The global boiler market will expand over 6% and surpass USD 65 billion by 2024 says latest research study by Global Market Insights, Inc. based on industry segments.

Sellbyville, DE -- (SBWire) -- 02/22/2019 --The growing trends of urbanization and industrialization have provided an appreciable impetus to global boiler market. Condenser and steam boiler and heat distribution systems have been garnering immense popularity lately, across numerous sectors, including the food processing, paper, and chemical refineries, subject to their increased energy efficiency. Apart from the industrial applications, global boiler industry has been penetrating the commercial as well as residential sectors such as hospitals, institutions, and corporate offices, with equal gusto.

Recently, Fulton, which is one of the key giants in global boiler industry formed a study group to check the energy saving feasibility of boilers. This initiation is likely to help companies develop novel boilers with superior efficiency that will require sufficiently moderate maintenance at substantially lower costs – a move that may have a considerable impact on boiler industry. Incidentally, an assessment report by Global Market Insights, Inc., claims worldwide boiler market to have generated a revenue of USD 50 billion in 2017.

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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 from commercial applications is set to register a CAGR of 6% over 2018-2024.

Various regulatory organizations have taken numerous initiations to reduce the carbon content in the environment considering its hazardous impact on human health. Under the Paris agreement, which was held in 2015, nearly 200 countries committed to shift toward the adoption of cleaner energy. This is another factor that will contribute toward influencing global boiler market. Growing exploration of oil and gas across the globe, particularly in North America has led to numerous growth prospects for boiler market in the region.

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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.

Key participants operating across the global boiler market include Carrier Corporation, Amec Foster Wheeler, Groupe Atlantic, Vaillant Group, O. Smith Corporation, Fulton Companies & Cleaver-Brooks