Boilers Market Size to grow by USD 16.1 billion between 2024-2028
Technavio, a leading provider of market research reports, has released its latest study on Boilers Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
Key Highlights:
The market size is estimated to grow by USD 16.1 billion, at a CAGR of 3.21% during the forecast period. In the boilers market, biomass boilers are experiencing a notable upsurge in demand. This trend is driven by the business world's increasing focus on sustainable and eco-friendly solutions. Biomass boilers, which utilize renewable wood fuel such as pellets, logs, and chips, are gaining popularity due to their low carbon footprint. Traditional sources of biomass include forestry and agricultural residues, while modern sources encompass wooden pallets, household waste, bioethanol, and biodiesel. The biomass boilers market is projected to expand substantially during the forecast period.
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The global boilers market is experiencing significant growth, driven by increasing industrialization and rising energy demands. Key players are focusing on advanced technologies, such as high-efficiency condensing boilers and combined heat and power systems, to meet these demands and reduce emissions. Additionally, government initiatives to promote renewable energy and energy efficiency are fueling market expansion. Overall, the boilers market is poised for continued growth in the coming years.
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