The worldwide adoption of sustainable and energy efficient systems has led to an exponential surge in gas fired boiler market in the recent years. In line with this, governmental initiatives and regulatory measures toward curbing greenhouse gas emissions are also likely to have a major impact on the gas fired boiler market growth. An instance bearing testimony to the aforementioned is that of the EU, that has set a goal to cut carbon footprints by at least 40% by 2023 from the 1990 levels. Given such ongoing initiatives targeting GHG emissions and high energy efficiency, it comes as no surprise that the global gas fired boiler market is set to accrue hefty proceeds in the ensuing years.
Japan Gas Fired Boiler Market Size, By Capacity, 2017 & 2024 (USD Million)
Further shedding light on the growth prospects of gas fired boiler market size it has been forecast that the overall industry valuation will outpace $20B by the end of the year 2024. Analysts claim that the gas fired boiler market in the recent years has witnessed remarkable product demand from industrial applications. It has been reported that the processed food and chemical industry generate greater demand for gas fired boiler market. However, some of the industrial sectors are still using conventional boilers on a mass scale, contributing to inferior operational performance and greenhouse gas emissions. Favorable government initiatives toward enforcing a ban on the aging boilers and replacing traditional units with advanced energy efficient gas fired boilers, will strongly propel gas fired boiler market.
Furthermore, the rapid industrialization and commercialization trends have substantially uplifted gas fired boiler industry share. UNIDO (United Nations Industrial Development Organization) reported that the chemical industries added a worth of more than $400B of manufacturing value addition in 2016. And such strong industrial expansions will be highly pivotal for the overall business growth of gas fired boiler market.
Following these above-mentioned trends, leading companies in this vertical are seen doing their bit in curbing carbon footprints and launching new energy efficient technology-based boilers to combat with the challenge of fast and cost-effective emission reduction. Recently, for instance, Lenzing Group and its partners revealed that they will be facilitating fast-track solutions to reduce GHG emissions. In a bid to accelerate outcomes against the race of climate change the company claimed that it will shifting from coal and fossil-fuel boilers at this production facility in China to gas-fired boilers. If analysts are to be believed, reducing emissions from the heavy industry by switching to coal-biomass or natural gas fired boilers will not only significantly help to achieve GHG targets but will also help worldwide gas fired boiler market size to proliferate in the coming years.
According to reliable reports high energy efficiency & low maintenance cost of gas fired boilers have carved a lucrative product demand in the recent years. A published report by the EIA, further highlights that in 2016, more than 7,700 billion cubic feet of natural gas was consumed by industries – marking a healthy growth of 2% from 2015. The data clearly goes on to validate the exponential growth of the gas-fired boiler industry share.
China to witness lucrative investment trends
The demand for gas-fired boilers jumped significantly in China, after the regional governments war on air pollution & climate change accelerated the initiatives to eliminate coal-fired boilers at industries and fuel stoves in households and replace them with cleaner and natural gas-fired units. The regulatory officials have however reported that the government will be first ensuring enough natural gas storage before impelling residents and industries for eliminating coal or fossil fuel based boilers. This proliferating use of energy alternatives for reducing the carbon footprint have created favorable investment trends for potential gas fired boilers industry players.
Such a positive outlook toward the regional industrial as well as commercial & residential in emerging economies such as China and India will be further augmenting Asia Pacific gas-fired boilers industry share. With demand for the boilers further witnessing a spike in both developing and developed economies, it wouldn’t be wrong to quote that the business landscape of gas-fired boiler market will be traversing along a profitable growth graph. The expansive application spectrum and rising need for cleaner and energy efficient boiler systems is further likely to take the commercialization matrix of gas-fired boilers up by several notches in the following years to come.