Global Industrial Boiler Market 2019-2023
About this market
The growing demand for multi-fuel boilers to drive growth in the market. The market is witnessing aa new trend of designing industrial boiler systems that can support multifuel operations. The popularity of such systems is increasing because the power generation and process industries want to maximize the utilization of locally produced renewable biomass and recycled fuels. Technavio’s analysts have predicted that the industrial boiler market will register a CAGR of more than 5% by 2023.
Increasing demand for biomass boiler
Biomass boiler helps industries cut costs as the prices of fossil fuels are fluctuating significantly.
Global shift toward solar and wind energy
The use of wind and solar power plants is increasingly preferred to that of fossil fuel-based power plants, especially in developed countries. this affects the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the industrial boiler market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Babcock & Wilcox and Cleaver-Brooks the competitive environment is quite intense. Factors such as the growing demand for multi-fuel boilers and the growing demand for multi-fuel boilers, will provide considerable growth opportunities to industrial boiler manufactures. Babcock & Wilcox, Cleaver-Brooks, Henan Province Sitong Boiler, MIURA, Thermax Global, and Xizi United Holdings are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Industrial Boiler Market 2019-2023
Technavio recognizes the following companies as the key players in the global industrial boiler market: Babcock & Wilcox, Cleaver-Brooks, Henan Province Sitong Boiler, MIURA, Thermax Global, and Xizi United Holdings.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the growing demand for multi-fuel boilers.”
According to the report, one of the major drivers for this market is the growing demand for multi-fuel boilers."
Babcock & Wilcox
Henan Province Sitong Boiler
Xizi United Holdings"
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