Global Industrial Boilers Market Insights Forecasts to 2032
- The Industrial Boilers Market Size was valued at USD 9.1 Billion in 2022.
- The Market is growing at a CAGR of 7.9% from 2022 to 2032
- The Worldwield Industrial Boilers Market Size is expected to reach USD 19.4 Billion by 2032
- North America is expected to grow the fastest during the forecast period
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The Global Industrial Boilers Market Size is expected to reach USD 19.4 Billion by 2032, at a CAGR of 7.9% during the forecast period 2022 to 2032.
A specialised tool used to produce steam or heat water for industrial operations and applications is called an industrial boiler. It is an essential component in a number of industries, including manufacturing, food and beverage production, power generation, and chemical processing. Industrial boilers are useful for a variety of applications since they are made to withstand high temperatures and pressures. An industrial boiler's main job is to heat water and either turn it into steam or generate thermal energy for industrial activities. Power generation, heating, and other uses for this steam or hot water are all possible. To reduce fuel consumption and operating expenses, industrial boilers must be efficient. To avoid accidents and guarantee safe operation, they also need to include strong safety features and controls. Due to their potential impact on air quality and greenhouse gas emissions, many industrial boilers are regulated for emissions. Technologies like selective catalytic reduction and flue gas desulfurization are frequently used in attempts to minimise emissions.
Impact of COVID 19 On Global Industrial Boilers Market
Lockdowns, issues with the supply chain, and decreased consumer demand caused production and operational interruptions across a wide range of businesses. This might have caused changes in the demand for industrial boilers as various industries reduced or stopped their operations. Numerous industrial projects might have been delayed or abandoned due to the uncertain economy and travel restrictions. This might have had an impact on the need for new industrial boilers for replacement or expansion projects. The pandemic disrupted worldwide supply chains, which had an impact on the supply of parts and materials required to make industrial boilers. This might have resulted in production delays and higher costs. In order to maintain operations while following new health and safety guidelines, manufacturing facilities and construction sites frequently encountered difficulties.
Global Industrial Boilers Market Report Coverage
|Market Size in 2022:||USD 9.1 Billion|
|Forecast Period 2022-2032 CAGR:||7.9%|
|2032 Value Projection:||USD 19.4 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||COVID-19 Impact, By Product, By Application, By Fuel Type, By Region|
|Companies Covered:||AMEC Foster Wheeler PLC, Siemens AG, Thermax Limited, Harbin Electric Corporation, Bharat Heavy Electricals Limited, General Electric Company, Dongfang Electric Corporation Ltd., Babcock & Wilcox Enterprises, Inc., IHI Corporation, AC Boilers S.P.A, and Other key venders|
|Pitfalls & Challenges:||COVID-19 Empact,Challenges, Future, Growth, & Analysis|
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Key Market Drivers
There is a rising need for energy to power manufacturing, infrastructure, and commercial activities as countries continue to industrialise and urbanise. Industrial boilers are essential in supplying the heat and steam required for these activities. Industries have been compelled to invest in cutting-edge and effective boiler technologies by the growing emphasis on energy efficiency and sustainability. Making the switch to more energy-efficient boilers can save money and have a smaller negative impact on the environment. The demand for newer boiler models to replace older, less effective units helps the market expand. In order to comply with higher emissions laws and increase overall efficiency, industries frequently modify their boiler systems. The demand for industrial boilers is not just driven by one region; growing markets and developing nations also play a key role.
Key Market Challenges
Industries must use greener technology and lessen their carbon footprint in order to comply with stricter emissions rules and environmental standards. These rules must be followed by industrial boilers, which may increase the price of pollution control equipment and limit the types of fuel that can be used. The operating expenses of industrial boilers may change as the price of fossil fuels (such as coal, oil, and natural gas) fluctuates. Accurate energy expense forecasting can be difficult for enterprises due to this uncertainty. In order to cut operational costs and minimise environmental effect, industries are putting more and more emphasis on energy efficiency. Manufacturers of boilers must create and provide technologies that increase efficiency, which can call for a lot of research and development.
Fire tube segment is dominating the market over the forecast period
On the basis of product, the global industrial boilers market is segmented into Fire-tube, Water-tube, Hybrid. Among these, the fire tube is dominating the market with the largest market share over the forecast period. There may be a demand for affordable and effective boiler solutions in areas with growing and expanding industries. In such circumstances, fire tube boilers might be preferred due to their relatively straightforward design and cheaper startup expenses. For small to medium-sized industrial operations with moderate steam needs, fire tube boilers are frequently selected. The demand for fire tube boilers may be influenced by these sectors of the economy. Fire tube boiler manufacturers may provide customization choices to meet certain industrial requirements, enabling them to serve a variety of applications and industries.
