Daikin Collaborates with Miura to Enhance Energy-Efficient Solutions: Encourages Boiler Industry to Thrive Growth
Boiler Market size was valued at around USD 110 billion in 2023 & is estimated to grow at a CAGR of around 4.2% during the forecast period 2024-2030.
One of the leading consulting, data analytics, and market research firms, Markntel Advisors, recently published a report description titled “Global Boiler Market Research Report: Forecast (2024-2030)”, which describes the key factors facilitate bolstering the growth of boiler industry. As the report describes, growing emphasis on energy-efficient solutions offers lucrative opportunities for futuristic growth. As a result, major companies are collaborating and forming strategic partnerships to boost energy efficiency. For instance, recently, a leading manufacturing company of HVAC & R announced entering a business and capital partnership with Miura Co., Ltd., which is an industry for the manufacturing of boilers. According to this partnership, the companies majorly focus on resolving issues such as energy saving and reduction of CO2 emissions. Additionally, the two companies aim to provide one-stop solutions for heat, air, and water, including air conditioning, steam boilers, and water treatment systems, in factories across Japan.
According to the report, the Global Boiler Market size was valued at around USD 110 billion in 2023 & is estimated to grow at a CAGR of around 4.2% during the forecast period, i.e., 2024-30.
Leading Segmentation Analysis Based On Tube Type, End User, and Region
The global Boiler market is segmented into six segments based on boiler type, fuel type, horsepower capacity, tube type, end user, and region.
- Based on tube Type, the market is segmented into Fire tubes and water tubes, in 2025, water tubes are expected to dominate the Global Boiler Market
- Based on End User, the market is segmented into Residential, Commercial, and Industrial [Chemicals and Petrochemicals, Food Processing Industry, Pulp & Paper, Metals & Mining, and Power Generation], in 2025, ICE is expected to dominate the Global Boiler Market
- Based on Region, North America, South America, Europe, The Middle East & Africa, and Asia-Pacific, in 2025, Asia-Pacific is expected to dominate the Global Boiler Market
Availability of Alternative Solutions, Restricting the Market Growth
Alternative solutions are diverting the demand because these alternatives can be used for heating and providing energy without hurting the environment and climate. Such as geothermal systems, solar heaters, and heat pumps are increasing competition for conventional boilers. This is the reason behind the wide adoption of these substitutes in industrial, residential as well as commercial heating requirements. Therefore, the increasing adoption of these alternative solutions in commercial and residential sectors poses a threat to the market growth for boiler companies.
Key Market Players and Recent Updates: Strengthening the Industry Growth
Highlighting the recent update that demonstrates the further growth and market expansion:
- BDR Thermea Group acquired Fortress Energy Systems in 2023, in their portfolio of heat pumps, energy transitions solutions, and hybrid, which will add to the expansion of heat networks.
Additionally, to strengthen their market position, certain market players, Daikin Industries, Ltd., Ariston Thermo SpA, Robert Bosch Gmbh, Mitsubishi Power, Thermax Ltd., Sofinter Group, Cleaver Brooks Inc., BDR Thermea Group, Byworth Boilers Ltd., Andritz AG, Harbin Electric Company Ltd., IHI Corporation, Weil-McLain, PB Heat LLC, Valliant Group, Others are operating to raise revenue and seek comprehensive attention and popularity from large customers. Therefore, looking forward to futuristic growth and betterment.
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