Global U.S. Boiler Market to surpass USD 4.4 billion by 2031 from USD 2.9 billion in 2021 at a CAGR of 4.26% in the coming years.
A boiler heats water or another liquid under pressure in an enclosed place to generate steam or hot liquid. There is a diversity of boilers available in both the commercial and residential markets, classified by the system of heating the liquid, the types of fuel they use, and even the axis of the boiler.
U.S. Boiler Market is expected to project a notable CAGR of 5.27% in 2031
The rising trend for boilers in the industrial segment along with chemical and petrochemical, food and beverage, and pulp and paper are predictable to boost the market over the forecast years. Increasing demand for mechanization and control systems have urged producers to start combining digital technologies in the industrial boilers industry. The implementation of the Internet of Things (IoT) and advanced data analytics to manage boiler-related operations to reduce costs and expand product and service performance is expected to upsurge the demand for smart industrial boilers over the forecast period.
U.S. Boiler Market: Segments
Oil & Gas segment to grow with the highest CAGR during 2021-31
U.S. Boiler Market is divided by Fuel Type into Fossil, Oil & Gas, Biomass, and Others. Oil & Gas segment to be a larger contributor to U.S. Boiler Market. This is due to high accessibility and less cost compared to other types of fuel used for industrial boilers. This segment is extensively used for industrial boilers. Hence, all these factors raise the U.S. Boiler Market.
Chemicals & Petrochemicals segment to grow with the highest CAGR during 2021-31
U.S. Boiler Market is divided by end-use into Chemicals & Petrochemicals, Metals & Mining and Others. Chemicals & Petrochemicals segment held the largest share in 2020 and is expected to dominate the market. This is due to the need for high volume steam for various methods such as dilution, quenching, mechanical drive, fractionalization, and stripping, and increasing chemicals production across the country is expected to boost the market.
Abundant availability of natural gas resources
Competitive natural gas prices along with the increasing inclination toward the implementation of sustainable technologies will significantly enlarge the business landscape. Strict government standards relating to the adoption of low-emission fuels coupled with ample availability of gas reserves will complement the industry outlook. The ease-of-extraction and robust gas supply networks in the country are set to drive the product adoption.
Robust development of the commercial sector
U.S. boiler market is set to grow at a CAGR of over 4.26% between 2021 and 2031. Continuing development of commercial establishments including retail stores, offices, nursing homes, and educational intuitions will fuel the industry landscape. Changing trends toward the consumption of processed food & beverages in line with growing government spending across healthcare industry will comprehensively improve product penetration.
U.S. Boiler Market: Key Players
Babcock & Wilcox Enterprises, Inc.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Mitsubishi Heavy Industries, Ltd.
Hurst Boiler & Welding Company, Inc.
Indeck Power Equipment Company
Other Prominent Players
U.S. Boiler Market report also contains analysis on:
U.S. Boiler Market Segments
Oil & Gas
Chemicals & Petrochemicals
Metals & Mining
U.S. Boiler Market Dynamics
U.S. Boiler Market Size
Supply & Demand
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
U.S. Boiler Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 2.9 billion
Revenue forecast in 2031 USD 4.4 billion
Growth Rate CAGR of 4.26% from 2021 to 2031
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2031
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Fuel, End-use
Key companies profiled Babcock & Wilcox Enterprises, Inc.; Mitsubishi Heavy Industries, Ltd.; IHI Corporation; Forbes Marshall; Hurst Boiler & Welding Company, Inc.; Parker Boiler; Indeck Power Equipment Company Other Prominent Player