NEW YORK, Jan. 5, 2017 /PRNewswire/ -- "Industrial boilers market is projected to reach USD 17.77 billion by 2026"
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.
"The natural gas & biomass segment is expected to witness highest growth from 2016 to 2026"
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.
"10BHP-150BHP is estimated to be the largest segment of the industrial boilers market"
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.
"The chemical segment estimated to be the largest segment of the industrial boilers market"
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 market in North America projected to grow witness highest growth during the forecast period"
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.
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).
This report offers an overview of the market trends, drivers, and challenges with respect to the industrial boilers market. It also provides a detailed overview of the market across five regions, namely, Asia-Pacific, Europe, North America, Middle East & Africa, and South America. The report categorizes the industrial boilers market on the basis of type, boiler horsepower, fuel type, end-use industry, and region. A detailed analysis of leading players, along with key growth strategies adopted by them, is also covered in the report.
Reasons to buy the report
This report covers the following key aspects:
- What will be the market size by 2021 and what will be the growth rate?
- What are the key market trends?
- What are the factors expected to drive the growth of the market?
- What are the challenges that impact market growth?
- Who are the key players in this market?
- Global report covers key regions, such as North America, Europe, and Asia-Pacific, including major countries in these regions, such as the U.S., China, India, Russia, and Germany
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