October 19th,2023/IndustryNewsGlobal/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Water Tube Industrial Boiler Market.
The Water Tube Industrial Boiler Market report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The Water Tube Industrial Boiler Market is likely to grow at a healthy CAGR of 4.2% during the forecast period. The industrial boiler market is anticipated to increase globally as a result of these major driving factors. The rising demand from the food and beverage and petrochemical industries is what is driving the global market for industrial boilers.
By Capacity Type
The market is segmented as <10 MMBtu/hr, 10-25 MMBtu/hr, 25-50 MMBtu/hr, 50-75 MMBtu/hr, 75-100 MMBtu/hr, 100-175 MMBtu/hr, 175-250 MMBtu/hr, and >250 MMBtu/hr. The <10 MMBtu/hr segment is expected to remain the largest and the fastest-growing capacity type in the market during the forecast period. The market for boilers that produce 10 MMBtu/hr is expected to rise by more than 4%. Energy-efficient heating systems have been implemented as a result of strict regulations to reduce carbon emissions and attempts to optimize energy use across manufacturing plants. The market for low-capacity boilers will also be fuelled by the recovery of the commercial and industrial sectors, the worldwide recession of 2008, and the rising need for space heating boilers. The majority of industrial facilities, such as primary metal manufacture, the paper & pulp sector, and refineries, install boilers that produce 100-250 MMBtu/hr. The Middle East and Africa's expanding manufacturing sectors, together with Asia Pacific's rapid industrialization, will influence the industry landscape.
By Application Type
The market is segmented as food processing, pulp & paper, chemical, refinery, primary metal, and other manufacturing. Food processing is expected to remain the dominant as well as the fastest-growing application type in the market during the forecast period. The need for processed food will increase as consumer lifestyles change and dietary preferences shift toward high-value-added meals, which, in turn, will drive the installation of these steam-producing units. The expansion of refining units along with a positive outlook for the chemical industries will fuel the market for water tube industrial boilers. The industry's growth is linked to rising per capita income in developing economies, which has significantly increased the addition of refining capacity. The need for large industrial boilers will increase as refineries throughout the world concentrate on increasing capacity and efficiency.
By Technology Type
The market is segmented as condensing and non-condensing. Condensing is expected to remain the dominant as well as the fastest-growing technology type in the market during the forecast period. Product deployment is preferred over other options because of factors including lower heating costs, higher efficiency, and lower environmental pollution. The industry's expansion will also be fuelled by continued government pushes to embrace low-emission technology. Over the years, non-condensing boilers have significantly penetrated a variety of industrial sectors, including metal manufacturing, chemical, food processing, and refining. The main characteristics that will increase the demand for the product are its low price, ease of installation, and capacity to tolerate extreme temperature variations.
North America is expected to remain the largest market for water tube industrial boilers during the forecast period due to rising investments in industrial facility expansion and the replacement of conventional heating units; the market for water tube industrial boilers in the United States will expand. Government initiatives targeted at maximizing the nation's manufacturing capabilities along with significant expansion in refining capacity to meet the rising demand for petroleum products will further encourage industrial growth. The market for industrial water tube boilers in Europe will expand significantly as a result of favorable legislative conditions and increased investments in the commercial and industrial sectors. The implementation of strict standards and regulations for reducing carbon emissions, coupled with the replacement, and retrofitting of existing heating systems, will promote industry growth. The business environment will be further supported by the replacement of old boilers in order to fulfill pollution regulations.
Features of the Report
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Water Tube Industrial Boiler Market analysis report discusses the following heads in great detail:
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Clayton Industries, Babcock and Wilcox Enterprises, Inc.., Fulton Boiler Works, Inc. SA, IHI Corporation, Bharat Heavy Electricals Limited, and Cleaver-Brooks, Inc. are the leading players in the water tube industrial boiler market.