Overview and Scope
Industrial boilers refer to the closed vessels that heat water or create steam for industrial heating and humidification purposes using a fuel source or electricity. It generates steam or heats water for space and process heating for the generation of mechanical power and electricity.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the industrial boilers market in 2023. The regions covered in the industrial boilers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the industrial boilers market report are Siemens AG, Thermax Limited, Harbin Electric Corporation, Bharat Heavy Electricals Limited, General Electric Company, Dongfang Electric Corporation Ltd., Babcock & Wilcox Enterprises Inc., IHI Corporation, Mitsubishi Heavy Industries Ltd., Cleaver-Brooks Inc., John Wood Group Plc., Doosan Heavy Industries & Construction Co. Ltd., Forbes Marshall Pvt. Ltd., Sofinter SPA, AC Boilers S.P.A, Alfa Laval AB, Bosch Industriekessel GmbH, Hurst Boiler & Welding Company Inc., Miura Co. Ltd., Zhengzhou Boiler (Group) Co. Ltd., Mitsui & Co Ltd., ABB Ltd., Viessmann Boilers, Harbin Electric Co. Ltd., Lennox, Baxi, Fulton, Worcester Bosch, Ideal Boilers, IBurnham Commercial .
The industrial boilers market report table of contents includes:
1. Executive Summary
2. Industrial Boilers Market Characteristics
3. Industrial Boilers Market Trends And Strategies
4. Industrial Boilers Market – Macro Economic Scenario
5. Global Industrial Boilers Market Size and Growth
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31. Global Industrial Boilers Market Competitive Benchmarking
32. Global Industrial Boilers Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Industrial Boilers Market
34. Industrial Boilers Market Future Outlook and Potential Analysis
35. Appendix
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