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Fire Tube Industrial Boiler Market is anticipated to exceed 40 thousand units by 2024

Author : Rahul Sankrityayan | Published Date : 2019-06-25 

Fire Tube Industrial Boiler Market size will surpass USD 3 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.

Rapid industrialization coupled with rising investment toward expansion of industrial facilities will drive the global fire tube industrial boiler market size. Stringent legislative mandates along with measures to reduce dependence on conventional fuel will further elevate the business growth. For instance, the European Union Directive (EU) 2015/2193 limits the emissions of pollutants from medium combustion plants.

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The U.S. market size is set to surpass 4 thousand units by 2024. Increasing industrial investment for the replacement of conventional heating units intended toward environmental compliance will stimulate the industry growth. Sizeable expansion in the refining capacity to serve the rising demand of fuel coupled with strengthening measures to upgrade the manufacturing capabilities will further favor the industry landscape.

Compact design, low ownership cost and high efficiency are some of the product’s prominent features that will propel the fire tube industrial boiler market size. Furthermore, rising focus toward technological advancements, primarily for the improvement of fuel utilization efficiency will augment the product demand. For instance, in 2017, Bosch Thermotechnology introduced ULS steam boiler system that is capable of providing low running cost while saving over 47 cubic meters of natural gas per hour.

Fire tube industrial boiler market size is predicted to grow on account of the product’s suitability for small and medium scale industries along with the ongoing expansion of small-scale industry sector. According to the United States Trade Representative (USTR), there are over 30 million small and medium scale industries operating in the U.S. as of 2017. Furthermore, low initial cost, easy maintenance, compact design, steady steam/hot water supply and optimum load surge handling capability are some of the key features that will boost the product’s adoption.

Condensing fire tube industrial boiler market size is anticipated to expand over 4% by 2024. Lower environmental pollution, reduced heating costs and high efficiency are some of the prominent features that make the product deployment preferable over other alternatives. Ongoing government initiatives pertaining to adoption of low emission systems will further drive the business growth.

Regulatory support along with rising infrastructural investment will fuel the China market growth. The country has planned robust growth and expansion of its manufacturing sector under its 13th FYP (2016-2020) which will complement the industry landscape. Increasing per capita income coupled with growing population will further propel the business growth. For instance, as per the UN World Population Prospects, the population of China is predicted to reach over 1.44 billion by 2024.

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Escalating demand for specialty chemicals in conjunction with increased investment for establishment of new manufacturing facilities will stimulate the fire tube industrial boiler market growth. Increasing chemical production in Asia-Pacific region will further drive the demand for these steam generating units. As per the World Economic Forum, key economies comprising China and India are set to contribute majority of chemical production by 2020.

Eminent industry participants in the global market comprise include Cleaver-Brooks, Thermax, Bharat Heavy Electricals Limited, AMEC Foster Wheeler, Siemens, Doosan, Hurst Boiler, Babcock & Wilcox, Bosch Thermotechnology, Forbes Marshall, Fulton, Mitsubishi Hitachi Power Systems, Clayton, General Electric, Rentech, IHI and Cochran amongst others.

 

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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