Sellbyville, DE -- (SBWIRE) -- 01/25/2019 -- Boiler Market will surpass USD 65 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. Sizeable investments toward the upgradation & expansion of existing commercial facilities along with rapid industrialization across emerging economies will stimulate the global boiler market size. For instance, in 2017, Singapore based CAPITALAND established its private equity fund worth USD 300 Million in order to boost commercial property expansion in Vietnam. In addition, shifting trends toward energy efficient heating solutions on account of rising concerns over GHG emissions will further accelerate the product deployment.

Rising demand for electricity on account of rapid industrialization is set to propel the global market growth. Emerging economies across Africa & Asia Pacific regions have established massive investment plans for increasing the capacity of existing power generating facilities, this in turn will positively impact the product penetration. For instance, NTPC plans to generate additional 20,976 MW power in next seven years.

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The U.S. market is set to exceed an annual installation of 700 thousand units by 2024. Ongoing investment activities across industrial & commercial sector along with rising focus toward replacement of existing steam generating units will fuel the product demand. Positive outlook toward primary metal manufacturing & chemical industry will further augment the business growth.

A recent news snippet claimed the Southwestern Vermont Health Care to have signed a five-year strategic contract with NG Advantage LLC, which is one of the leading providers of trucked natural gas in U.S. The contract dictates NG Advantage LLC to supply compressed natural gas to the Southwestern Vermont Medical Center, that would be requiring this natural gas for its newly installed central boiler plant. This goes to prove that hospitals and other similar avenues would find exceptional use for commercial boilers, thereby augmenting their sales. As per statistics, commercial applications accounted for over 25% of global boiler industry share in 2017. However, owing to the increasing demand for the product across various commercial sectors such as healthcare, hospitality, and offices, global boiler market size from commercial applications is set to register a CAGR of 6% over 2018-2024.

China has been investing heavily into healthcare infrastructural development lately, and as per the reliable sources, the government of China invested around USD 180 billion in healthcare sector in 2016. The same year witnessed China accounting for 35% of the revenue contribution of APAC boiler market. This region fuels the requirement of energy efficient heating systems, due to the thriving industrialization and urbanization. The giants in boiler market plan to develop energy efficient heating systems to enhance the overall energy grid.

Various countries across the globe are implementing action plans to increase the production of green energy. Germany has become the first country in the world to implement a climate action plan in November 2016. Through this action plan, the nation aims to reduce GHG emissions to zero by 2050. Rather than the energy sector, they have been emphasizing on the agricultural and automotive sectors to adopt advanced technology to reduce GHG emissions. To comply with government regulations, automakers across this region have already commenced research and development in the production of electric batteries and solar based vehicles. Estimates claim that in 2016, Germany had covered more than 15% share of Europe boiler industry.
Legislative directives promoting the use of clean fuel along with stringent emission norms will drive the natural gas fired boiler market size. For instance, in December 2015, over 140 countries, under the Paris Climate Change Agreement pledged to reduce their greenhouse gas emissions. The EU pledged to reduce its domestic carbon emissions by 40% from 1990 levels by 2030.

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Key participants operating across the global boiler market comprise GE, Siemens, Thermax Limited, GRUNDFOS, Ariston Thermo Group, Carrier Corporation, Bharat Heavy Electricals Limited.