May 27, 2020
According to the research report titled ‘Industrial Boiler Market Size By Product, By Capacity, By Application, By Technology, By Fuel Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global industrial boiler market is expected to accumulate appreciable returns by the year 2026.
Growing demand for steam boilers in order to power turbines for power generation is the major factor driving the industrial boiler market growth. Notably, industrial boilers are made by combining thick steel plates which enables them to produce high pressure hot water or steam.
As per the product type, water-tube boilers segment is predicted to register considerable growth during the study period. The product is widely used in power generation plants which requires substantial volume of high-pressure steam. In water-tube boilers, water is passed through tubes which are heated externally by hot furnace flue gas. This hot water then expands into a steam drum, where it is reheated using a superheater in order to acquire higher steam temperature. Resultant dry steam is used to power turbine engines in thermal power stations.
Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/568785/
Water-tube boilers can withstand steam fluctuations with better accuracy as compared to a fire-tube boiler, since they contain less water volume, offering better turndown. In addition, shifting preferences towards sustainable heating solutions and swift industrialization are fueling the product penetration.
In terms of capacity, <10 MMBtu/hr industrial boiler market segment is poised to expand substantially during the forecast timeframe, primarily due to rising adoption of these boilers in small scale industries. On the other hand, 10-25 MMBtu/hr segment is anticipated to generate notable returns in the forthcoming years. There has been an upsurge in investments towards chemical and equipment manufacturing industries. Additionally, booming food processing sector is favoring the market outlook.
The report states that 50-75 MMBtu/hr industrial boilers segment is reckoned to witness a y-o-y growth rate of 3% through 2026. Similarly, 75-100 MMBtu/hr segment is set to record moderate growth in the ensuing years, primarily due to increasing heating applications in pulp & paper and petrochemical sectors.
According to the report, global industrial boiler market share from pulp & paper application is expected to register 2% growth rate between 2020 and 2026. On the other hand, revenue share from chemical application is predicted to grow by 25% by the year 2026.
In terms of technology, condensing industrial boiler market segment is estimated to garner noticeable revenues in the ensuing years. This type of boiler provides higher efficiency and low environmental impact.
By fuel type, oil based industrial boiler market is anticipated to amass commendable returns in the subsequent years. Factors such as competitive oil prices and low installation costs are favoring the adoption of oil powered industrial boilers.
Citing the regional scope, industrial boiler market in Middle East & Africa is expected to grow substantially during the estimated timeframe, primarily due to booming refining and other manufacturing industries.
Parallelly, Latin America market is also predicted to acquire appreciable returns by the year 2026. Escalating investments in food & beverage sector is swaying the business dynamics in LATAM.
The prominent companies operating in global industrial boiler market are MACCHI, Walchandnagar Industries Ltd. (WIL), Victory Energy Operations LLC, Bosch Thermotechnology and FONDERIE SIME P among others.