U.S. Industrial Boiler Market has gained popularity over the past years due to stringent environmental norms towards eliminating carbon footprints and harmful pollutant emissions. Shifting focus of industrialists towards curtailing the use of fossil fuel-based plants will stimulate the U.S. industrial boiler industry. Moreover, rising clean-energy fuel demand coupled with favorable government initiatives in the region will push the industry growth. According to Global Market Insights, Inc. “U.S. Industrial Boiler market size is estimated to witness a CAGR of 2% over the period of 2016-2024.”
Fluctuating fuel prices over the past few years has triggered the demand for high efficiency boilers, which ensure significant reduction of fuel costs. Fuel accounts for 80% of the total operational cost in boilers. These high efficient boilers will drastically cut down the expenditures on fuel cost which will boost their adoption across the globe. High costs of fuel will encourage the replacement of old boilers with advanced ones driving the U.S. industrial boiler industry revenue.
U.S. Industrial Boiler Market size, by capacity, 2013 -2024 (USD Million)
Industrial boilers find applications in food, chemical, paper, and refinery industries, which are likely to be the major revenue generators for the boiler industry. According to Global Market Insights, Inc. U.S. Industrial boiler market size is projected to surpass USD 600 million by 2024. The most lucrative industry contributing significantly to the U.S. industrial boiler market is the chemical industry, owing to the rising chemical production. The statistical study conducted by the American Chemical Council stated that the chemical production will witness a surge by 1.6% in 2016 and 3.7% in 2017. Furthermore, the increasing demand from the food processing and paper industry is also poised to benefit the U.S. industrial market share.
Get a Sample Copy of this Report:@ https://www.gminsights.com/request-sample/detail/832
Below are the key highlights pertaining to the U.S. industrial boiler applications:
- The chemical application is estimated to be the largest revenue generator for the U.S. industrial boiler industry and is predicted to beat USD 150 million by 2024. Favorable government initiative to reduce environmental hazards will augment the U.S. industrial boiler market growth in chemical sector.
- Paper application is projected to exhibit an annual growth rate of 3%, owing to favorable demand from shale gas, dyes and cosmetics industry.
- Food industry is estimated to be the third most lucrative sector favoring U.S. industrial boiler market revenue. It has contributed over 27% of the total revenue for 2015.
- Refinery and metal industry will bring a huge set of opportunities for U.S industrial boiler business space. Growing demand for refinery products and steel consumption will influence the U.S. industrial boiler market growth in the coming seven years.
U.S. industrial boiler industry is further categorized based on its capacity (< 10 MMBtu/hr, 10-50 MMBtu/hr, 50-100 MMBtu/hr, 100-250 MMBtu/hr, and >250 MMBtu/hr). This segmentation of capacity finds application as per the need of power generation, such as extensive capacity boilers for refining industry and limited capacity boilers for the food processing industry. The U.S. industrial boiler market share was dominated by the boiler having capacity < 10MMBtu/hr which are mostly preferred by chemical and food industry.
Taking into consideration the regional landscape, following are leading US States offering a positive push to the U.S. industrial boiler market in the coming timeframe:
- North Carolina boiler industry is anticipated to surpass USD 25 million by 2024.
- North East dominated by New Jersey contributed 13% of regional industrial boiler market share. Expansion of sturdy industrialization in the regions synced with stringent rules set by the Environmental Protection Agency (EPA) towards eliminating the air toxic standards will complement the overall U.S. industrial boiler industry share.
- The escalating gains and constructive growth of the paper industry has led Alabama industrial boiler market revenue to surpass USD 10 million by 2024.
- The growth in chemical and food processing industries has led Ohio industrial boiler market size to witness 2% industry expansion.
With increasing focus on new technologies, the market players will invest more in R&D and accentuate on offering advanced products with higher heat transfer rates and lower fouling. Leading key companies operating in the U.S. industrial boiler market include Hurst & Welding Company, Inc., Clayton Industries, Unilux Advanced Manufacturing, Parker Company, Acme Engineering Prod. Ltd., Vapor Power International, Hurst & Welding Company, Inc., Superior Works, Inc., Bryan Steam LLC., Cleaver-Brooks, Inc, etc.
Author Name : Ojaswita Kutepatil