LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global industrial boiler market size is projected to reach USD 14.7 billion by 2021, growing at a CAGR of more than 5% during the forecast period.
This research report titled ‘Global Industrial Boiler Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
APAC is forecast to be the leading regional segment, generating highest revenue and maximum incremental growth through 2021. The healthy
food and beverage and petrochemical industries in the region are responsible for the dominance of the market segment.
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Based on end-users, the report categorizes industrial boilers into the following segments:
- Food processing
- Chemical and petrochemical
- Paper and pulp
- Oil and gas
- Power generation
The top three revenue-generating end-user segments in the global industrial boiler market are discussed below:
“The global population is continually on the rise, along with the increase in average life expectancy as well. This is creating a high demand for food and food products and related accessories such as boilers,” says Gaurav Mohindru, one of the lead analysts at Technavio for unit operations research.
The world cereal, grain, and milk production is expected to grow steadily over the forecast period, driven by the increasing demand for food from the large population. This growth in the consumption and production of essential edible commodities will provide sufficient thrust to the market for industrial boilers.
Chemical and petrochemical
Oil refineries and chemical plants produce petrochemicals through fluid catalytic cracking or steam cracking process. Petrochemicals find applications in major end-user industries such as construction, packaging, textiles, and transportation. There is an increasing demand for petrochemical byproducts such as ethylene, polyvinyl chloride, and polyethylene from a variety of industries. The rising overall production of chemicals together with the growing demand for petrochemicals will augment the market for industrial boilers in the chemical and petrochemical industry.
Paper and pulp
“The market for paper, especially packaging paper is on an upward trend, driven by rising awareness about green practices and their benefits. Paper producers are investing in energy optimization programs by upgrading or replacing their boilers, thereby driving market growth,” says Gaurav.
Another trend in the paper market is the procurement of low-cost pulp by countries such as India, China, and South Korea from Latin American countries. Such practices are resulting in increased production of paper at lower price points. Also, the demand for packaging and labeling from various e-commerce portals is also adding to the flourishing pulp and paper industry. This increasing demand for paper and pulp processing will contribute to the rising demand for boilers in this industry.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Alfa Laval
- Amec Foster Wheeler
- GE Steam Power
- Mitsubishi Hitachi
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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