New York, United States , Dec. 05, 2023 (GLOBE NEWSWIRE) -- The Global Industrial Boilers Market Size to grow from USD 9.1 Billion in 2022 to USD 19.4 Billion by 2032, at a Compound Annual Growth Rate CAGR of 7.9% during the forecast period.
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An industrial boiler is a specialised device used to generate steam or heat water for industrial processes and applications. It is a crucial part of many industries, including manufacturing, the manufacture of food and beverages, power generation, and chemical processing. Due to their ability to tolerate extreme heat and pressure, industrial boilers are helpful for a wide range of applications. The primary function of an industrial boiler is to heat water and either convert it to steam or produce thermal energy for use in industrial processes. This steam or hot water can be used for a variety of purposes, including heating and power generating. Industrial boilers must be effective in order to lower fuel consumption and running costs.
COVID 19 Impact
Production and operational interruptions were brought on by lockdowns, problems with the supply chain, and diminished customer demand across a variety of industries. As a result, there may have been changes in the demand for industrial boilers as a result of various industries cutting back on or ceasing operations. The shaky economy and travel restrictions may have forced the postponement or cancellation of numerous industrial projects. The requirement for new industrial boilers for replacement or expansion projects may have been impacted by this. Global supply chains were hampered by the pandemic, which had an effect on the availability of components and materials needed to build industrial boilers. This might have led to increased costs and manufacturing delays.
As nations continue to industrialise and urbanise, there is an increasing demand for energy to power manufacturing, infrastructure, and commercial activities. The heat and steam needed for these tasks are provided by industrial boilers, which are crucial. The increased focus on energy efficiency and sustainability has forced industries to invest in cutting-edge and efficient boiler technologies. The environment will suffer less and money will be saved by switching to more energy-efficient boilers. The market grows as a result of the need for improved boiler models to replace older, less efficient boilers. Industries routinely change their boiler systems to comply with stricter emissions regulations and boost overall efficiency.
Stricter emissions regulations and environmental requirements require industries to use greener technology and reduce their carbon footprint. Industrial boilers must abide by these regulations, which may raise the cost of pollution control technology and restrict the fuel options. In line with changes in the cost of fossil fuels (such coal, oil, and natural gas), industrial boiler running costs may also shift. Accurate energy expense forecasting can be challenging for organisations due to this uncertainty. Industries are emphasising energy efficiency more and more in an effort to reduce operational costs and minimise environmental impact. Boiler manufacturers are required to develop and offer technology that boost efficiency, which can necessitate extensive research and development.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on "Global Industrial Boilers Market Size, Share, and COVID-19 Impact, By Product (Fire-tube, Water-tube, Hybrid), By Application (Food, Paper, Chemical), By Fuel Type (Oil & Gas, Biomass, Fossil, and Non-Fossil), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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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. In locations where the economy is booming and the number of industries is expanding, there may be a desire for cost-efficient and reliable boiler solutions. Due to their relatively simple construction and lower startup costs, fire tube boilers might be preferred in certain situations. Fire tube boilers are typically chosen for small to medium-sized industrial businesses with moderate steam needs. These economic sectors could affect the demand for fire tube boilers. Fire tube boiler producers may offer customization options to satisfy certain industrial requirements, enabling them to service a variety of applications and industries.
Application Insights
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 overall expansion of the chemical sector has a direct bearing on the need for industrial boilers for chemical operations. As businesses expand and new chemical manufacturing facilities are created, boilers are among the efficient heating and processing equipment that is in great demand. As energy prices climb, businesses are looking for ways to improve energy efficiency. Upgrading to newer boilers with better energy-saving capabilities may appeal to chemical industries looking to reduce operating costs. Chemicals are in demand all throughout the world. As rising nations continue to industrialise, there is expected to be an increase in the demand for chemicals and the infrastructure necessary to produce them, necessitating a higher need for industrial boilers in these regions.
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Asia Pacific is dominating the market over the forecast period
Asia Pacific is dominating the market with the largest market share over the forecast period. Among the many countries in the Asia Pacific region that were rapidly industrialising were China, India, and those in Southeast Asia. The expansion of the industrial sector led to a growth in the need for energy, especially the steam and heat generated by industrial boilers. In the Asia-Pacific area, the middle class was growing and the population was rising, which raised the demand for energy. The manufacturing, chemical, and food industries all employ industrial boilers in their daily operations. In the Asia Pacific region, there was competition between domestic and foreign makers for the industrial boiler industry, which encouraged innovation and gave customers a variety of options.
North America is witnessing the fastest market growth over the forecast period. The industrial boilers market in North America was impacted by a variety of industries, including manufacturing, food processing, chemicals, refineries, and more. Due to the numerous processes that required steam and heat in these industries, the need for industrial boilers rose. Many industrial boilers in North America were nearing the end of their serviceable lifespan. The market grew as a result of the modernization and replacement of outdated boilers with more current, high-tech models. Due to factors including reshoring and automation, manufacturing activity has increased in various regions of North America, which has boosted the market for industrial boilers.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global 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. 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
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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.
Market Segment
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
- Fire-tube
- Water-tube
- Hybrid
Industrial Boilers Market, Application Analysis
- Food
- Paper
- Chemical
Industrial Boilers Market, Fuel Type Analysis
- Oil & Gas
- Biomass
- Fossil
- Non-Fossil
Industrial Boilers Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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