Market Trends of Global Boiler Industry
This section covers the major market trends shaping the Boiler Market according to our research experts:
Demand for Residential Boilers to Hold a Major Market Share
- The strong growth demand from the real estate sector in the United States, Germany, India, and China is expected to drive demand for boilers in the residential segment, and Rising urbanization and a rapidly growing population in emerging nations like India, China, and Brazil are expected to drive global boiler market. For instance, According to US Census Bureau, the number of housing units in the united stated increased from 136.57 million in 2017 to 141.95 million in 2021, which is expected to drive demand for boilers
- Rising worries about the heat and pollution produced by boilers have driven governments in several countries to launch severe programs to promote the construction of green buildings and the use of eco-friendly residential boilers as a sustainable heating technology.
- For instance, UK government has launched Boiler Upgrade Scheme (BUS), The plan enables property owners to transition away from their dependency on fossil fuel systems and towards a cleaner, more efficient heating system in a cost-effective manner. The BUS provides GBP 5,000 off the cost and installation of a biomass boiler for rural households.
- To produce energy-efficient boilers, major manufacturers are focused on the development of new technologies for boiler coating that will bring benefits such as rapid heating and corrosion resistance. A.O. Smith, prominent water treatment and boiler manufacturer, is continually improving its blue diamond glass coating technique to combat sediment, scale, and residue buildup on the surface of the boiler tank. These reasons are fueling the expansion of the residential global boiler market.
- The US Department of Energy took a fantastic initiative in 2020 to regulate energy conservation rules and regulations for water heater makers and manufacturers. Residential boilers, according to DOE, should be standardized as important energy-saving devices. Every customer should be able to afford and use these boilers, both technologically and financially. The DOE has provided additional assistance to manufacturers in developing innovative boilers that will save energy and money.
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Asia-Pacific Expected to Hold a Major Market Share
- The Asia Pacific is predicted to have significant growth due to growing urbanization and rising disposable income. The continued expansion of sustainable building projects and achieving zero-emission building targets will increase the boiler market in this region.
- Asia-Pacific dominated the market with the highest thermal power plants and refineries as of 2021. With the region's growing population and urbanization, the demand for energy and power is expected to rise during the forecast period.
- Apart from power plants, according to BP Statistics, the region contributes to nearly 37.3% of the global refining capacity and is expected to add to its refining capacity during the forecast period. China is the major country in the region that will contribute 18.3% of the world's oil refining capacity in 2021. Moreover, the country is planning to make up 44% of the crude oil refining capacity in the region in 2023. This is expected to drive the demand for the market studied.
- According to The World Bank report 2021, the increase in electricity demand and the rise in gas, coal, and carbon prices have resulted in climbing energy prices in Asia, which is a primary reason for the growing interest in energy management. Adding extra power transmission or generation capacity might help to achieve efficient energy management. Energy-efficient industrial boilers are a good illustration of efficient energy management.
- Pulau Muara Besar Refinery & Petrochemical Complex with a capacity of 14 million tons per annum is expected to be commissioned in 2022. Furthermore, the Jieyang refinery is another refinery that is under construction and is likely to be commissioned during the forecast period and is expected to increase the demand for steam boilers. With several projects upcoming in power, oil, and gas refining sector, Asia-Pacific is expected to dominate the market in the forecast period.
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