U.S. Industrial Boilers Market revenue stood at US$382.37 million in 2014, will reach US$515.22 million by 2023 at CAGR of 3.35% from 2015 to 2023
Technological innovation to expand the product catalog and thus the number of consumer demographics that can be targeted is also a key strategy for players in the US industrial boilers market.
According to Transparency Market Research (TMR), the US industrial boilers market is likely to cross US$500 mn by 2023 and reach a valuation of US$515.22 mn. The US industrial boilers market was valued at US$382.37 mn in 2014 and is expected to exhibit a strong CAGR of 3.35% between 2015 and 2023.
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East North Central Region Likely to Remain Key Contributor to US Industrial Boilers Market
Regionally, the US industrial boilers market is segmented into East North Central, East South Central, the Pacific States, the Mountain States, South Atlantic, West North Central, and the North East.
Michigan and Illinois are likely to be the major revenue contributors to the US industrial boilers market. The East North Central region accounted for 30% of the US industrial boilers market in 2014 and is likely to remain similarly dominant in the coming years.
West South Central states are also likely to remain key consumers for the US industrial boilers market in the coming years. The region accounted for 18% of the US industrial boilers market in 2014 and is likely to remain a dominant regional contributor thanks to the strong presence of the metal and petroleum industries in states such as Oklahoma and Texas.
By power output, the US industrial boilers market is segmented into 10-150 bhp, 151-300 bhp, 300 bhp, and 300-600 bhp. Of these, 300 bhp industrial boilers are likely to remain the dominant product category within the US industrial boilers market due to their diverse application range and consistent demand.
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Rise in Shale Gas Extraction Likely to be a Key Factor for US Industrial Boilers Market
Of the key factors affecting the growth trajectory of the US industrial boilers market, the growth of the shale gas sector is an important one. Due to the rising scarcity of conventional sources of petroleum, the petroleum sector in the US has made a large-scale transition to shale gas extraction.
This is likely to remain a key driver for the US industrial boilers market in the coming years, industrial boilers become even more important in unconventional petroleum extraction methodologies.
The increase in efficiency of gas use brought about by the use of modern industrial boilers has also been a key driver for the US industrial boilers market, as governments have supported the use of industrial boilers on a large scale in an increasing number of regions. The rising costs of petroleum fuels will likely remain a vital driver for the US industrial boilers market, as fuel costs can account for up to 85% of the total cost of running an industrial boiler.
Modern industrial boilers that cut down the emission of harmful gases such as CO, nitrogen oxides, and volatile organic compounds are thus likely to become the norm in the US industrial boilers market.
The information in this preview comes from a Transparency Market Research report titled ‘Industrial Boilers Market - US Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023.’
The US industrial boilers market is segmented as follows:
U.S Industrial Boilers Market: By Region
- South Atlantic
- West North Central
- West South Central
- Pacific States
- Mountain States
- North East
- East North Central
- East South Central
U.S Industrial Boilers Market: By Capacity
- Upto 300 BHP
- 10-150 BHP
- 151-300 BHP
- 300–600 BHP
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