The U.S. industrial boiler market is expected to show a compound annual growth rate (CAGR) of 3.35 percent between 2015 and 2023, according to a report from Transparency Market Research.

The market, which was valued at $382.3 million in 2014, is expected to reach $515.2 million by the end of 2023. The East North Central region of the United States held 37.94 percent of the market in 2014, according to the study, and led the U.S. market. The second-largest region was West South Central. The states with the highest revenue realization were North and South Carolina.

The report focused on industrial boilers – the only source of hot water or steam in most manufacturing plants. This market is largely controlled by steam-intensive industries such as primary metals, chemicals, refining, paper, and food and beverage.

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