8th
April 2019 - Global
residential steam boiler systems market is expected to witness a massive growth
in the forecast period. A boiler is termed as a closed vessel in which the
water is heated but does not necessarily boil. This heated or vaporized fluid
(that is water mostly), is used in numerous processes and heating application
such as cooking, central heating, boiler-based power generation, and
sanitation.
Water is known as the most efficient medium to transmit thermal energy
than air because it has the ability to warm the fluid quickly and it stays warm
for a longer period of time. In addition to this, steam boilers do not have
duct leaks and these boilers are very energy proficient as compared to forced
air systems. Considering the fire tube boiler, the water here is supplied in
the shell and in the tubes outside the shell, whereas the hot gas is supplied
inside the tubes. This process is taken place because, the volume of the water
cannot be shaken easily when the fire tube boiler is processing. Fire tube
boilers are easy to operate clean and maintain, and can also be used in small
scale industries as well.
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Looking at this massive hype, existing, as well as new investors, have
started investing tremendously in the R&D activities of this market and
this will also encourage the manufacturers to come up with some intense
innovations. Thus, the residential steam boiler systems market will foresee an
enormous development in the near future.
The market is segmented based on type (water tube boilers, fire tube
boilers); by application (locomotives, generators, agriculture, cement
production) and by region (North America, Europe, Asia Pacific, Latin America, Southeast
Asia). On the basis of the residential steam boiler system market’s type, fire
tube boilers are vastly in demand and are expected to hold the largest share of
the market. This will lead them to dominate the market in the estimated time
span. Moreover, the fire tube boilers are majorly demanded by the locomotives
industry due to its easy operational and maintenance usage.
Geographically among all the above-mentioned regions, North America holds
the highest share of residential steam boiler system market, as this market has
been experiencing a huge demand from the hotels of region, which is eventually
propelling its growth. This will help the region to dominate the market widely
over the forecast period. Followed by this region, Europe and Asia Pacific are
also expected to witness massive growth and will also develop in the
forthcoming years. Along with this, in the near future, market will continue to
come up with some extraordinary product innovations to attract new consumers
and investors, for them to continue the domination.
Some of the significant key players outlined in the residential steam
boiler systems market are Hurst Boiler, Rentech Boiler Systems, Aalborg
Engineering, Fulton Companies, Thermodyne Engineering Systems, Parker Boiler,
GE, Bosch’s Thermotechnlogy, HABGZHOU Boiler and DEVOTION. All the leading
companies are including mergers and acquisitions, partnerships and joint
ventures to enhance the growth of the market efficiently.
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