The US industrial boilers market is consolidated to a considerable degree due to the dominance of leading players such as Johnston Boiler Company, Cleaver-Brooks Inc., Columbia Boiler Company, Clayton Industries Inc., Hurst Boiler & Welding Company Inc., and Fulton Boiler Works Inc. Of these, Cleaver-Brooks Inc., Fulton Boiler Works Inc., and Hurst Boiler & Welding Company Inc. held a collective share of more than 75% of the US industrial boilers market in 2014. These companies are likely to retain a strong presence in the US industrial boilers market in the coming years, with inorganic growth avenues such as mergers and acquisitions likely to remain popular due to their considerable scope in advancing the geographical reach and product catalog of the company.
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Technological innovation to expand the product catalog and thus the number of consumer demographics that can be targeted is also a key strategy for players in the US industrial boilers market.
According to Transparency Market Research (TMR), the US industrial boilers market is likely to cross US$500 mn by 2023 and reach a valuation of US$515.22 mn. The US industrial boilers market was valued at US$382.37 mn in 2014 and is expected to exhibit a strong CAGR of 3.35% between 2015 and 2023.
East North Central Region Likely to Remain Key Contributor to US Industrial Boilers Market
Regionally, the US industrial boilers market is segmented into East North Central, East South Central, the Pacific States, the Mountain States, South Atlantic, West North Central, and the North East. Of these, East North Central states are likely to remain the leading consumer in the US industrial boilers market. Michigan and Illinois are likely to be the major revenue contributors to the US industrial boilers market. The East North Central region accounted for 30% of the US industrial boilers market in 2014 and is likely to remain similarly dominant in the coming years.
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West South Central states are also likely to remain key consumers for the US industrial boilers market in the coming years. The region accounted for 18% of the US industrial boilers market in 2014 and is likely to remain a dominant regional contributor thanks to the strong presence of the metal and petroleum industries in states such as Oklahoma and Texas.
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