Boiler Market to See USD 50 Billion Worth by 2024: Growth Factors & Trends

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Supportive policies toward installation of energy efficient heating systems coupled with shifting trend towards adoption of zero emission buildings will drive the global boiler market size. In November 2016, Government of Germany approved Climate Protection Plan 2050 with an aim to reduce Greenhouse Gas (GHG) emissions from various sources including energy, industries, commercial buildings, transport and agriculture.

Global Boiler Market size will exceed USD 50 billion by 2024, as reported in the latest study.

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Escalating demand for electricity owing to growing investments across industrial and commercial sector will propel the global boiler market share. Developing regions including Africa and Asia-Pacific have underlined huge investment plans toward upgradation and expansion of existing power generation units which will positively impact the business growth. In December 2016, NTPC in joint venture with Nalco Power announced to invest USD 2.1 billion towards construction of super critical power plant in India.

Residential boiler market size is set to exceed 10 million annual installation by 2024. Introduction of Building Codes toward energy efficiency along with upgradation of existing building infrastructure will stimulate the product demand. Positive outlook toward chemical industries along with ongoing investment to expand the food processing plants will fuel the industrial boiler market. Strong manufacturing indicators and rapid industrialization will further complement the business landscape.

Rising investments toward development and upgradation of existing power projects will drive the utility boiler market. Countries including India, China, Indonesia, Philippines and Myanmar are heavily investing towards capacity addition to meet growing electricity demand. In 2016, China added 125 GW of generation capacity where coal and gas accounted for 52 GW.

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Global 100-250 MMBtu/hr boiler market is predicted to witness gain over 4% by 2024. Ongoing investments toward refinery and heavy industries coupled with applications across utility sector will positively impact the business growth. In March 2017, Exxon Mobile Corps announced to invest USD 20 billion towards expansion of oil refining and chemical plants in the U.S.

Natural gas boiler market will witness strong growth owing to strict government regulations toward adoption of low emission fuel. Growing need for energy efficient space heating systems across residential and commercial buildings will further stimulate the product penetration. Compact size, improved safety and ease of installation are some of the prominent features which make its adoption preferable over available alternatives.

China in 2016, accounted for over 35% of Asia Pacific boiler market share. Positive outlook towards chemical and primary metal manufacturing will foster the business growth. In June 2017, BASF inaugurated new plant for waxes and emollients in Shanghai. Rapid urbanization along with increasing demand for energy efficient heating units will further complement the industry outlook.

Notable players in global boiler market include Thermax, Weil-McLain, Fulton, Cleaver-Brooks, Hurst Boiler and Welding, Bharat Heavy Electricals, Parker, Walchandnagar Industries, Forbes Marshall, Burnham Commercial, Cochran, A.O. Smith, Babcock and Wilcox and General Electric.

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