Industrial Boilers Market Size, Industry Analysis Report, Trends, Competitive Market Share & Forecast, 2016 – 2024
Industrial Boilers Market size is projected to expand at over 2.5% CAGR. Government initiatives to promote clean energy and reduce its dependency on fossil fuels energy source would drive growth.
Strong manufacturing output indicators and rapid industrialization may further compliment industry growth. Globally, more than 50% of boilers use natural gas as primary fuel in industrial applications. In addition, availability of low cost & abundant natural gas, regulatory standards on account of emissions, high manufacturing output, and rising clean energy demand is likely to drive global industrial boilers market size from 2016 to 2024.
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Global industrial boiler market report segregates the industry on the basis of its capacity (> 10 MMBtu/hr, 10-50 MMBtu/hr, 50-100 MMBtu/hr, 100-250 MMBtu/hr, and < 250 MMBtu/hr). This segment is categorised in terms of application scale. Major design parameters to determine boiler size and power includes pressure, temperature, and steam mass flow rate. For instance, refining industry requires boilers with extensive capacity, whereas, food processing may need limited capacity.
The industry is classified on technology basis (Water Tube, Fire Tube). In Water tube, water or steam is produced by combusting gas flowing outside in tube. Whereas, in fire tube technology, hot water or stream is produced by combusting gas flowing inside the tube. Also, water tube boilers comprise large share over fire tube boilers mainly due to its operational ability at higher pressure and temperature.
Global industrial boilers market share is further segmented on the basis of its application such as food processing, paper, textiles, chemicals, refining, metals, and others to produce high pressure steam. Increasing energy storage residential, industrial, and manufacturing sector such as food, paper, chemicals, and refining is anticipated to positively impact industry growth from 2016 to 2024. Packaging, Deaerators, super heater, safety valves, and water treaters are some features and accessories which are considered before industrial boilers installation.
The industry is witnessing technological improvements focussing on efficiency and minimum cost design along with attention to reduce air pollutant emissions. Emission norms differs by fuel type, load factor, and size. Extensive use of natural gas and biomass as primary fuel in boilers application is anticipated to positively impact on industry growth.