The increasing investments being made in the industrial sector in many countries, especially emerging economies such as India and China, are fueling the rapid growth of numerous industries such as the petrochemical industry in those countries. The boom of the industrial sector is a major factor responsible for the soaring requirement for boilers across the globe. Moreover, the growing requirement for energy efficient devices and systems is further pushing up the sales of boilers in several countries around the world.
Besides the aforementioned factors, the flourishing food processing industry is also boosting the sales of boilers all over the globe. Moreover, the rising initiatives being taken by various governments for promoting the progress of the food processing industry are positively impacting the demand for boilers. For example, the Indian government is providing numerous tax incentives to the small and medium enterprises (SMEs) operating in the food processing industry for setting up plants and expanding their business operations, which is, in turn, propelling the requirement for boilers in the country.
Between the two boiler variants, the usage of the fire tube boilers is presently being observed to be significantly higher mainly because of their lower initial costs, easier handling, and higher fuel efficiency. Furthermore, the fire tube boilers have numerous applications in multiple sectors, owing to which, the sales of these boilers are considerably higher than the water tube variants, which are mainly used in the applications requiring less capacity section boilers.
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Globally, the Asia-Pacific (APAC) boiler market will register rapid advancement in the coming years, as per the estimates of P&S Intelligence, a market research firm based in India. This is attributed to the swift expansion of numerous industries such as food and beverages, power, and chemical in the APAC nations, especially China, Japan, and India. Apart from this region, the sales of boilers will also rise sharply in North America in the forthcoming years, on account of the mushrooming requirement for various end-use systems.
Therefore, it can be said with conviction that the requirement for boilers will increase steeply throughout the world in the upcoming years, mainly because of their rising usage in various industries and residential buildings.
