The Industrial Boilers by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Industrial Boilers, The industrial boilers market size has grown strongly in recent years. It will grow from $14.38 billion in 2023 to $15.37 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to rapid industrialization, energy efficiency regulations, global economic trends, environmental concerns, government incentives, raw material prices.
The industrial boilers market size is expected to see strong growth in the next few years. It will grow to $20 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increasing demand for power generation, stringent emission standards, renewable energy integration, globalization of industries, investments in infrastructure. Major trends in the forecast period include adoption of iot and automation, focus on energy efficiency, stringent emission regulations, shift towards biomass and renewable fuels, customization and modular designs.
Increasing power generation is expected to drive the Industrial boilers market going forward. The market for industrial boilers is expanding primarily because of increased power generation and electricity for large-scale power plant installations of industrial burners in boilers. According to the report by world energy & climate statistics, an application that delivers data by region with updated statistics and related information, in 2022, in The BRICS countries, where electricity consumption increased noticeably, especially in China (+9.7%), India (+4.8%), Russia (+6.4%), and Brazil (+9.5%) were the driving force behind the growth in global power generation (+8.5% in 2021). In China, most of the increase in power generation came from coal, wind, and solar energy. Therefore, increasing power generation will stimulate the growth of the industrial boilers market in the forecasting period.
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The industrial boilers market covered in this report is segmented –
1) By Boiler Type: Fire-Tube, Water-Tube
2) By Fuel: Natural Gas And Biomass, Coal, Oil, Other Fuels
3) By Boiler Horsepower: 10-150 BHP, 51-300 BHP, 301-600 BHP
4) By Applications: Chemicals And Petrochemicals, Paper And Pulp, Food And Beverages, Metals And Mining, Other Applications
Technological advancements are a key trend in gaining popularity in the industrial boiler market. Major companies operating in the industrial boiler market are focused on developing innovative solutions to strengthen their position in the market. For instance, in December 2021, Babcock Wanson Ltd., a UK-based producer of industrial boilers and burners, thermal oxidizers, and air treatment, developed the GOOD LOOP Concept – Nox Abatement technology to minimize Nox emissions in industrial boilers. The GOOD LOOP concept’s innovative technology is the direct injection of recycled exhaust gases into the combustion chamber by an extra, specialized fan. GOOD LOOP technology would allow it to cut Nox emissions from its two distinct gas boilers by 20 to 30 mg/Nm3.
The industrial boilers market report table of contents includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
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. - Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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