PUNE,India, December 9, 2016 /PRNewswire/ --
The report "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", published by MarketsandMarkets, the market is estimated at 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.
Browse 84 market data Tables and 60 Figures spread through 148 Pages and in-depth TOC on "Industrial Boilers Market"
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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. The shift in trend towards the adoption of high performance boiler based on natural gas will have a positive impact on the growth of the industrial boilers market.
The water tube segment is expected to lead the industrial boilers market by 2026
Based on type, the water tube segment is estimated to lead the industrial boilers market in 2016, as water tube boilers are safer in terms of design and can operate longer than fire tube boilers. The use of water tube is preferred in a variety of process applications across various industries, including chemical processing, pulp & paper, power generation, and refining.
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The natural gas & biomass segment is expected to lead the industrial boilers market by 2026
By fuel type, the natural gas segment accounted for the largest share of the industrial boilers market in 2016, as 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. Companies in the U.S. and the U.K. have stopped constructing new coal-based power plants and are replacing the old ones with natural gas-based industrial boilers. Other than developed nations, natural gas and biomass based industrial boilers are widely used in emerging countries, such as Saudi Arabia, UAE, Egypt, and Nigeria due to easy availability of natural gas in these economies.
Asia-Pacific is projected to be the largest market for industrial boilers by 2026
Asia-Pacific accounted for the largest share of the Industrial Boilers Market in 2026, followed by Europe and North America. China is one of the major consumers of industrial boilers in Asia-Pacific. The region has witnessed increasing investments on research & development activities on advanced industrial boilers from global players. Existing players are planning capacity expansion in the next few years, as there is increasing demand of industrial boilers from various end-use industries.
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Major market players covered 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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