Industrial Boilers Industry Overview
The global industrial boilers market size is expected to reach USD 20.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.0% from 2021 to 2028. Rapid industrialization in developing economies is expected to boost the demand for the industry during the forecast period. In addition, the growing food and beverage industry is expected to positively impact product demand over the coming years.
Growing industrialization including the expansion of existing plants and the establishment of new manufacturing plants are likely to drive the market over the forecast period. Growing population coupled with increasing disposable income is likely to boost the growth of the food and beverage industry. As a result, there is a constant expansion of manufacturing plants across the globe, which, in turn, will boost product demand, especially in developed economies.
Industrial Boilers Market Segmentation
Grand View Research has segmented the global industrial boilers market on the basis of application, fuel, and region:
Based on the Application Insights, the market is segmented into Chemicals & Petrochemicals, Paper & Pulp, Food & Beverages, Metals & Mining, and Others.
- In 2020, the chemicals and petrochemicals application segment dominated the market for industrial boilers and accounted for the largest revenue share of 34.2%. The segment is expected to continue its dominance over the forecast period.
- Rapid industrialization and the growing food and beverage industry are expected to drive the global market over the forecast period.
- Increasing demand for biodegradable and environmentally friendly packaging products, higher demand for packaging, and the expanding e-commerce sector are expected to impact the growth of the pulp and paper industry positively.
Based on Fuel Insights, the market is segmented into Oil & Gas, Fossil, Non-Fossil, and Biomass.
- The oil and gas segment dominated the market and accounted for the largest revenue share of 37.0% in 2020.
- The fossil fuel segment accounted for a significant market share in terms of revenue in 2020.
- The biomass fuel segment is expected to witness a moderate growth rate during the forecast period owing to strict regulations regarding harmful emissions in the atmosphere.
- Fossil fuel includes natural fuels including coal, bitumen, tar sands among others whereas non-fossil fuels include fuels that are not naturally available including solar and wind.
- Industrial boiler manufacturers are constantly modifying their products to meet the national emission standards, thereby driving the market.
Industrial Boilers Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is mature and governed by a large number of regional and global players. Companies such as Babcock and Wilcox, Parker Boiler, and Hurst Boiler have a strong regional presence and usually sell their products directly to the end-users. However, a significant number of companies rely on equipment dealers and brokers as they understand the industry and know what’s in demand and where.
Some of the prominent players in the industrial boilers market include:
- Thermax Ltd.
- Siemens AG
- Bharat Heavy Electricals Ltd.
- Forbes Marshall
- Mitsubishi Heavy Industries, Ltd.
- Harbin Electric Corporation
- Cheema Boilers Limited
- IHI Corporation
- AC Boilers
- Dongfang Electric Corporation Ltd.
Order a free sample PDF of the Industrial Boilers Market Intelligence Study, published by Grand View Research.
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