Emerging Innovative Trends to Spearhead Industrial Boilers Market Growth
Since past few decades, industrial boilers space has witnessed wide range of innovative trends emerging at a fast pace. With growing demand for low NOx (Nitrogen Oxide) systems, reduced carbon emissions and efficient systems, manufacturers of industrial boilers are focusing on accessing advanced cutting edge systems compliant with environmental norms and designed for optimum performance. For instance, low NOx boilers are trending in the industrial boilers market that are designed to lower effect of harmful gases on the environment. Besides industrial boiler systems, plug and play installation is another breakthrough as companies go one step further to ease out installation process by using integrated low-loss headers that streamline the boiler installation consequently reducing time. In addition, industrial market has witnessed a paradigm shift with respect to use of technology as companies move towards robotics and automation for their manufacturing operations. Integrating industrial boilers with IoT (Internet of Things), online computing using SaaS and PaaS and remote monitoring are few of the technological trends observed in the industrial boilers market. Such trends are likely to provide momentum to the growth of the industrial boilers market in the near future.
North America to Showcase Favorable Growth Environment; Europe Likely to Lead the Industrial Boilers Market
Industrial boilers market is likely to witness robust growth in developed countries of North America. Ongoing investments in petrochemical industry coupled with increasing production of natural gas have paved potential growth pathways for manufacturers of industrial boilers in this region. For instance, according to EIA (U.S. Energy Information Administration), production of natural gas and petroleum in United States witnessed an upswing in 2020, making US a leader in production of these fuels. EIA statistics show that natural gas and petroleum output totaled 67 quads (quadrillion British Thermal Units) in 2020, which was significantly higher Saudi Arabia and Russia. This has fuelled the use of industrial boilers in the country and is expected to continue the trend in the years to follow. On the other hand, European countries are expected to dominate the industrial boilers market on the back of increasing industrial boilers adoption in food and beverages sector in the region. Moreover, EU regulations regarding ELVs (Emission Limit Values) with a view to lower levels of gases such as NOx (Nitrogen Oxide) and SO2 (Sulfur Dioxide) from all plants is expected to influence growth of the industrial boilers market in the region.
Industrial Boilers Market in to Witness Significant Growth Opportunities in the Coming Years
Growing industrial sector coupled with burgeoning demand for industrial boilers in the energy space is likely to present significant growth opportunities for manufacturers of industrial boilers in Asia Pacific. Considering the lucrativeness of emerging economies in Asia Pacific as a potential manufacturing hub, key players in the industrial boilers market are not only leveraging the potential to market their offerings but also offering technical assistance in a bid to ensure improved customer empowerment along with enhanced after sales engagement. For instance, Cochran Ltd., supplies its industrial boilers in Hong Kong. The company is now focusing on providing training to industrial boiler operators. Moreover, rising orders and contracts from emerging economies are significantly contributing to the growth of the industrial boilers market in the region. This has translated to an increased industrial boiler manufacturer focus on Asia Pacific, in turn favoring growth of the industrial boilers market. For instance, GE (General Electric) received a twin industrial boiler equipment order from BHEL (Bharat Heavy Electricals) in India, which will be used in thermal projects in the country. Additionally, growth in the petrochemicals and chemical industry across emerging economies is expected to provide good growth opportunities for industrial boilers. For instance, according to IMF (International Monetary Fund), India is emerging as a durable and an attractive investment destination. India contributes to more than 3% of chemicals sales worldwide and ranks 4th in Asia Pacific apropos to chemical sales. This factor continues to influence the demand for industrial boilers, consequently fuelling growth of its market in APAC.
Industrial Boilers Market Competitive Landscape
Manufacturers of industrial boilers are focusing on developing their existing portfolio by introducing new revamps in the existing models. For instance, Cannon Bono Energia has revamped its industrial boilers in a bid to enhance efficiency, safety and make them compliant with recent environmental regulations by upgrading combustion system, carrying out automation industrial boilers by introducing automatic and efficient control system – Optispark – and implementing interconnectivity systems and remote control as required by Industry 4.0. Likewise, Cheema Boilers introduced its flagship product, the Thermic Fluid Heater along with expansion of its manufacturing plant in 2021.
Few of the key players in the industrial boilers market include Babcock & Wilcox Enterprises, Inc., GE Power, Siemens AG, Cannon Bono Energia, Burnham Commercial, Tecor Boilers Pvt. Ltd., Cheema Boilers and IHI Corporation.
Key Elements Included In The Study: Global Industrial Boilers Market
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