Wellesley, Mass, March 16, 2017 (GLOBE NEWSWIRE) -- New proprietary research by BCC Research predicts modest growth in the global market for boilers. The replacement and retrofit market segments are seeing healthy growth as more aging equipment is replaced. Increasingly stringent regulations are boosting these segments as well, helping to lead the global market for boilers to reach an estimated $14.6 billion in 2021, up from about $11.0 billion in 2016.
BCC Research's Industrial Boilers: Technologies and Developing Markets reports that growth will occur for boiler technologies that produce hot water and steam, although the steam-producing boilers segment will outpace its hot-water counterpart.
Research Highlights
- Regulations can function as critical market drivers wherever increasing restrictions on air or water emissions can push existing boiler owners to retrofit or upgrade.
- Industrial boilers with higher efficiency have lower energy costs, as well as lower greenhouse gas emissions.
- Industrial boiler markets in mature markets depend more heavily on replacement and retrofit markets for aging systems than those in developing markets.
"Developing markets will continue to show the greatest potential for growth, whereas a slow softening of markets in transition economies will drive growth in export from those countries and limit cost increases," reports Kevin Fitzgerald, BCC Research Editorial Director.
Despite Market Consolidation Among Big Players, Niche and Small Firms See Opportunities
Driven in part by increased volatility in regional markets, a handful of smaller locally focused boiler manufacturers went under, whereas acquisitions increased.
"The continued presence of many small- to moderate-sized boiler manufacturers, especially in North America and parts of the Asia-Pacific region, points to continued opportunities for savvy small participants in technological or regional niche markets," Fitzgerald notes. "For example, in the niche market of solar-powered industrial boilers, a growing number of global locations are seeing increased installations."
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.