Boiler Market Top Trends, Future Analysis & Forecast 2023-2032
Boiler Industry is estimated to grow considerably through 2032 owing to the increasing government spending in the healthcare industry. Industrial boilers are used in hospitals for the sterilization process and effective functioning. They help produce the steam used to heat the building, support hospital laundry, heat water, and operate the kitchen, among other vital hospital tasks. Besides, constant investments in the development and expansion of healthcare settings will augment the business landscape.
Boilers are used in application areas including thermal power plants, printing machine industries, pharma companies and textile industries. In addition, several federal agencies across the globe have introduced numerous building codes, according to which deploying only ENERGY STAR-qualified or FEMP-designated products, including boilers, is mandatory. In the beverage industry, steam from boilers is used for cooking, warming, drying, cleaning, and eliminating microbiological risks in food. The increasing demand for specialty chemicals and a rising inclination toward processed food products will benefit business dynamics positively.
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Overall, the boiler industry is segmented in terms of capacity, fuel, application, and region.
Based on capacity, the > 100 - 250 MMBtu/hr segment is anticipated to grow considerably through 2032. Increasing deployment of these boilers across industrial facilities such as manufacturing, primary metal, and paper & pulp industries & refineries will assist the segmental growth. The most cost-effective way to mitigate fuel NOx in commercial and industrial boilers is to switch to cleaner fuels (fuels having less fuel-bound nitrogen).
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By fuel, the electric boiler segment will gain high momentum during the estimated timeframe owing to the emission mandates put forth by various governments to limit greenhouse gas emissions and alleviate the reliance on fossil fuels.
Considering the application, the residential segment is expected to record noticeable gains during the next 10 years. The need for residential boilers has increased due to stringent norms by the regulators in response to growing concerns around carbon emissions and energy efficiency.
Regionally, the Europe boiler market is anticipated to grow substantially through 2032 owing to robust economic growth and strict emission norms. Besides, the regulations set by the European Union to reduce carbon emission has resulted in increasing replacement of conventional heating systems, thereby fueling product adoption in the region.
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