Chemical segment holds the largest market share over the forecast period
Based on the application, the global industrial boilers market is segmented into Food, Paper, Chemical, Refinery, and Primary Metals. Among these, the chemical segment holds the largest market share over the forecast period. The need for industrial boilers for chemical processes is directly impacted by the total growth of the chemical industry. Boilers are among the effective heating and processing devices that are in high demand as companies grow and new chemical manufacturing facilities are built. Industries are looking for strategies to increase energy efficiency as energy prices rise. Chemical businesses wishing to cut operating expenses may find it appealing to upgrade to newer boilers with better energy-saving capabilities. Worldwide demand exists for chemicals. The need for chemicals and the infrastructure to manufacture them is projected to rise as emerging nations continue to industrialise, necessitating a greater need for industrial boilers in these areas.
Fuel Type Insights
Oil and gas segment dominates the market over the forecast period
On the basis of fuel type, the global industrial boilers market is segmented into Oil & Gas, Biomass, Fossil, and Non-Fossil. Among these, the oil and gas segment dominates the market over the forecast period. Oil and gas demand, in particular, is a major impetus behind the growth of numerous businesses. Oil and gas exploration, production, and processing—all of which call for dependable and effective industrial boilers—are projected to be in high demand as economies and people develop. Boiler technology advancements can improve the dependability and efficiency of boilers used in the oil and gas industry. Modern boilers with sophisticated controls and monitoring systems enhance safety, decrease downtime, and maximise energy usage. Global market dynamics, such as oil pricing, geopolitical variables, and supply-demand equilibriums, have an impact on the oil and gas business. These elements may have an effect on investment choices and, as a result, on the demand for industrial boilers.
Asia Pacific is dominating the market over the forecast period
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Asia Pacific is dominating the market with the largest market share over the forecast period. China, India, and Southeast Asian states were among the many nations in the Asia Pacific region that were rapidly industrialising. The demand for energy, particularly steam and heat produced by industrial boilers, increased as a result of the rise of the industrial sector. The middle class was expanding and the population was rising in the Asia-Pacific region, which increased energy demand. Industrial boilers are used in a variety of industrial operations, including those in the manufacturing, chemical, and food sectors. Local and foreign producers were competing in the market for industrial boilers in the Asia Pacific area, which stimulated innovation and provided purchasers with a range of options.
North America is witnessing the fastest market growth over the forecast period. Industries like manufacturing, food processing, chemicals, refineries, and more had an impact on the industrial boilers industry in North America. These industries increased the need for industrial boilers by requiring steam and heat for a variety of procedures. In North America, many industrial boilers were nearing the end of their useful lives. The market expanded as a result of the replacement and modernisation of old boilers with more contemporary, technologically advanced units. The market for industrial boilers has grown as a result of the revival of manufacturing activity in some parts of North America, which was fueled by factors like reshoring and automation.
Recent Market Developments
- In September 2019, The Babcock & Wilcox Enterprises Inc. and John Zink Hamworthy Combustion (JZHC), a pioneer in contemporary smart combustion technologies and a market leader in emissions control, have established a cooperation.
- In June 2019, the Joulon Group has purchased the Harris Pye Group, a company with expertise in the industrial, offshore oil and gas, and marine industries.
- In December 2017, for the purpose of expanding its operations in China, Mitsubishi Heavy Industries Marine Machinery & Equipment Co. won an order for 200 boilers.
List of Key Companies
- AMEC Foster Wheeler PLC
- Siemens AG
- Thermax Limited
- Harbin Electric Corporation
- Bharat Heavy Electricals Limited
- General Electric Company
- Dongfang Electric Corporation Ltd.
- Babcock & Wilcox Enterprises, Inc.
- IHI Corporation
- AC Boilers S.P.A
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Industrial Boilers Market based on the below-mentioned segments:
Industrial Boilers Market, Product Analysis
Industrial Boilers Market, Application Analysis
Industrial Boilers Market, Fuel Type Analysis
- Oil & Gas
Industrial Boilers Market, 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 Middle East & Africa
Frequently Asked Questions (FAQ)
1. What is the market size of Industrial Boilers Market?The global Industrial Boilers Market is expected to grow from USD 9.1 Billion in 2022 to USD 19.4 Billion by 2032, at a CAGR of 7.9% during the forecast period 2022-2032.
2. Who are the key market players of Industrial Boilers Market?Some of the key market players of AMEC Foster Wheeler PLC, Siemens AG, Thermax Limited, Harbin Electric Corporation, Bharat Heavy Electricals Limited, General Electric Company, Dongfang Electric Corporation Ltd., Babcock & Wilcox Enterprises, Inc., IHI Corporation, AC Boilers S.P.A.
3. Which segment hold the largest market share?Fire tube segment holds the largest market share is going to continue its dominance.
4. Which region is dominating the Industrial Boilers Market?Asia Pacific is dominating the Industrial Boilers Market with the highest market share.
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