Steam Boilers to Dominate India Process Boiler and Heating Equipment through 2024
Growth
in end-user industries such as textiles, food processing and agro-based
industries coupled with government policies and initiatives to boost demand for
process boilers and heating equipment in India through 2024
According to
a recently published TechSci Research report, “India
Process Boiler and Heating Equipment Market By Type, By Fuel Type,
Competition, Forecast & Opportunities, 2024’’ India process
boiler and heating equipment is expected to grow at a CAGR of around 5.2%
during forecast period. The growth of the market is driven by the strong
growth in process industries such as textile and agro-based industries which
require steam and hot water for various applications. Moreover, government policies
such as National Manufacturing Policy (NMP) and Make-In India Initiative through
which the government is incentivising the local manufacturing units are further
anticipated to drive demand for process boilers and heating equipment across
the country.
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Among types,
steam boilers accounted for the largest market share in India process boiler
and heating equipment market in 2018 and is likely to maintain its dominance
throughout the forecast period as well, on account of increasing application of
heat-generating equipment in the process industries. Some of the major companies
operating in India process boiler and heating equipment market include Thermax
Limited, Cheema Boilers Limited, Forbes Marshall, Industrial Boilers Limited,
Thermodyne Engineering Systems, among others.
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“The rigorous attempt of the
Indian government to expedite the development of local manufacturing industries
in the country through various policies and initiatives such as the National
Manufacturing Policy, Make-In-India and setting up of Special Economic Zones
(SEZs) would spur the demand for steam boilers and process heating equipment in
the process industries such as textile manufacturing, food & beverages and
paper and pulp industry in the country. Moreover,
increasing foreign direct investments and promotion of small-scale industries
would create a competitive space for the smaller players which is likely to promote
the growth in process boilers and heating equipment market.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“India Process Boiler and
Heating Equipment Market By Type, By Fuel Type, Competition, Forecast &
Opportunities, 2024’’
has
evaluated the future growth potential of India process boiler and heating
equipment market and provides statistics and information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decision.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in India process boiler and
heating equipment market.
About TechSci Research
TechSci Research
is a leading global market research firm publishing premium market research
reports. Serving 700 global clients with more than 600 premium market research
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market trends.
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