asian market also holds the highest growth rate among various boiler markets
Key participants include Bharat Heavy Electricals Limited, Thermax, Babcock & Wilcox, IHI Corporation, Mitsubishi Hitachi Power Systems, Harbin Electric Group, General Electric, AC Boilers, Dongfang, Siemens, Doosan Heavy Industries
For the purpose of this report, Reports and Data has segmented the Industrial Boilers market on the basis of boiler type, fuel type, end use, and region:
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Source: GlobeNewswire PR
(August 8, 2019 - 9:44 AM EDT)
