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:

• Market Research Overview: In the industrial sector, the boiler market falls under the broader category of industrial machinery and supplies and components. This market encompasses companies producing boilers for various industries, including energy, chemicals and petrochemicals, pulp and paper, and processed food and beverages. The market's expansion is driven by the increasing industrial output in developing countries, leading to capacity additions and subsequent demand for boilers to meet growing energy requirements. - The Boilers Market is experiencing significant growth, fueled by the Increasing demand for energy-efficient solutions. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Increasing demand for energy-efficient solutions
  • Growth in industrial sector globally
  • Global shift toward solar and wind energy
  • Growth of boiler rental industry
• Growth Projections

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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• Regional Insights

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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