Industrial Boilers Market Growth & Trends
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.
Boilers are vessels that produce steam to fulfill heating requirements with the support of numerous energy sources including oil and gas, fossils, non-fossils, and biomass. These vessels are used by numerous industries including food and beverage, power, textiles, FMCG, and thermal power plants. Chemicals and petrochemical is the largest industry to use industrial boilers.
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.
One of the key challenges faced by the industry is the emission of harmful gases into the environment. However, strict regulations implemented by numerous regulatory bodies have driven manufacturers to modify their products accordingly. The modified products not only comply with the regulations but are also energy efficient. These changes are expected to further boost the adoption of these products, thus, driving the market.
Industrial Boilers Market Report Highlights
- The market is anticipated to witness significant growth over the forecast period on account of factors such as rising industrialization and growing industrial boilers utilizing industries including food and beverage, textile, power, and FMCG
- The chemicals and petrochemicals application segment is expected to dominate the market by 2028 owing to the rising demand for petrochemical intermediate products
- Asia Pacific held the largest revenue share in 2020 and is anticipated to register significant growth over the forecast period owing to growing numerous industries including food and beverage and petrochemical
- In Canada, the market is anticipated to reach USD 758.8 million by 2028 owing to the high disposable income that contributes to the growth of the food processing industry, which in turn, is expected to surge product demand over the coming years
- The industry is highly fragmented owing to the presence of numerous market participants