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The industrial boilers market is projected to grow at a CAGR of 5.7% between 2020 and 2025
The industrial boilers market is estimated at USD 14.6 billion and is projected to reach USD 19.3 billion by 2025, at a CAGR of 5.7% from 2020 to 2025. Rising demand for industrial boilers from the food & beverage industry and high demand for clean technology in the chemical end-use industry have been the major drivers for the growth of the industrial boilers market.
Natural gas & biomass segment is projected to grow at the highest CAGR in the industrial boilers market between 2020 and 2025
Natural gas & biomass is projected to be the fastest-growing fuel type segment in the industrial boilers market during the forecast period. Natural gas & biomass-fired boilers can either be fueled by natural gas or biomass with modifications accounting for the different characteristics of the fuels. Natural gas-fired boilers are most commonly used in western countries because of their easy availability and regulatory guidelines with respect to CO2 emissions. With increasingly stringent environmental regulations in developed countries, the natural gas & biomass segment is expected to grow at a rapid pace during the forecast period.
The chemical segment is projected to lead the industrial boilers market
The chemical segment is the largest end-use industry in the market, owing to a large number of installations across the industry. Industrial boilers in the chemical industry are primarily used to provide large quantities of high-quality, high-temperature steam for production processes. Major sectors in the chemical industry that require heat energy and power include petrochemicals, industrial gases, alkali and chlorine, synthetic rubber, synthetic organic fibers, and agricultural chemicals (fertilizers and pesticides).
10-150 BHP segment is projected to grow at the highest CAGR in the industrial boilers market between 2020 and 2025
The 10-150 BHP is projected to be the fastest-growing boiler horsepower segment in the industrial boilers market during the forecast period. Industrial boilers ranging from 10 BHP to 150 BHP are small size boilers in terms of capacity. These boilers are commonly installed across end-use industries for steam and hot water applications. They are majorly available in standard designs according to their sizes, and there are very low customizations in these boilers. This range of boilers are very easy to install and are the highest manufactured industrial boilers around the world.
Based on the region, Asia Pacific is projected to grow at the highest CAGR in the industrial boilers market between 2020 and 2025
The industrial boilers market in the Asia Pacific region is projected to grow at the highest CAGR between 2020 and 2025. China accounted for the major share of the global industrial boilers market in 2019, which is driving the growth of the Asia Pacific region. China, India, and Japan are expected to be lucrative markets for industrial boilers in the Asia Pacific region during the forecast period. Growth can be attributed to the increasing demand for industrial boilers from the region’s chemical, food, refineries, metals & mining, among other end-use industries, particularly in China and India, which are witnessing rapid industrialization.
Breakdown of primary interviews for the report on the industrial boilers market
- By Company Type – Tier 1 – 30%, Tier 2 –60%, and Tier 3 – 10%
- By Designation – C-Level – 20%, D-Level Executives – 30%, and Others – 50%
- By Region – Europe – 40%, Asia Pacific – 30%, North America – 20%, Rest of the World – 10%
The leading manufacturers of industrial boilers profiled in this report include Babcock & Wilcox Enterprises, Inc. (US), Siemens AG (Germany), GE Power (US), John Wood Group PLC (UK), Dongfang Electric Corporation Limited (DEC Ltd.) (China), Bharat Heavy Electricals Limited (BHEL) (India), Mitsubishi Hitachi Power Systems, Ltd. (Japan), Harbin Electric Company Limited (China), IHI Corporation (Japan), Alfa Laval AB (Sweden), ANDRITZ AG (Austria), Thermax Limited (India), Robert Bosch GmbH (Germany), Sofinter Group (Italy), Cleaver-Brooks, Inc. (US), and Byworth Boilers Limited (UK), among others.
The report covers the industrial boilers market by fuel type (natural gas & biomass, coal, oil, and others), by boiler type (fire-tube and water-tube), by boiler horsepower (10-150 BHP, 151-300 BHP, and 301-600 BHP), by end-use industry (chemical, food, metals & mining, refineries, and others), and by region. The study aims at estimating the size and future growth potential of the market across various segments. It also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report
From an insight perspective, this report focuses on various levels of analyses, such as industry analysis (industry trends) and company profiles. With these insights, the study discusses the basic views on the competitive landscape, emerging & high-growth segments, high-growth regions, drivers, restraints, opportunities, and challenges in the industrial boilers market.
The report provides insights on the following:
- Market Penetration: Comprehensive information on various products of industrial boilers offered by top players operating in the market
- Product Development/Innovation: Detailed insights into upcoming developments in the industrial boilers market, R&D activities, and new applications in various end-use industries in the market
- Market Development: Comprehensive information about lucrative and emerging markets across different regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the industrial boilers market
- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the industrial boilers market