COVID-19 IMPACT SURVEY MAY 2020
Amid the COVID-19 crisis and the looming economic recession, the Industrial Boilers market worldwide will grow by a projected 325.9 Thousand Tons of Steam Per Hour (TSPH), during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 4.7%. Chemical, one of the segments analyzed and sized in this study, is forecast to grow at over 4.4% and reach a market size of 242 Thousand Tons of Steam Per Hour (TSPH) by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Chemical market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions.
As part of the new emerging geographic scenario, the United States is forecast to readjust to a 5.6% CAGR. Within Europe, the region worst hit by the pandemic, Germany will add over 18.1 Thousand Tons of Steam Per Hour (TSPH) to the region's size over the next 7 to 8 years. In addition, over 14 Thousand Tons of Steam Per Hour (TSPH) worth of projected demand in the region will come from Rest of European markets. In Japan, the Chemical segment will reach a market size of 25.1 Thousand Tons of Steam Per Hour (TSPH) by the close of the analysis period. Blamed for the pandemic, significant political and economic challenges confront China. Amid the growing push for decoupling and economic distancing, the changing relationship between China and the rest of the world will influence competition and opportunities in the Industrial Boilers market. Against this backdrop and the changing geopolitical, business and consumer sentiments, the world's second largest economy will grow at 4.6% over the next couple of years and add approximately 52.8 Thousand Tons of Steam Per Hour (TSPH) in terms of addressable market opportunity. Continuous monitoring for emerging signs of a possible new world order post-COVID-19 crisis is a must for aspiring businesses and their astute leaders seeking to find success in the now changing Industrial Boilers market landscape. All research viewpoints presented are based on validated engagements from influencers in the market, whose opinions supersede all other research methodologies.
Competitors identified in this market include, among others, Acuity Brands Lighting Inc.; Bulbrite Industries Inc.; CNLIGHT Company Ltd.; Eaton Corporation plc; EYE Lighting International of North America Inc.; FSL Autotech Co. Ltd.; General Electric Company; Halonix Limited; Havells India Limited; Hella KGaA Hueck & Co.; Hubbell Lighting Inc.; Kensun Inc.; Koito Manufacturing Company Ltd.; NVC Lighting Technology Corporation; OSRAM GmbH; PIAA Corporation; Surya Roshni Ltd.; Tridonic GmbH & Co KG; Universal Lighting Technologies Inc.; USHIO America Inc.; Valeo SA