Boiler Market to Witness Steady Growth of 6%
Selbyville, Delaware, United States, September 8 2020 (Wiredrelease) Global Market Insights, Inc –:The world market for boiler market is expected to grow at a combined annual growth rate (CAGR) of approximately 6% during the forecast period of 2018-2024. This is according to a recent report by Global Market Insights.
An increase in the demand for hot water and steam across residential, commercial, and industrial establishments worldwide has supplemented the demand for boilers. In emerging nations, with a rise in foreign investments over the years along with developments in various sectors of the economy, industrialization has witnessed a considerable change, stimulating the demand for steam generating units.
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Market Size in 2017: 50 Billion (USD)
Forecast Period: 2018 to 2024
Tables, Charts & Figures: 1849
Moreover, the growing awareness among the people regarding the need to adopt sustainable forms of energy to reduce greenhouse gas emissions has supported the demand for boilers. The global boiler market share will witness commendable growth due to the increasing need to replace the old heating systems along with a positive outlook towards the healthcare sector.
An increase in the number of diseases along with the improved ability of the people to spend on advanced healthcare services in both developed and developing countries has driven advancements in the medical industry.
Increase in demand for electricity
There has been a rise in the demand for electricity across the globe due to industrialization and an increase in residential infrastructure due to urbanization and improved economic conditions of the people. Reportedly, in the year 2017, the total amount of electricity generated in Europe stood at 3.1 million GWh.
Massive investments made to enhance the power generation capacity of the power plants especially in developing regions like Africa and the Asia Pacific has magnified the adoption of boilers. For example, the India based hydroelectric power generation company- NHPC Limited announced to produce an additional 4458.6 Million Units of power from its Parbati-II and Kishanganga projects in 2018.
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Wide adoption of gas-fired boilers
Gas-fired boilers have gained tremendous adoption due to changing preference towards the use of green technologies and cleaner sources of fuel. Strict regulations established by the governments to control emissions along with increasing environmental concerns has supported growth in the business. In the year 2018, the U.K. signed the fifth carbon budget that aimed at reducing nearly 57% GHG emissions between 2028 to 2032.
Technological advancements, improved infrastructure of gas pipeline along with government subsidies will complement the use of boilers. According to IEA, Russia offered a natural gas subsidy of USD 9 billion.
Strict environmental norms in U.S.
In terms of geographical expanse, U.S. boiler market has witnessed robust gains over the years due to the rising investment across industrial and commercial sectors along with measures undertaken by both public and private entities to replace conventional boiler systems. Thee regional primary metal and chemical industry has registered exponential growth in the past several years which has amplified the demand for the equipment.
Reduced risk of breakdown, superior efficiency, ambient air quality, and automation option are some of the integral features influencing the use of commercial boilers. Rise in demand for hot water and steam from regions facing extreme climatic conditions such as North America and Europe has also fueled demand for commercial boilers.
Impact of COVID-19 on business growth
The boiler market is substantially dependent on industrial development, however, the recent coronavirus pandemic has adversely affected the operation of various industries bringing many businesses to a standstill. In a bid to control the spread of the deadly virus, the government has imposed nationwide lockdown restricting the movement of goods both domestically and across the borders. This has largely impacted the boiler industry, registering a fall in the sale of boilers.
However, with time and considerable relaxations in some parts of the world to carry out operations in order to revive the economy, boiler market has been witnessing gains. In recent news, Finnish company Valmet has inked a deal to supply a complete steam boiler plant valuing USD 45 million to Norske Skog’s paper mill in Austria. The boiler plant is expected to be handed over by 2022 and aims at improving the paper mill’s cost competitiveness, reduce the carbon footprint and create new business opportunities beyond the publication of papers by creating revenue from the combustion of refuse-derived fuels.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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