Industrial Boilers Market Growing At A CAGR Of 5% During 2016 To 2022
The growth of the global industrial boilers market to 2026 is dominated by natural gas & biomass segment with 5% expected CAGR to 2026 driven by increasing demand for clean energy sources and increasing number of natural power plants
Pune, India – December 13, 2016 /MarketersMedia/ —
The industrial boilers market is estimated to be USD 10.92 billion in 2016 and is projected to reach USD 17.77 billion by 2026, at a CAGR of 5.0% between 2016 and 2026. Factors such as increasing demand for clean energy sources, increasing number of natural power plants, and government initiatives to promote clean energy and reduce dependency on fossil fuels are key factors expected to boost the growth of the industrial boilers market. However, the high cost of boilers may restrain the growth of the industrial boilers market.
Based on fuel type, the natural gas & biomass segment led the industrial boilers market, as a majority of end-use industries, such as chemical, primary metal, and food use natural gas as their primary fuel. The growth of the segment can also be attributed to the fact that natural gas & biomass boilers are gradually replacing coal-based boilers in developed countries, owing to lower operational cost of using natural gas as compared to other fuels.
Complete report on global industrial boilers market spread across 148 pages, profiling 21 companies and supported with 84 tables and 60 figures is now available at http://www.reportsnreports.com/reports/783645-industrial-boilers-market-by-end-use-industry-food-chemical-refineries-primary-metal-type-water-tube-fire-tube-boiler-horsepower-10bhp-150bhp-151bhp-300bhp-and-301bhp-600bhp-fuel-type-coal-gas-and-st-to-2026.html .
Based on capacity, the industrial boilers market has been segmented into 10BHP-150BHP, 151BHP-300BHP, and 301BHP-600BHP. The industrial boilers market was dominated by the 10-150BHP segment, as most of end-use industries, such as chemical and food industry prefer boilers in range from 10BHP-150BHP.
Based on end-use industry, the industrial boilers market has been segmented into food, chemical, refineries, primary metal, and others. The chemical segment is expected grow at the highest CAGR from 2016-2026, as this industry plays an integral role in the economy and provides various inputs to different areas of the economy.
The North America industrial boilers market is anticipated to witness highest growth between 2016 and 2026. The rising demand for energy and rapid installation of several power plants has led to the increased demand for industrial boilers in the region. In North America, the U.S. is decreasing its dependence on fossil fuel-based plants to reduce carbon footprint. The country is moving towards cleaner fuels, such as natural gas, biomass, biogas, solar thermal, and other renewable energy.
Request a discount on a copy of Industrial Boilers Market by End-use Industry (Food, Chemical, Refineries, Primary Metal), Type (Water Tube, Fire Tube), Boiler Horsepower (10BHP-150BHP, 151BHP-300BHP, and 301BHP-600BHP), Fuel Type (Coal, Gas), and Region – Global Forecast to 2026 research report at http://www.reportsnreports.com/contacts/discount.aspx?name=783645 .
Breakdown of profile of primary participants:
• By Company Type: Tier 1 – 10%, Tier 2 – 40%, and Tier 3 – 50%
• By Designation: C Level – 45%, Director Level – 23%, and Others – 32%
• By Region: Europe – 21%, North America – 16%, Asia-Pacific – 53%, and Middle East & Africa –10%
Major companies profiled in this report include Babcock & Wilcox Enterprises, Inc. (U.S.), Dongfang Electric Corporation Ltd. (China), Siemens AG (Germany), General Electric (U.S.), AC Boilers S.p.a. (Europe), Bharat Heavy Electricals Limited (India), Harbin Electric Group (China), IHI Corporation (Japan), Mitsubishi Hitachi Power Systems, Ltd. (Japan), and Thermax Limited (India).
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