The U.S. boiler market growth is impelled by an increase in the adoption of strategic expansion initiatives such as mergers, acquisitions, and product developments by major industry players for the consolidation of their position in the industry.
These players comprise A. O. Smith, Bradford White Corporation, Fulton Boiler Works, Miura America, Columbia Boiler Company, and others.
To cite an instance, in August 2020, Fulton, a prominent boiler manufacturer, announced the launch of SCOPE, a PLC-based and all-new boiler sequencing control system that can focus on the optimization of installations for the improvement of boiler longevity and ensuring energy efficient operation.
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Driven by these advancements, the U.S. boiler market size will register appreciable growth through 2028
In a recent couple of years, the COVID-19 pandemic has led to an escalated requirement for residential boiler units driven by the robust heating demand in numerous states. A range of private and government boiler manufacturers are collaborating to effectively dealing with the present situation.
Moreover, these players are also focused on enhancing the overall resilience for mitigating the impact of the SARS-CoV-2 pandemic on supply chain. These factors are slated to push product penetration over the assessment period.
Some major trends that are potentially set to boost U.S. boiler industry growth are as follows:
Increasing hot water based boiler applications
The U.S. boiler market share from hot-water-based boiler applications will observe commendable growth through 2028 due to the surging demand for the replacement of traditional equipment to fulfil the government mandates.
The increasing integration of smart and digital systems for the improvement of monitoring operations will boost U.S. boiler industry growth. The product provides key advantages comprising high reliability, ease of installation, and low cost, which in turn will bolster market landscape.
Rising demand for >250 MMBtu/hr boilers
The >250 MMBtu/hr boilers segment is poised to witness substantial growth through the forecast period owing to the rapid deployment across petrochemical plants, large-scale steel mills, pulp & paper plants, and food processing plants.
The soaring demand for primary metals coupled with ongoing efforts towards the expansion of existing systems will stimulate the demand for high-capacity boilers. The systems are capable of effectively operating under harsh weather conditions and this is further anticipated to drive market growth over the estimated period.
Mounting infrastructural investments in the Pacific States
The Pacific States boiler market share is estimated to exhibit a lucrative growth rate of more than 5% between 2021 and 2028. This rise is ascribed to the ongoing refurbishment of existing commercial buildings and surging infrastructural investments.
The regional growth is driven by favorable regulatory policies towards the expansion of industrial facilities such as F&B, machinery, and chemical industries and the development of major economic sectors.
Surging government spending on healthcare
The U.S. boiler industry outlook is impelled by the soaring government expenditure for the upgradation of conventional heating systems and the healthcare sector. The ongoing establishment of sustainable buildings and stringent government regulations for the reduction of carbon emissions will augment industry growth through the coming years.
Furthermore, the implementation of numerous policies and mandates associated with tax incentives and rebates will propel market landscape.
On the whole, the rising rate of urbanization coupled with shifting trends towards the expansion of industrial developments will boost U.S. boiler market expansion through the forthcoming years.
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