Jersey City, New Jersey, Feb. 02, 2024 (GLOBE NEWSWIRE) -- The Global Industrial Boiler Market is projected to grow at a CAGR of 7.64% from 2022 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 8.90 Billion in 2021 and is expected to reach USD 18.74 Billion by the end of the forecast period.
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Browse in-depth TOC on “Industrial Boiler Market”
202 - Pages
126 – Tables
37 – Figures
Scope Of The Report
| REPORT ATTRIBUTES | DETAILS |
| STUDY PERIOD | 2018-2030 |
| BASE YEAR | 2021 |
| FORECAST PERIOD | 2022-2030 |
| HISTORICAL PERIOD | 2018-2020 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Clayton, Cleaver-Brooks, Fulton, IHI, General Electric, Thermax, Siemens, Bharat Heavy Electricals, Forbes Marshall |
| SEGMENTS COVERED | By Product, By Application, By Technology, By Fuel Type, And By Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope |
Industrial Boiler Market Overview:
Growing Global Energy Demand Fuels Industrial Boiler Market:
The Industrial Boiler Market is primarily fueled by the spike in global energy demands, which is propelled by industrial growth. The expansion of industries necessitates the demand for efficient and dependable boiler systems, hence stimulating market growth.
Stringent Emission Norms Drive Adoption of Advanced Industrial Boilers:
Stringent environmental restrictions increase the need for industrial boilers with better emission control systems. Industries are making investments in contemporary boilers to comply with pollution regulations, which is driving growth in the market and promoting environmentally-friendly industrial practices.
Emphasis on Energy Efficiency Boosts Industrial Boiler Market:
Energy efficiency is a crucial factor driving the industry. Industries are allocating resources towards high-efficiency industrial boilers to maximise energy utilisation, minimise operational expenses, and improve overall production. The focus on efficiency greatly contributes to the growing trend of the market.
Rising Industrialization Spurs Industrial Boiler Market Growth:
The current worldwide phenomenon of fast industrialization, specifically in developing nations, drives the need for industrial boilers. The growth of manufacturing sectors necessitates the use of dependable and adaptable boiler systems, leading to a significant rise in the market.
Investments in Clean Technologies Propel Industrial Boiler Market:
The Industrial Boiler Market is being transformed by increasing investments in clean and sustainable technology. Businesses are implementing environmentally-friendly boiler solutions, in accordance with sustainable initiatives. The transition to clean technology has a favourable effect on the market by recruiting environmentally concerned industries.
Advancements in Boiler Technology Transform Industrial Boiler Market:
The continuous progress in boiler technology plays a major role in driving market expansion. The integration of smart controls, Internet of Things (IoT) technology, and predictive maintenance in modern industrial boilers improves operating efficiency, making them more attractive to a wide range of businesses. Consequently, this propels the growth of the Industrial Boiler Market.
Transition to Sustainable Energy Sources Boosts Industrial Boiler Market:
The adoption of sustainable energy sources, such as biomass and renewables, is driving the growth of the Industrial Boiler Market on a global scale. Industries are progressively embracing boilers that utilise alternative and cleaner fuels, in accordance with the wider transition towards a sustainable and low-carbon industrial ecology.
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Industrial Boiler Market Key Players Shaping the Future
Major players, including Clayton, Cleaver-Brooks, Fulton, IHI, General Electric, Thermax, Siemens, Bharat Heavy Electricals, Forbes Marshall, Cochran, Mitsubishi Hitachi, and more, play a pivotal role in shaping the future of the market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players.
Key Developments:
- In September 2019, John Zink Hamworthy Combustion (JZHC) which is a leading company in emissions control and a pioneer in modern smart combustion solutions has announced a partnership with The Babcock & Wilcox Enterprises Inc which is a leading provider of environmental technologies and energy services. The aim of this partnership is to pair the former’s Coen burners with the Babcock & Wilcox Company’s water-tube package boilers.
- In June 2019, The Harris Pye Group which is a specialized company in industrial, offshore oil and gas, and marine sectors has been acquired by Joulon group which offers comprehensive asset management services to its customers in the energy industry. The acquisition will to will add the Project Management Platform capabilities in the Joulon Group. In addition, it will have an impact on the majority of Joulon platforms.
To get market data, insights, and a comprehensive Global Industrial Boiler Market analysis, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Industrial Boiler Market into Product, Application, Technology, Fuel Type, And Geography.
- Industrial Boiler Market, by Product
- Fire-tube
- Water-tube
- Hybrid
- Industrial Boiler Market, by Application
- Food
- Paper
- Chemical
- Refinery
- Primary Metals
- Industrial Boiler Market, by Technology
- Condensing
- Non-condensing
- Industrial Boiler Market, by Fuel Type
- Natural Gas
- Oil
- Coal
- Other
- Industrial Boiler Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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