Asia Pacific, Europe to Dominate Boiler System Market
Mar 08, 2024
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The global boiler system market is expected to reach a valuation of USD 28660.46 Million by 2030, according to the latest research report from Market Research Future (MRFR)., according to the report.
The report examines the global boiler system market in detail, providing readers a comprehensive overview of the market’s historical growth trajectory and present conditions.
The historical information about the boiler system market is used to provide studied forecasts about the market’s likely growth trajectory over the forecast period. Analysts have used primary as well as secondary information about the boiler system market in order to provide a detailed look into the market’s movement.
Major drivers and restraints affecting the global boiler system market are profiled in the report. Major players operating in the global boiler system market are also examined in the report in order to provide readers with a complete overview of the competitive landscape of the market. The report also examines the impact of the COVID-19 pandemic on the global boiler system market.
The boiler system market is mainly driven by the growing demand for boilers from the food and beverage, metal, and chemical industries. Boiler systems are used to create and supply steam. The growing demand for steamed and packaged fresh produce in the food and beverage industry is likely to be a major driver for the global boiler system market over the forecast period. Steamed produce has become a popular food of choice for urban consumers in recent years due to its ability to satiate the consumers’ hunger. Steamed produce also makes for a quick-to-prepare meal that doesn’t take much time to prepare.
These factors have added up to a growing demand for steamed produce from the packaged food and beverage sector in recent years. Steamed produce is also extremely healthy and chock-full of nutrients. This has also been a major driver for the global boiler system market over the forecast period, as consumers around the world have become more fitness-conscious in recent years and try to choose healthier products that will benefit their health. This is likely to drive the demand for steamed produce over the forecast period, thus driving the demand from the boiler system market.
The growing demand for clean energy sources is also likely to be a major driver for the global boiler system market, as steam energy is considered a clean source of energy. The metals and metallurgy sector is also a major end user of boiler systems. The growth of the metallurgy industry is likely to be a major driver for the boiler system market over the forecast period. The metallurgy sector has grown in emerging economies such as Asia Pacific in recent years, driving the demand from the boiler system market. The growing chemicals sector has also been a major driver for the boiler system market in recent years.
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Major Players:
Players leading the global boiler system market include-
- Bosch Industriekessel
- Danstoker Boilers
- Babcock & Wilcox Enterprises, Inc.
- Mitsubishi Hitachi Power Systems, Ltd.
- AC Boilers S.p.A
- ATTSU Termica
- Byworth Boilers
- Rentech Boilers
- Siemens AG
- Proodos Industrial Boilers
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Market Drivers:
The boiler system market is driven by several key factors that influence its growth and development. One significant driver is the increasing demand for energy-efficient heating solutions across various industries and sectors. As businesses and homeowners seek to reduce energy consumption and lower operating costs, there's a growing preference for boiler systems that offer high efficiency and performance. This drive towards energy efficiency is further accelerated by regulatory mandates and incentives aimed at reducing carbon emissions and promoting sustainable practices, creating a favorable market environment for efficient boiler systems.
Moreover, the growth of the construction industry and infrastructure development projects contributes to the demand for boiler systems. As new buildings and facilities are constructed, there's a need for heating solutions to provide comfort heating, hot water, and process heating. Additionally, retrofitting existing buildings with modern boiler systems to improve energy efficiency and meet updated regulations drives demand in the market. The expansion of industries such as manufacturing, healthcare, and hospitality also fuels the need for boiler systems to support various heating applications, further stimulating market growth.
Furthermore, technological advancements play a crucial role in driving the boiler system market. Manufacturers are continually innovating to improve the performance, reliability, and efficiency of boiler systems. Advanced features such as condensing technology, digital controls, and smart monitoring systems enhance the efficiency and functionality of boiler systems, making them more attractive to customers. Additionally, the integration of IoT (Internet of Things) technology allows for remote monitoring, predictive maintenance, and optimization of boiler performance, providing added value to customers and driving market adoption.
Segmentation:
The global boiler system market is segmented on the basis of type, capacity, and region.
By type, the global boiler system market is segmented into oil fired and gas fired boiler systems. The gas fired boiler systems segment holds a dominant share in the global boiler system market due to the cleaner burning properties of gas over oil.
By capacity, the global electric boilers market size is segmented into up to 20 tonnes, 20 to 40 tonnes, and 40 to 50 tonnes.
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Regional Analysis:
Europe and Asia Pacific are likely to be the major regional entities in the global boiler system market over the forecast period. The growing urbanization in Asia Pacific is likely to be a major driver for the global boiler system market over the forecast period.
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