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U.S. Boiler Market Segmented by Fuel (Fossil, Oil & Gas, Biomass and Others); By End-use (Chemicals & Petrochemicals, Metals & Mining and Others) and Region - Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2031
[ 170 + Pages Research Report ] U.S. Boiler Market to surpass USD 4.4 billion by 2031 from USD 2.9 billion in 2021 at a CAGR of 4.26% in the coming years.
A boiler heats water or another liquid under pressure in an enclosed place to generate steam or hot liquid. There is a diversity of boilers available in both the commercial and residential markets, classified by the system of heating the liquid, the types of fuel they use, and even the axis of the boiler.
U.S. Boiler Market is expected to project a notable CAGR of 5.27% in 2031
The rising trend for boilers in the industrial segment along with chemical and petrochemical, food and beverage, and pulp and paper are predictable to boost the market over the forecast years. Increasing demand for mechanization and control systems have urged producers to start combining digital technologies in the industrial boilers industry. The implementation of the Internet of Things (IoT) and advanced data analytics to manage boiler-related operations to reduce costs and expand product and service performance is expected to upsurge the demand for smart industrial boilers over the forecast period.
Oil & Gas segment to grow with the highest CAGR during 2021-31
U.S. Boiler Market is divided by Fuel Type into Fossil, Oil & Gas, Biomass and Others. Oil & Gas segment to be a larger contributor to U.S. Boiler Market. This is due to high accessibility and less cost compared to other types of fuel used for industrial boilers. This segment is extensively used for industrial boilers. Hence, all these factors rise the U.S. Boiler Market.
Chemicals & Petrochemicals segment to grow with the highest CAGR during 2021-31
U.S. Boiler Market is divided by end-use into Chemicals & Petrochemicals, Metals & Mining and Others. Chemicals & Petrochemicals segment held the largest share in 2020 and is expected to dominate the market. This is due to the need for high volume steam for various methods such as dilution, quenching, mechanical drive, fractionalization, and stripping and increasing chemicals production across the country is expected to boost the market.
Abundant availability of natural gas resources
Competitive natural gas prices along with the increasing inclination toward the implementation of sustainable technologies will significantly enlarge the business landscape. Strict government standards relating to the adoption of low-emission fuels coupled with ample availability of gas reserves will complement the industry outlook. The ease-of-extraction and robust gas supply networks in the country are set to drive the product adoption.
Robust development of the commercial sector
U.S. boiler market is set to grow at a CAGR of over 4.26% between 2021 and 2031. Continuing development of commercial establishments including retail stores, offices, nursing homes, and educational intuitions will fuel the industry landscape. Changing trends toward the consumption of processed food & beverages in line with growing government spending across healthcare industry will comprehensively improve product penetration.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
U.S. Boiler Market Segments
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Report Attribute |
Details |
| Market size value in 2021 | USD 2.9 billion |
| Revenue forecast in 2031 | USD 4.4 billion |
| Growth Rate | CAGR of 4.26% from 2021 to 2031 |
| Base year for estimation | 2020 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Fuel, End-use |
| Key companies profiled | Babcock & Wilcox Enterprises, Inc.; Mitsubishi Heavy Industries, Ltd.; IHI Corporation; Forbes Marshall; Hurst Boiler & Welding Company, Inc.; Parker Boiler; Indeck Power Equipment Company Other Prominent Players |
U.S. Boiler Market size was estimated at USD 2.9 billion in 2020 and is expected to reach USD 4.4 billion by 2030
Key players Babcock & Wilcox Enterprises, Inc.; Mitsubishi Heavy Industries, Ltd.; IHI Corporation; Forbes Marshall; Hurst Boiler & Welding Company, Inc.; Parker Boiler; Indeck Power Equipment Company Other Prominent Players
Oil & Gas segment are anticipated to hold the largest U.S. Boiler Market
Drivers: Abundant availability of natural gas resources and Robust development of the commercial sector
A boiler heats water or another liquid under pressure in an enclosed place to generate steam or hot liquid. There is a diversity of boilers available in both the commercial and residential markets, classified by the system of heating the liquid, the types of fuel they use, and even the axis of the boiler.
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