Boiler System Market Overview
The global boiler system market is garnering increasing traction. Market growth is attributed to the rising adoption of industrial boilers in industries such as metal, food beverage, and chemicals. Besides, the increasing trend of higher efficiency and efficacy suggests the rising market demand. Moreover, spurting rise in the food processing sector and growing demand for clean energy sources escalate the market growth to furthered height.
According to Market Research Future (MRFR), the global boiler system market is projected to reach USD 28660.46 MN by 2030, growing at 4.8% CAGR during the forecast period (2014 – 2030). IN 2014, the market valuation had reached USD 1,900.4 million. Significant growth in the HVAC system industry acts as a significant driving force for the growth of the market.
Additionally, rising smart home projects and advances in furnace efficiency that regulates minimum AFUE (Annual Fuel Utilization Efficiency), boost the market growth. AFUE estimates seasonal efficiency, part-load situations, and average peak, accounting for operating losses in real operating conditions such as start-up, cool-down, and others and electricity used by the air handler.
Hence, it is considered as higher the AFUE, more efficient the furnace or boiler is. On the other hand, high maintenance cost is the major restraint expected to impede the growth of the market. Nevertheless, technological advancements expected in the recent future would support the market growth throughout the review period. Also, the demand for a more efficient, environment-friendly, and unconventional climate control system would impose enormous impetus to the growth of the market.
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Boiler System Market - Segmentation
The report is segmented into three dynamics;
By Type : Oil Fired and Gas Fired.
By End-Use Industry: Paper and Pulp, Oil and Gas, Chemical, Commercial, Food Beverage, Metal Mining, Energy Power.
By Regions : Asia Pacific, Europe, North America, and the Rest-of-the-World.
Boiler System Market Regional Analysis
The Asia Pacific region dominates the global boiler system market. The largest market share attributes to the continuous growth in the end-user industries and the rising demand for HVAC systems across the region. Besides, advances in related technologies and the burgeoning manufacturing industry drive the market growth in the region.
Moreover, the presence of notable industry players and the demand for energy-efficient boiler systems that reduce the energy cost significantly push the regional market growth. The APAC boiler system market is projected to retain its dominance throughout the assessment period.
Europe stands second in the global boiler system market. The market is driven by the strong presence of well-established manufacturing industries and key market players. Additionally, the rising industrialization and increasing demand for energy in the region boost the growth of the market. Furthermore, rising sales of boiler systems in commercial, as well as household sectors accelerate the regional market growth. The European boiler system market is expected to create a substantial revenue pocket during the estimated period.
North America holds a sizable share of the global boiler system market. Factors such as the increasing production and the growing demand for boiler systems in households contribute to the regional market growth. The region witnesses augmenting demand for furnace efficiency to minimize Annual Fuel Utilization Efficiency (AFUE) that further estimates seasonal efficiency, averaging peak, and part-load situations.
Besides, the advent of condos with individual heating systems propels the regional market growth. The North American boiler system market is likely to grow at an impressive CAGR during the projected period.
Global Boiler System Market Competitive Analysis
Highly competitive, the boiler system market appears fragmented due to the presence of a number of large and small-scale players. Industry players accentuate on strategic initiatives such as mergers acquisitions, collaborations, and expansion to gain a larger competitive share. Product launch and technology upgrades trend in the market. As a result, market players make substantial RD investments.
Market competition is envisaged to intensify as more entrants get attracted to the mass market. Also, the market is anticipated to witness relentless innovations and development of new products that will eventually result in intensifying the competition among the climate control system manufacturers.
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
Industry/ Innovation/ Related News
July 07, 2020 ----- Lochinvar, LLC (Lebanon), a leading global provider of high-efficiency boilers and water heaters, launched its new fuel/air ratio monitoring technology - RealTime O2 Feedback. The technology sensor tracks combustion and provides instantaneous reports. RealTime O2 Feedback technology is an easy retrofit solution for new CREST® Commercial Condensing Boilers and can be added as a factory-installed option to CREST boilers in production.
Equipping the boiler system industry with the world-class CREST boilers with RealTime O2 Feedback technology marks the company’s next step in creating the most efficient and capable boiler line possible. The ease of installation with the simple interface that takes a CREST boiler to the next level in sustainability would help the society a great deal.
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