Impact Assessment of COVID-19 Outbreak on US Industrial Boilers Market
Key Highlights
According to Transparency Market Research (TMR), the US industrial boilers market is likely to reach a valuation of US$ 591.3 Mn by 2027. The US industrial boilers market was valued at US$ 436.9 Mn in 2018 and is expected to exhibit a strong CAGR of 3.42% between 2019 and 2027.
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.
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. Of these, East North Central states are likely to remain the leading consumer in the US industrial boilers market. 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 2018 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 2018 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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Competitive Landscape: Global US Industrial Boilers Market
The US industrial boilers market is consolidated to a considerable degree due to the dominance of leading players such as Johnston Boiler Company, Cleaver-Brooks Inc., Columbia Boiler Company, Clayton Industries Inc., Hurst Boiler & Welding Company Inc., and Fulton Boiler Works Inc. Of these, Cleaver-Brooks Inc., Fulton Boiler Works Inc., and Hurst Boiler & Welding Company Inc. held a collective share of more than 75% of the US industrial boilers market in 2018. These companies are likely to retain a strong presence in the US industrial boilers market in the coming years, with inorganic growth avenues such as mergers and acquisitions likely to remain popular due to their considerable scope in advancing the geographical reach and product catalog of the company.
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.
Global Oil Storage Market – Key Developments
- In June 2018, Fulton Heating Solutions announced partnership with Osborne Company Inc. Fulton Heating Solutions is a global provider of high efficiency condensing boilers and heat transfer equipment. While Osborne Company Inc. is a manufacturer’s representative and have more than four decades of experience in sales of HVAC equipment. The latter has now became an exclusive sales agent of Fulton hydronic boilers in northern California and the state of Nevada. The addition of Osborne Company Inc. to the Fulton Heating Solutions sales network would fill a void in the company’s representation on the West Coast. This would further allow Fulton Heating Solutions to better serve its customers in a strategically important region of the country.
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