U.S. industrial boiler market to amass appreciable proceeds from the West South Central states, crude oil extraction activities in Texas & Louisiana to drive the regional growth
Publisher : Fractovia | Published Date : 2018-10-03Request Sample
The U.S. industrial boiler market is undoubtedly remnant of a plethora of notable innovations that characterize this regional business space. One of the most recent instances in this regard is the case of boiler magnate Miura depicting its portfolio of highly efficient, reliable, and safe industrial boilers at AHR Expo 2018. A pivotal contender of the U.S. industrial boiler industry, Miura, also a global leader in innovative steam boiler technology, has emerged as the company of choice for clients across the U.S. and Canada for boiler installation and maintenance. Miura’s product spectrum has undeniably brought about a revolution in the U.S. industrial boiler market, which for the record, registered a valuation of USD 1.2 billion in 2017.
Florida Industrial Boiler Market Size, By Application, 2017 & 2024 (USD Million)
West South Central states to augment U.S. industrial boiler market outlook
The West South Central region, mainly comprising Texas, Louisiana, Arkansas, and Oklahoma, is one of the pivotal revenue generating regions of U.S. industrial boiler market. In fact, as per estimates, the West South Central zone held more than 18% of the U.S. industrial boiler market share in 2017. Dominated mainly by Texas, the regional industry is essentially fueled by the extensive presence of chemical industries.
Texas and Louisiana are also home to some of the largest refineries in the U.S. As on 2018, reports claim that around 29 refineries operate in Texas alone, with a capacity of more than 5 million barrels per day. Quite overtly, the capacity expansion as well as upgradation of these refineries in addition to the crude oil extraction activities that as a staple of this zone, will stimulate U.S. industrial boiler market trends from the West South Central region.
East North Central states to impel U.S. industrial boiler market trends
Essentially encompassing the states of Illinois, Michigan, Wisconsin, Ohio, and Indiana, the East North Central zone has a lot to contribute toward the U.S. industrial boiler market. As per estimates, U.S. industrial boiler market size from East North Central states is anticipated to depict a CAGR of 3% over 2018-2024.
The extensive growth of U.S. industrial boiler market from these states can be primarily attributed to the presence of steam intensive business spheres across the regions of Michigan, Illinois, and Ohio. That said, it would be prudent to mention that the zone also boasts of a prominent business outlook toward equipment manufacturing, chemical manufacturing, food processing, and the like, thereby boosting the product demand.
U.S. industrial boiler industry trends from the food processing sector
The ever expanding food and beverage industry finds the U.S. to be one of its most acclaimed regional growth grounds. Consequently, the U.S. industrial boiler market is expected to gain momentum from the food processing sector. If estimates are to be believed, food processing accounted for a healthy proportion of 24% of the U.S. industrial boiler market volume in 2017.
The United States is also remnant of the rising trends of ready-to-mix and ready-to-eat food, on account of the hectic professional lives of the urban populace and the rising disposable incomes leading to enhanced standards of living. The rapidly rising inclination toward processed and packaged meals in tandem with the expanding population has thus led to a spate of food processing companies making their presence felt in the region. Subsequently, this has led to the rising deployment of boilers, thereby augmenting the commercial landscape of U.S. industrial boiler market.
The competitive spectrum of U.S. industrial boiler market is indicative of a slew of tactics such as novel product development and expansion investments, aimed at strengthening the regional industry. For instance, a couple of years ago, Fulton introduced an innovative heat transfer solution for vertical steam boilers. Similarly in 2017, Snyder’s Lance poured in USD 7 billion in the expansion of its Berkley unit. It is thus rather overt that in the years ahead, driven by the massive efforts of industry players in tandem with the expanding chemical, F&B, and pharma sectors, U.S. industrial boiler market will amass highly appreciable returns. As per estimates, U.S. industrial boiler market size is anticipated to surpass an annual installation of 13,000 units by 2024.
