Gas Fired Boiler Market - Snapshot
Gas boilers and furnaces are fueled by either propane or natural gas with little modifications that accounted for various features of the fuel. However, propane comes more costly as a fuel.
Gas fired boilers make a number of retrofits possible. However, before going ahead with any of the retrofits, one must consider the added benefits one could receive through replacement of the furnace. The below-mentioned are the retrofits that could be possible:
- Intermittent Ignition Devices
- Modulating Aquastats (For Hot Water Boilers Only)
- Derating Gas Burners
- Wind Dampers
- Time Delay Relay (For Hot Water Boilers Only)
The gas fired boilers are going to witness a surge in demand in the next few years to come. Such increase in demand is due to the strict regulations in an effort to control the traditional boilers induced emissions. In addition to that, there has been a shift toward cleaner fuel, which is further accelerating the demand for gas fired boiler.
Increasing awareness with regards to the degradation of the environment degradation is leading to an increased demand for these gas fired boilers. In addition to that, efforts of government to protect against the environment are further likely to contribute to the increased adoption of gas fired boilers. Besides, low cost of heating and high efficiency is likely to add to the popularity quotient of gas fired boilers.
Global Gas Fired Boiler Market: Overview
The gas fired boilers are going to see an increase in demand over the forecast period of 2019 to 2027, owing to stringent regulations to control traditional boilers induced emissions. Besides, worldwide there is a hustle to shift to cleaner fuels.
And, owing to these factors, the global gas fired boiler market is set to grow a robust CAGR (Compound Annual Growth Rate). That would mean a lot many opportunities of growth for market players and a considerable increase in market worth.
Global Gas Fired Boiler Market: Competitive Landscape
The global gas fired boiler market is marked with some significant developments that are set to shape the growth trajectory over the forecast period. It is also contributing to shaping up the competitive landscape.
As of now, the global gas fired boiler market is fragmented. Prominent players in the market landscape include Babcock & Wilcox, Fulton Boiler Works, Hurst Boiler and Welding, AMEC Foster Wheeler, Forbes Marshall, General Electric, Rentech Boiler, and Miura America, among others. To maintain an edge over competitors, players focus on product innovation and inorganic growth ventures. Also, research & development is a critical component of overall strategy.
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Global Gas Fired Boiler Market: Key Trends and Drivers
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- Worldwide, work days are getting longer, and more stressful. This, in turn, is leading people to opt for processed food as no one has the time or strength to prepare elaborate meals to work or after the day ends. Besides, a shift towards nuclear families, even in regions that had traditionally the set-up of a joint family. To add to it, the fact that in even in these nuclear families, both adults are usually working - dual income families. And, thus demand for processed food is set to shoot through the roof through the forecast period. And, this will lead to increase in demand for industrial gas fired boilers.
- Increasing awareness about environment degradation is leading to an increased demand for these gas fired boilers. Besides, government efforts at protecting the environment will further contribute to growth in this market. To add to it, the high energy efficiency and low heating costs are adding to their popularity quotient. Moreover, they emit low levels of carbon emissions, which is a major crowd pleaser in this day and age.
- Development of commercial establishments with increasing demand for heating will also lead to higher penetration of the market, especially in the urban centers. Besides, governments' efforts to create smart cities, will only propel the market further ahead, taking the global gas fired boiler market on to higher growth trajectory.
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Global Gas Fired Boiler Market: Geographical Analysis
Asia Pacific will present the players with lucrative growth opportunities that can be attributed to growing service sector. Besides, the outlook toward manufacturing industry in countries including China and India is quite positive. To propel the market further, is increasing levels of urbanization. Then there is also an urgency observed in replacing traditional low-efficiency residential boilers across the economies in the region. All this together will further drive the demand for residential gas fired boilers in the region.
Other regions that will have players’ eye set on are North America and Europe that have the presence of a large number of market players.
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