Steam Boiler Industry
Natural gas based steam boiler market to garner substantial proceeds by 2025, escalating sales of condensing boilers to drive the technology landscape
The rising number of investments in the development and expansion of manufacturing facilities is touted to propel the global steam boiler market. A majority of governments worldwide are increasingly reorienting their focus towards the overall expansion of their key economic sectors in conjunction with some of the world’s leading financial institutions, including bigwigs like the World Bank and the Asian Development Bank.
U.S. Steam Boiler Market Size, By Technology, 2018 & 2025 (USD Million)
The expansion of the manufacturing sector though, is liable to come at the cost of the environment – a major factor that most governments have been taking note of, and have accordingly been enforcing strict regulations on the design and deployment of energy-driven components. The enforcement of a stringent regulatory spectrum is thus bound to bring forth a sizable shift in the steam boiler market outlook in the years ahead.
In fact, these regulations have already compelled prominent industry players to develop intelligent energy efficiency solutions with one of the most recent one being the MEC Optimize from Bosch, which is a smart digital efficiency assistant designed to help boiler operators & attendants to identify potential energy losses & recommend concrete countermeasures that effectively address the issue. MEC Optimize is already being used by Park & Bellheimer, which expects to save over €80,000 per year in energy costs through the upgrade.
Global steam boiler market | Impact of strict emission regulations on natural gas powered steam boiler sales
Strict government regulations that make the adoption of low-emission fuels mandatory and the increasing emphasis a number of industrial sectors have been stressing on to adhere to these regulations & sizably reduce their carbon footprint are two most pivotal factors responsible for driving the natural gas powered steam boiler industry in the years ahead.
Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/3177
One instance of a strict emission regulation can be claimed to EU’s ambitious goal of reducing the region’s GHG emissions by as much as 40% by 2030 compared to the GHG levels of the 1990s. These regulations coupled with dropping natural gas prices and rising adoption of numerous sustainable technologies are expected to be responsible for driving the natural gas based steam boiler market in the years ahead. According to the Oxford University, the demand for natural gas across Europe started to pick up in 2015 and has continued to surge ever since; reaching the 548 billion cubic meters (bcm) mark in 2017, which was the highest level of natural gas demand over the previous seven years. This positive trend would prove to be significantly conducive for the growth of the natural gas powered steam boiler market size, which is slated to expand at a CAGR of 4% 2019-2025.
Global steam boiler market | Enhanced operating efficiencies to drive the sales of condensing steam boilers
The issues of sustainability & energy efficiency that have gripped myriad industrial sectors worldwide, are projected to be among the primary factors responsible for propelling the condensing steam boiler industry. In traditional steam boilers, the generated heat is passed on to a heat distribution system, and the combustion gases & water vapor generated during the process are discarded as waste. Condensing steam boilers are specifically designed to reduce this waste as they are capable of properly harnessing the evaporation energy and turning it into heat, giving them an added advantage over conventional steam boilers.
This capability not only makes condensing steam boilers an ideal option for organizations looking to reduce their carbon footprint & adhere to the increasing regulations, but also allows them to significantly enhance their operating efficiencies. With some industry players boasting of their products attaining efficiencies of up to 98%, the demand for this boiler is slated to continue increasing over the coming years. Attributing primarily to the efficiency factor, the condensing steam boiler market is expected to depict a CAGR of 5% over 2019-2025.
Driven by the projected rise in the demand for various steam boiler systems, pertaining to the technology and fuel deployed, the global steam boiler market is projected to attract substantial investments in the years ahead. In fact, a report by Global Market Insights, Inc., claims steam boiler market size to exceed the $19 billion renumeration mark by 2025.
Author Name : Akshay Kedari