Global Boiler Market Insights Forecasts to 2032.
- The Global Boiler Market Size was valued at USD 85 Billion in 2022.
- The Market is Growing at a CAGR of 7.73% from 2022 to 2032.
- The Worldwide Global Boiler Market size is expected to reach USD 179 Billion by 2032.
- North America is expected to grow the fastest during the forecast period.
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The Global Boiler Market Size is expected to reach USD 179 Billion by 2032, at a CAGR of 7.73% during the forecast period 2022 to 2032.
The development of connected controls, which can be accessible over Wi-Fi and enable users to remotely monitor and diagnose specific issues, has been noted as a significant trend in the worldwide boiler market. Consumers and professionals in trades are increasingly embracing connected controls. Compared to more conventional devices, these boilers provide consumers with more handling features and remote control of their heating and cooling. Combi boilers are becoming more common in boiler specifications, which is another trend. A typical boiler heats the room, but it needs separate equipment to provide hot water. The combi system, on the other hand, concurrently handles both applications with the same system, negating the need for a second appliance and providing space heating and hot water to satisfy the needs inside one system.
This research report categorizes the global boiler market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global boiler market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global boiler market. Technological innovation and advancement will further optimize the performance of the product, enabling it to acquire a wider range of applications in the downstream market.
Global Boiler Market Report Coverage
|Market Size in 2022:||USD 85 Billion|
|Forecast Period 2022-2032 CAGR:||7.73%|
|2032 Value Projection:||USD 179 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||By Fuel, By Capacity, By Application, By End-User, By Region and COVID-19 Impact Analysis.|
|Companies Covered:||Hurst Boiler & Welding Company Inc., ALFA Laval, Babcock & Wilcox Enterprises Inc., Bosch Industriekessel GmbH (Bosch Thermotechnik), Cleaver-Brooks, Harbin Electric Corporation Co. Ltd, IHI Corporation, Miura America Co., LTD, Thermax Limited, Zhengzhou Boiler Co., Ltd. and other key venders.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The increasing investments in a variety of sectors, such as petrochemical, in developing nations like China and India drive up the need for boilers. Due to the rising need for energy-efficient systems, which would further support corporate expansion, the market is anticipated to increase further. The market for boilers is also expected to develop as the food processing sector expands. Additionally fueling market expansion in each region are several government programs. For instance, to encourage small and medium-sized businesses in the food processing sector to establish and grow their units, the Indian government offers several tax incentives.
One of the factors restraining the expansion of the boiler market is the strict restriction of the emission limit implemented by the government authorities. The market expansion appears to be further hampered by the high cost of boiler installation.
- In 2022, the natural gas segment is influencing the largest market share during the forecast period.
Based on fuel, the global boiler market is bifurcated into different segments such as natural gas, oil, coal, & electric. Among these segments, the natural gas segment is expected to have significant development potential during the forecast period. Gas boiler installation is regarded as economical and less harmful to the environment way to heat homes. However, the downward assessment of natural gas prospects in energy transitions has been brought on by supply disruptions and a sharp increase in prices following Russia's invasion of Ukraine. These elements might to some extent slow down the development of natural gas-fired boilers.
- In 2022, the > 50 - 100 MMBtu/hr segment is dominating the market with the largest market share during the forecast period.
Based on the capacity, the global boiler market is segmented into various types such as ≤ 10 MMBtu/hr, > 10 - 50 MMBtu/hr, > 50 - 100 MMBtu/hr, > 100 - 250 MMBtu/hr, & > 250 MMBtu/hr. Among these segments, the > 50 - 100 MMBtu/hr segment is dominating the market with the largest revenue share during the forecast period due to considering factors such as the expanding use of tax incentives to encourage the use of energy-efficient heating solutions. Both public and private groups have set their sights on developing and enlarging commercial and industrial buildings. To ensure low fuel consumption and high energy, these considerations will further encourage the development of boilers with capacities greater than 50 to 100 MMBtu/hr. By 2032, the market for residential boilers is expected to reach USD 139.8 billion.
