(EnergyIndustry.Net, August 13, 2018 ) Global Boiler Market size is set to exceed USD 50 billion by 2024. Favorable government policies toward installation of energy efficient heating units along with shifting trend towards adoption of Zero Energy Buildings will drive the boiler market size. In 2016, Government of Germany introduced Climate Protection Plan 2050 which aims at reducing Greenhouse Gas (GHG) emissions from various sectors including energy, industries, transport, commercial buildings, and agriculture. Seasonal steam and hot water demand from hot climatic and temperate zones will further influence the business outlook.
Replacement of traditional heating systems to attain building code compliance coupled with growing demand for electricity will stimulate the boiler market growth. Developing regions including Asia-Pacific and Africa have underlined investment plans toward the expansion and upgradation of existing power generation units which will embellish the business outlook. In 2016, National Thermal Power Corporation (NTPC) in partnership with Nalco Power announced to invest USD 2.1 billion in the construction of supercritical power plant in India.
Residential boiler market is predicted to surpass 10 million annual installation by 2024. Ability to offer better air quality, improved zone heating, and low operating cost when compared to traditional furnaces will stimulate the industry landscape. Introduction of building standards and codes toward energy efficient infrastructure along with refurbishment of existing buildings will foster the product demand. Rapid industrialization and urbanization will further stimulate the industry landscape.
Natural gas boiler market is predicted to witness strong growth on account of stringent government norms toward adoption of low emission fuel. Abundant availability, easy storage and low emission of natural gas makes the product adoption preferable over its other substitutes. Under the Paris Climate Agreement, several countries have set targets to reduce GHG emissions with an objective to mitigate the global warming impact. The European Union has set a target to reduce 40% of the domestic carbon emission by 2030 when compared to 1990 levels.
100-250 MMBtu/hr boiler market size is predicted to expand over 4% by 2024. Growing investments toward heavy industries and refineries along with extensive application across utility sector will foster the business growth. In 2017, Exxon Mobil announced to invest USD 20 billion towards the expansion of existing chemical plants and oil refineries in the U.S.
China boiler market share is set to witness significant growth on account of positive outlook towards primary metal and chemical manufacturing coupled with growing investments across the chemical industry. In 2017, BASF installed new plant for emollients and waxes in China. Extensive applications across healthcare facilities, institutions, offices and hotels will further complement the industry growth. In 2016, the government of China spent over USD 180 billion across the healthcare sector.
Key players in global boiler market include Weil-McLain, Thermax, Hurst Boiler and Welding, Cleaver-Brooks, Bharat Heavy Electricals, Walchandnagar Industries, Parker, Forbes Marshall, Cochran, A.O. Smith, Burnham Commercial, Babcock and Wilcox, Fulton, and General Electric.