Industrial Boilers Market Worth 17.18 Billion USD by 2023
Northbrook, IL -- 07/01/2018 -- Factors such as increasing demand from the food industry and growing demand for compact designs and lean operations influence the industrial boilers market. The shift toward high-performance boilers based on natural gas will have a positive impact on the industrial boilers market.
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Fire-tube type segment to lead the industrial boilers market by 2023
By type, the fire-tube segment is estimated to account for the largest share of the industrial boilers market in 2018 and is projected to dominate the market by 2023. Fire-tube boilers have compact designs and largely run on natural gas and oil, which are the major fuels preferred globally. Fire-tube boilers are also more fuel efficient and have lean operations in comparison to water-tube boilers.
Natural gas & biomass segment to lead the industrial boilers market by 2023
By fuel type, the natural gas & biomass segment is estimated to account for the largest share of the industrial boilers market in 2018 and is projected to dominate the market by 2023. Natural gas & biomass-based boilers are capturing the industrial boilers market and are amongst the first choices to replace coal-based boilers in developed countries. The US and UK have stopped constructing new coal-based power plants and industrial boilers and are replacing the old ones with natural gas-fired industrial boilers. The natural gas & biomass-based industrial boilers are also used in developing countries like Saudi Arabia, the UAE, Egypt, and Nigeria due to easy availability of natural gas and oil.
Asia Pacific to lead the global industrial boilers market during the forecast period
Asia Pacific is estimated to account for the largest share of the global industrial boilers market by 2023, followed by Europe and North America. China and India are among the major consumers of industrial boilers in the Asia Pacific region with increasing expansion of end-use industries resulting in the demand for industrial boilers. This region also witnesses increasing investments for industrial boilers from global and existing players. These players are also planning huge capacity expansions in the next few years owing to increasing demand for industrial boilers from end-use industries, such as chemical, food, metals & mining, and refineries.
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Major market players covered in this report include Babcock & Wilcox (US), Dongfang (China), Siemens (Germany), General Electric (US), AC Boilers (Italy), Bharat Heavy Electricals Limited (India), Harbin Electric Group (China), IHI Corporation (Japan), Mitsubishi Hitachi Power Systems (Japan), and Thermax (India), among others.
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