India will overtake Japan, Germany, the UK and France to become the third largest economy by 2030. US-based ratings agency Moody's said that the Indian Economy is expected to grow 7.3 per cent in the calendar year 2019. Moody's growth estimates are based on a calendar year.
According to BP Energy Outlook, India’s energy consumption is faster than major economies i.e. 4.2%. India, Asia’s second biggest energy consumer since 2008, had in 2015 overtaken Japan as the world’s third largest oil consuming country behind the US and China. On the other hand, changing trends in the manufacturing sector has resulted in growing demand for energy in the coming years.
The global boiler market witnesses a major change in design that can support multifuel operations. The demand for multi-fuel boiler system is increasing day by day in the process industry and even power generating companies prefer to use multifuel options like biomass pallets, recycled fuel and solar power, etc. for boiler. The global market for industrial boilers will register a growth of more than 5 % by 2023.
Efficient operation, rapid circulation and flexibility in design are few imperative factors which will propel the product deployment. Moreover, rising demand for steam generating solution from large and medium-scale industries will drive the product adoption.
Selection of a boiler is more important. Proper boiler design plays an important role in the performance of the boiler. It should be compact and easy to install and avoid frequent maintenance. It also needs an online efficiency monitoring system to ensure that the best performance of a boiler.
Energy efficient and multi-fuel boilers are the needs of the present competitive world so that it can reduce cost and carbon footprints.
Indian boiler industry must have to keep pace with the new development and upgrade the technology according to industry needs.
