asia pacific industrial boilers Market

The Asia Pacific industrial boilers market is estimated to account US$ 4.76 Bn in 2018 and is expected to grow at a CAGR of 5.7% during the forecast period 2019 - 2027.

The Asia Pacific region is exponentially growing in terms of economy as a result of tremendous growth in industrialization and urbanization. The region houses some of the economically fastest-growing countries such as China, India, Australia, Japan, and Singapore, among others. The inclination curve of energy and electricity generation industry, food processing industry, and pulp and paper industry are continuously experiencing a positive trend. The countries in the Asia Pacific region are demanding an increased amount of electricity, and owing to this; the power generation sector is growing their production tremendously. The growth in electricity production requires an increased quantity of industrial boilers, which are used to produce steam, which is then utilized to generate power. Boilers are vital in the power generation industry, which determines energy efficiency. China and India are the two largest producers of electricity through thermal power plants in the Asia Pacific region. Both countries are investing substantial amounts in coal-fired power plants to cater to the increasing demand for electricity. This is propelling the business of industrial boilers market players operating in the Asia Pacific industrial boilers market players operating in the region. The Asia Pacific industrial boilers market is expected to reach US$ 7.77 Bn by 2027.
 
The price of energy is dramatically rising for the last few years, and it is one of the key concerns for increasing interest in energy management. Efficient energy management can be achieved by adding new power transmission or generation capacity. Energy-efficient industrial boilers are one of the signification examples of efficient energy management. With the growing trend of increasing energy prices and the increasing concern for global warming, industries are highly focused on improving the efficiency of the plants. In this scenario, the implementation of the energy-efficient industrial process is witnessing high adoption. With the increasing energy prices and the increasing focus on efficient energy management, it is expected that the Asia Paciic industrial boilers market will witness high growth during the forecast period.
 
China is home to several industries, such as mining and ore processing; iron, steel, aluminum, and other metals; petroleum; cement; chemicals; and fertilizer; among others. With the population of ~1.4 Bn, the country is one of the largest consumers and importers of food and beverage across the globe. According to the data provided by the World Bank, food, beverages, and tobacco industry in China added 11.8% to the manufacturing industry in 2016. Also, the food & beverages market is competitive in China, and the companies focus on the adoption of advanced industrial boilers to improve efficiency and productivity. Therefore, a strong food & beverages industry in the region and increasing focus of companies toward the adoption of advanced boiler technologies is expected to drive the growth of the industrial boilers market in the country.

The Asia Pacfiic industrial boilers market consists of several well-established players as well as emerging companies that contribute significant revenues shares and propel the growth of Asia Pacific industrial boilers market revenue year on year. Some of the key industrial boilers market players include; AC Boilers S.p.A, Babcock and Wilcox, Bharat Heavy Electricals, Dongfang Electric Corporation, GE Company, Harbin Electric Company, IHI Corp, Thermax Global, Woods Group, and Siemens among others.