New York, United States, Nov. 17, 2023 (GLOBE NEWSWIRE) — The Global Boiler Market Size is to grow from USD 85 billion in 2022 to USD 179 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.73% during the forecast period.In the early phases of the COVID-19 epidemic, the governments of many nations around the world imposed stringent lockdown restrictions. Due to the second wave’s spread in 2021, many nations experienced the pandemic’s negative impacts. As a result, governments once more implemented lockdown measures. Production has faced difficulties as a result of firm closures, sporadic business operations, and travel restrictions. However, it is anticipated that once trade activities resume, demand on the market will continue to expand steadily during the ensuing years. When evaluating the current and prospective market sizes and growth trends for all the regions and countries, the impact of COVID-19 on the market demand is taken into account.The global boiler market is divided into several sectors based on the fuel used, including electric, natural gas, oil, and coal. The natural gas segment is anticipated to have the most development potential during the projection period. Installation of a gas boiler is seen to be an affordable and environmentally friendly method of heating homes. However, supply problems and a dramatic rise in costs following Russia’s invasion of Ukraine have led to a downgrading of natural gas prospects in energy transitions. The development of natural gas-fired boilers may be somewhat slowed by these factors.The global boiler market is divided into different types, including residential, commercial, and industrial, based on application. Due to rising industrialization and increased investment in infrastructure for automotive and other industries, the industrial segment will continue to dominate the market with the biggest revenue share over the projection period. To promote the production of electric vehicles, General Motors announced plans to invest USD 918 million in 4 manufacturing facilities in the United States in January 2023. Additionally, because of the increased focus on the expansion of industrial facilities, the usage of steam boilers in vehicle manufacturing and other industrial uses will rise.The boiler market is divided into several categories based on the end user, including energy & electricity, the food & beverage industry, paper & pulp, agriculture, and others due to boilers are used in the food and beverage industry for several processes, such as pasteurization, distillation, and sterilization, this category is dominating the market with the biggest revenue share over the projection period. In both power plants and heating systems, steam is produced in boilers. For the safe and effective production of food items during food processing, boilers are crucial. The rise in output and sales in the food and beverage industry is expected to support the growth of the global boiler market.Asia Pacific is expected to lead substantial market expansion during the forecast period due to the continued growth of the manufacturing sector and an increased emphasis on production facility expansion. For instance, in August 2022, Japanese producers raised their output as the industry proved resilient in the face of rising energy and material costs as well as a slowdown in the global economy. These factors are anticipated to have a positive influence on regional market trends during the projection period, along with growing urbanization and the consequent rise in construction projects.Competitive Analysis:This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Boiler Market based on the below-mentioned segments:
(GlobeNewsWire)