Transparency Market Research has published a new report "Industrial Boilers Market - U.S Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023" to its report store.
Albany, NY -- (SBWIRE) -- 10/18/2016 -- The U.S. industrial boilers market is led by Cleaver-Brooks Inc., which accounted for over 50% of the market in 2014. Fulton Boiler Works, Inc., Hurst Boiler & Welding Company, Inc., Columbia Boiler Company, Superior Boiler Works, Inc., and Le.Groupe Simoneau Inc. are other five key companies, which accounted for 25% of the market in 2014. As brand identification plays a key role in the industrial boilers market, the prospects for new entrants are likely to diminish, states Transparency Market Research (TMR) in its new study. In addition to this, extensive investments required for R&D will make it more difficult for new players to enter the market and thus, the threat of new entrants will be low in the coming years. Key players are constantly introducing boilers with new specifications in order to meet the changing demand dynamics.
According to the report, the U.S. industrial boilers market is expected to rise from US$382.37 mn in 2014 to US$515.22 mn by 2023, expanding at a 3.35% CAGR between 2015 and 2023. Tennessee is expected to lead in the East-South-Central U.S. The market in Tennessee is expected to be driven by a high demand for chemical products, food products, and metal manufacturing. Michigan is anticipated to lead in the East-North-Central U.S. and will generate revenue of US$75.68 mn by 2023. Among the mountain states, the industrial boilers market in Arizona is projected to be worth US$4.12 mn by 2023.
Interpret a Competitive outlook Analysis Report with PDF Brochure : http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=9131
High Fuel Costs to Drive Demand for High-efficiency Industrial Boilers
Fuel costs account for 85% of the total operational cost of industrial boilers. Thus, there is a demand for high-efficiency boilers over traditional boilers, which ensure significant reduction of fuel costs. High fuel costs are also encouraging end-user industries to replace their old and less efficient boilers with advanced, more efficient boilers.
Another factor boosting the U.S. industrial boilers market is the stringent regulations and standards imposed by the Environmental Protection Agency (EPA). For instance, in May 2015, the Environmental Protection Agency (EPA) finalized reconsideration for the air toxic standards that limit air pollutant emissions from industrial, commercial, and institutional boilers and process heaters. Owing to stringent standards proposed by the EPA, toxic air emissions need to be reduced significantly from industrial boilers installed at manufacturing industries which includes chemical, food, paper, metals, and petroleum. This will trigger industries to replace their existing boilers with advanced boilers, thus driving their demand.
High Initial Costs and Operational Expenses to Hinder Growth of Market
Industrial boilers have high initial costs, as per their pressure, temperature range, and steam mass flow rate. The capital cost includes equipment, installation, and operation costs. Industrial boilers operating on coal and wood have high operational costs since require regular maintenance to avoid emissions of toxic pollutants. As such, there is a need for the replacement of boilers, which again requires high capital investments. "These costs are unaffordable for many end-user industries and is one of the factors dissuading them from investing in industrial boilers," states a TMR analyst. On the other hand, the fact that the life of an average industrial boiler is 25 to 30 years provides an opportunity for the market as there is a need for replacement of boilers.
The global industrial boilers market is segmented as follows:
U.S Industrial Boilers Market: By Region
West North Central
West South Central
East North Central
East South Central
U.S Industrial Boilers Market: By Capacity
Upto 300 BHP
About Transparency Market Research
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.