- In 2022, the industrial segment is influencing the market with the largest market share during the forecast period.
Based on application, the global boiler market is segmented into various types such as residential, commercial, & industrial. Among these segments, the industrial segment is dominating the market with the largest revenue share during the forecast period due to rapid industrialization, and greater investment in infrastructure for the automobile and other industries is credited with this expansion. In January 2023, General Motors announced intentions to invest USD 918 million in 4 manufacturing facilities in the United States to support the production of electric vehicles. Additionally, the use of steam boilers in vehicle manufacturing and other industrial applications will increase due to the increased emphasis on the growth of industrial facilities.
- In 2022, the food & beverage industry segment is dominating the market with the largest market share during the forecast period.
Based on the end user, the boiler market is segmented into various types such as energy & power, food & beverage industry, paper & pulp, agriculture, & others. Among these segments, the food & beverage industry segment is dominating the market with the largest revenue share during the forecast period due to boilers being used for a variety of processes in the food and beverage industry, including pasteurization, distillation, and sterilization. Steam is created in boilers and used in both power plants and heating systems. During food processing, boilers are essential for the safe and efficient manufacture of food products. It is anticipated that the expansion of the worldwide boiler market will be aided by the increasing output and sales in the food and beverage sector. In addition, the value-added industrial output of Chinese food producers climbed by 7.8% from January to October every year, while the retail sales of the beverage sector increased by 21.8 percent year over year to 230.1 billion yuan in December 2021, based on USDA statistics.
Regional Segment Analysis of the Boiler market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific led the market with the largest market share of 30% during the forecast period.
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Asia Pacific is influencing significant market growth over the forecast period due to a growing focus on production facility expansion and the manufacturing sector's sustained growth. For instance, manufacturers in Japan increased output in August 2022 as manufacturing demonstrated resilience in the face of rising material and energy costs as well as a slowdown in the global economy. Throughout the forecast period, these elements are projected to have a beneficial impact on regional market trends, along with rising urbanization and the ensuing increase in construction projects.
North America is expected to experience high revenue market growth during the forecast period due to the increase in demand for goods for end use. Companies are establishing new industrial facilities in addition to increasing their production capacity to meet this growth in demand, which is stimulating the market.
The report offers the appropriate analysis of the key organizations/companies involved within the global Boiler market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Hurst Boiler & Welding Company Inc.
- ALFA Laval
- Babcock & Wilcox Enterprises Inc.
- Bosch Industriekessel GmbH (Bosch Thermotechnik)
- Harbin Electric Corporation Co. Ltd
- IHI Corporation
- Miura America Co., LTD
- Thermax Limited
- Zhengzhou Boiler Co., Ltd.
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In August 2022, two high-efficiency industrial electric boilers are now available from Babcock Wanson: the VAP EL 400V three-phase and 50Hz electric steam boiler and the e-Pack industrial electric boiler, both with versions ranging from 16 to 360 kW. versions for the e-Pack range from 500 to 17,000 KG/H.
- In April 2022, the new Classic vertical steam boiler from Fulton was made available in the UK. The Classic has outputs between 100kW and 300kW (160 to 480kg/h) at 10.34 Barg and efficiencies up to 84 percent. It is also available with gas, oil, or LPG/Propane burners. After a cold start, the entire steam production is available in just 20 minutes, proving that Classic steam boilers are capable of meeting the urgent steam needs of numerous industrial applications, including those in the pharmaceutical, medical, food, and beverage industries.
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Boiler Market based on the below-mentioned segments:
Global Boiler Market, By Fuel
- Natural Gas
Global Boiler Market, By Type
- ≤ 10 MMBtu/hr
- 10 - 50 MMBtu/hr
- 50 - 100 MMBtu/hr
- 100 - 250 MMBtu/hr
- 250 MMBtu/hr
Global Boiler Market, By Application
Global Boiler Market, By End User
- Energy & Power
- Food & Beverage Industry
- Paper & Pulp
Boiler Market, By Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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