Published Date : Mar 29, 2017
ALBANY, New York, March 29, 2017: MarketResearchReports.biz has announced the addition of a new market intelligence study to its report repository. The publication is titled, “Global Industrial Boiler Market 2017-2021.” The study examines the growth of the market followed over the last few years and the prospects of growth in the near future, mainly in terms of sales. The research report details out the causes accountable for the variations in the market and analyses them thoroughly. The impact of certain trends has also been discussed in the report. It further provides data on the market shares, strategies, and products of leading companies.
A boiler is mainly a closed vessel with hot water stored in it. In this type of heating system, a furnace is needed in order to heat the boiler. Fuels such as coal are employed for generating the heat. Consequently, the heated air gets in touch with the vessel and thus convection takes place making the water inside the vessel hot. Steam is eventually produced from the heated water. According to the report, the global industrial boiler market is likely to expand at a CAGR of over 5% during the forecast period. The growth of the market can be attributed to the development of ultra-mega power projects in developing economies.
Various industries, mainly the power generation sector has been impelled to keep a check on the emission levels owing to the regulations and standard introduced by prime environmental regulation bodies such as the United States Environmental Protection Agency. Thus, the power sector in several countries is taking measures in order to save energy and decrease the level of harmful emissions. This, in turn, is expected to heighten the introduction of ultra-mega power projects in several countries, also propelling the demand for industrial boilers. The need to enhance the combustion effectiveness of biomass employing new materials is also expected to drive the growth of the global industrial boiler market in the near future.
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Based on end user, the global industrial boiler market is segmented into power generation, oil and gas, pulp and paper, chemical and petrochemical, and food processing. In2016, the segment of food processing accounted the major share in the global industrial boiler market. The primary factor responsible for the growth of this segment is growing production of products such as milk, rise, and coarse grains in the food processing industry. On the basis of geography, the market has been classified into Europe, the Middle East and Africa, Asia Pacific, and the Americas. Asia Pacific emerged dominant in 2016 and is likely to retain dominance until 2021 owing to the growing investments in petrochemical refinery projects across the region. Some of the prominent players in the market are Mitsubishi Hitachi, GE Steam Power, Amec Foster Wheeler, and Alfa Laval.
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