San Francisco, California, August 11, 2018: TMR Research’s latest report, titled, “Industrial Boiler Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025,” finds that the thrust on development of ultra-mega power facilities in emerging economies is serving to drive demand in the boiler market. India and China are to name two of the key such economies where such projects are gaining traction and hence are pushing up demand for boilers. Apart from that, growing focus on energy efficiency is also boding well for the industrial boiler market.
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The pressing need to further improve combustion efficiency of biomass with new materials is expected to have a positive impact on the industrial boiler market. The reduced price of biomass boilers alongside the higher efficiency of the waste are some of the benefits of using new materials in biomass. Further, the focus of the chemical and food processing industries on lowering emission is also expected to stoke the market. Rising fuel is another driver of sales of high-end heating furnaces such as industrial boilers.
From a regional perspective, North America currently accounts for a leading share in the industrial boiler market owing to stringent government regulations pertaining to the environment that has led to high uptake of energy efficient systems. Presence of large power plants in the region is also having a positive influence on the market.
With respect to growth, the Asia Pacific industrial boiler market is likely to surpass all others in the years to come because of the rising demand for boilers from chemical, metal, food, and refining industries.
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Some of the key players in the industrial boiler market are Mitsubishi Hitachi Power Systems, Ltd., Thermax Limited, Harbin Electric Group, IHI Corporation, General Electric, Bharat Heavy Electricals Limited, Siemens AG, Vapor Power International, and Cleaver-Brooks Inc.