SELLBYVILLE, Del., Feb. 15, 2018 /PRNewswire-iReach/
Global Industrial Boiler Market is projected to cross USD 6 billion by 2024, as reported in the latest study by Global Market Insights, Inc. Rapid industrialization across developing economies along with increasing demand for high efficiency heating units will drive the global industrial boiler market growth. Countries across Asia-Pacific and Africa have planned huge investments toward improving industrial output which will positively stimulate the product demand. In Sub-Saharan Africa, manufacturing exports accounted for over USD 100 billion in 2014 compared to USD 50 billion in 2005. Rising foreign direct investment across emerging economies will further enhance the business outlook.
U.S. industrial boiler market is predicted to witness robust growth owing to ongoing investments toward refurbishment and upgradation of the existing heating units. Robust growth across food processing and chemical sector will further embellish the business growth. In 2015, food industry in the U.S. attracted FDI investments worth USD 78.3 billion. Government efforts towards reducing carbon footprint will further stimulate the product demand.
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Refinery applications annual installations is set to exceed 13 thousand units by 2024. Growing demand for refined petroleum distillates coupled with rising consumption of other petroleum products will stimulate the industrial boiler market. Ongoing efforts to reduce carbon footprint along with government norms towards low sulphur content in petroleum products will further complement the business growth.
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Supportive government policies toward installation of energy efficient heating systems coupled with replacement of traditional boilers will fuel the industrial boiler market. In January 2017, France announced to cut carbon emission by 40% by 2030 and 75% by 2050 from 1990 levels. In year 2014, manufacturing accounted for over 15% of CO 2 emissions in the country.
100-250 MMBtu/hr in 2016 accounted for over 17% of industrial boiler market revenue. Ongoing investments toward heavy industries coupled with rising applications across refinery and pulp & paper industries will embellish the business growth. In July 2017, government of Nigeria licensed 10 modular refineries in an ongoing effort to make Nigeria oil and gas hub of the Africa. Positive outlook towards food processing industry across Asia-Pacific will further escalate the product demand.
Saudi Arabia industrial boiler market size will grow owing to government efforts towards economic diversification coupled with recovering oil prices. In April 2016, the government of Saudi Arabia announced Saudi Vision 2030 plan which aims towards restructuring the economy through diversification and privatization of its industries. Country's economy is heavily dependent on oil and under Vision 2030 goal, government has set target of increasing economic participation of private players to 65%.
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Notable players in global industrial boiler market include GE, Fulton, Cleaver-Brooks, BHEL, Forbes Marshall, Thermax, Cochran, Clayton, and Mitsubishi. Other notable market players include Rentech, Doosan, Foster Wheeler, Babcock and Wilcox, Hurst Boiler and Welding, Parker and Saudi Boilers.
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U.S. Industrial Boiler Market Size 2017 – 2024
U.S. Industrial Boiler Market share in 2016 was valued over USD 450 million and is predicted to witness gain of over 3% from 2017 to 2024. Growing investments across chemical sector coupled with positive outlook towards food and beverage industry will drive the U.S. industrial boiler market growth.
Global Residential Boiler Market Size 2017 – 2024
Residential Boiler Market share in 2016 was valued over USD 9 billion and annual unit installation is set to reach over 10 million units by 2024. Ongoing investments toward residential construction coupled with growing demand for efficient space heating systems will drive the residential boiler market growth.
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