Global Industrial Boiler Market 2019-2023 | Industry Analysis and Forecast | Technavio
LONDON--(BUSINESS WIRE)--Jan 8, 2019--The global industrial boiler market research report by predicts the market to post a CAGR of more than 5% during the period 2019-2023.
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Technavio predicts the global industrial boiler market to post a CAGR of more than 5% by 2023. (Graphic: Business Wire)
A key driver for the global industrial boiler market is the increasing demand for the biomass boiler. The focus on increasing the proportion of renewable energy is increasing globally. According to the International Energy Administration (IEA), between 2010 and 2016, renewable energy contributed to more than 50% of the net electricity capacity additions. This share is further expected to increase during the forecast period. The increasing global warming is promoting the use of biomass, which is fueling the demand for biomass boilers.
This research report also provides an analysis of the most important trends expected to impact the market outlook during the period 2019-2023. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the increasing popularity of electric boilers as one of the key trends in the global industrial boiler market:
Global industrial boiler market: Increasing popularity of electric boilers
The high cost of electricity and its unreliable supply limits the use of electric boilers in residential and commercial applications. But, there is a decrease in the average unit price of electricity due to technological improvements in the power generation sector, reduced transmission losses, and a significant increase in the global electricity generation capacity.
“The demand for electric boilers for industrial applications is increasing because of reasonable prices and the growing availability of electricity. The electric steam boilers are subjected to none of the emission regulations and have only a few safety regulations. Therefore, industries are not required to incur significant compliance costs,” says a senior analyst at Technavio for research on unit operations.
Global industrial boiler market: Segmentation analysis
This industrial boiler market analysis report segments the market by end-user (food and beverages, chemicals and petrochemicals, pulp and paper, oil and gas, power generation, and others) and geography (the Americas, APAC, and EMEA).
The food and beverages segment held the largest industrial boiler market share in 2018, accounting for over 25% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
The APAC region led the market in 2018 with more than 37% of the market share, followed by EMEA and the Americas respectively. The APAC region is expected to dominate the market throughout the period 2019-2023.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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SOURCE: Technavio Research
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