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Condensing fire tube industrial boiler market will surge at 4% by 2024. Lower environmental pollution, reduced heating costs and high efficiency are some of the prominent features that make the product deployment preferable over other alternatives. Ongoing government initiatives pertaining to adoption of low emission systems will further drive the business growth.Global Fire Tube Industrial Boiler Market will cross USD 3 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. Rapid industrialization coupled with rising investment toward expansion of industrial facilities will drive the global fire tube industrial boiler market size. Stringent legislative mandates along with measures to reduce dependence on conventional fuel will further elevate the business growth. For instance, the European Union Directive (EU) 2015/2193 limits the emissions of pollutants from medium combustion plants.
Growing investments toward development of industrial infrastructure driven by supportive regulatory landscape will drive the China fire tube industrial boiler market. The country, under its 13th Five Year Plan (2016-2020), aims at robust expansion and growth of its manufacturing sector. Growing population along with increasing per capita income will further support the business landscape.
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Regulatory support along with rising infrastructural investment will fuel the China market growth. The country has planned robust growth and expansion of its manufacturing sector under its 13th FYP (2016-2020) which will complement the industry landscape. Increasing per capita income coupled with growing population will further propel the business growth. For instance, as per the UN World Population Prospects, the population of China is predicted to reach over 1.44 billion by 2024.
Escalating demand for specialty chemicals in conjunction with increased investment for establishment of new manufacturing facilities will stimulate the fire tube industrial boiler market growth. Increasing chemical production in Asia-Pacific region will further drive the demand for these steam generating units. As per the World Economic Forum, key economies comprising China and India are set to contribute majority of chemical production by 2020.
Key players active in the business include Cochran, Cleaver-Brooks, IHI, Thermax, Rentech, Bharat Heavy Electricals Limited, General Electric, AMEC Foster, Clayton, Siemens, MHPS, Doosan, Fulton, Hurst Boiler, Forbes Marshall, Babcock & Wilcox, and Bosch Thermotechnology amongst others.
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Release ID: 452612