China to drive global boiler market over 2017-2024, natural gas assisted boilers to observe appreciable sales
Shifting trends toward the adoption of sustainable energy sources will be essentially responsible for the commendable growth of global boiler market. To fulfil the escalating need of energy pertaining to growing industrialization and urbanization, various government organizations are investing heavily in the development of power plants, which will generate lucrative opportunities for major corporations. The adoption of boilers will lead to a major reduction in the dependency on fossil fuel based energy generation, and will eventually lead to the lowering of carbon footprints and GHG emissions. This reduction is likely to stimulate Global boiler industry share, which, as per estimates, had generated a revenue of USD 37 billion in 2016.
Europe Boiler Market Size, By Application, 2016 & 2024 (USD Million)
Various countries across the globe are implementing action plans to increase the production of green energy. Germany has become the first country in the world to implement a climate action plan in November 2016. Through this action plan, the nation aims to reduce GHG emissions to zero by 2050. Rather than the energy sector, they have been emphasizing on the agricultural and automotive sectors to adopt advanced technology to reduce GHG emissions. To comply with government regulations, automakers across this region have already commenced research and development in the production of electric batteries and solar based vehicles. Estimates claim that in 2016, Germany had covered more than 15% share of Europe boiler industry.
In the future, natural gas based power plants will serve as new avenues for global boiler market investors. The increasing number of natural gas producers, mainly across the U.S. are likely to favor the increasing demand for natural gas over the years ahead, subject to the reduced prices of natural gas as compared to coal. Recently, a U.S. energy company has decided to supply one third of Ireland’s natural gas requirement, which equates to around EUR 300 million of shipments per years. As per statistics, more than 50% of the power plants were based on natural gas in 2016, which will significantly boost global boiler industry share over the coming timeframe. The adoption rate of natural gas based power plants is increasing enormously, owing to the easy storage, ample availability, and low emissions.
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The deployment of stringent rules and regulations to control the hazardous gas emissions have forced various industrial sectors to renovate their aging power generation systems – those which are primarily responsible for the emission of these gases. A range of firms have undertaken strict initiations to replace outdated boiler plants with energy efficient and eco-friendly boiler systems. Additionally, even educational institutions also have taken initiatives to replace aging boilers. Recently, the 5-decade-old Barton Community College had decided to replace a boiler with three small, high efficiency boilers, which are predicted to save 30% of costs. Subject to the increasing use of boilers for energy generation across the hospitality, healthcare, and educational sectors, global commercial boiler industry size is expected to surpass a revenue collection of USD 6 billion by 2024.
China has been investing heavily into healthcare infrastructural development lately, and as per the reliable sources, the government of China invested around USD 180 billion in healthcare sector in 2016. The same year witnessed China accounting for 35% of the revenue contribution of APAC boiler market. This region fuels the requirement of energy efficient heating systems, due to the thriving industrialization and urbanization. The giants in boiler market plan to develop energy efficient heating systems to enhance the overall energy grid. In addition, numerous research organizations are also continuously involved in the exploration of biomass fueled boiler systems. Speaking of which, some of the key participants in global boiler market include Thermax, Bharat Heavy Electricals, Weil-McLain, Parker Industrial Boiler, A.O. Smith, Wilcox, Cleaver-Brooks, Forbes Marshall, Hurst Boiler and Welding, Fulton, and Burnham Commercial.
Author Name : Sunil Hebbalkar