The leading four players, Cleaver-Brooks, Inc., Fulton Boiler Works, Inc., and Hurst Boiler & Welding Company, Inc. collectively held a gigantic share of 75.8% share in the U.S. industrial boilers market in 2014. Transparency Market Research found that the fragmented competitive landscape is being driven by increasing strategic alliances and partnerships to gain stronger market presence. For instance, Cleaver-Brooks, Inc. acquired Holman Boiler Works and Affiliated Power Services in July 2014 to growing inorganically.
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Companies are also focused on achieving technological innovation and product differentiation. The lead author of this study says, “Players are also set to expand in regions such as South America and Asia Pacific to strengthen their foothold and increase their market presence in lucrative emerging economies.
Industrial Boilers Gain Popularity due to Environmental Norms
The stringent regulations announced by the Environmental Protection Agency (EPA) regarding air toxic standards to limit emissions from various types of boilers is likely to trigger demand for new-age industrial boilers. Though there is no regulation governing the definite size of the industrial boilers to be used, end-user industries are aiming towards installing boilers that are highly energy-efficient. TMR expects that this shift will adversely affect coal-fired boilers and make way for natural gas boilers.
The increasing prices of fuel will also lead to a demand for high-efficiency boilers as they drastically bring down fuel costs. Currently, fuel costs account for nearly 85% of the total operation cost of boilers. To cut down these expenditures and to optimize the usage of available resources, users are likely to upgrade their facilities will new boilers. Additionally, end-user industries such as food, paper, chemical, refinery, and metal will invest in efficient boilers due to the pressing need to cut back on carbon emissions.
The high cost of equipment, installation, and the cost of operations are all creating a huge impediment for the growth of the industrial boilers market in the U.S. These costs still remain unaffordable to several end-user companies, which is dissuading them from making investments to upgrade their facilities. However, the stringent environmental norms will present profitable opportunities to the U.S. industrial boilers market to increase its revenues.
Presence of End-user Industries Keeps East North Central Region Ahead in the Race
The East North Central Region in the U.S. had the maximum installations of industrial boilers in 2014, accounting for about 30% of the overall market. In the foreseeable future, this region will be driven by robust industrial growth and the remarkable manufacturing output to lead the U.S. industrial boilers market. The presence of food, chemical, and metal companies in Illinois and Michigan will also boost this geographical segment. TMR expects that Michigan market will rise at a CAGR of 2.98% while the Illinois market will surge at 3.90% during the forecast period.
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The research report points out that the opportunity in the U.S. industrial boilers market will be https://redd.it/5m5gg6worth US$515.22 mn by 2023. As of 2014, the market was valued at US$382.37 mn and is anticipated to expand at a CAGR of 3.35% from 2015 to 2023.