The global Industrial Boilers market size is expected to be worth around US$ 18.10 billion by 2028, according to a new report by Vision Research Reports.
The global Industrial Boilers market size was valued at US$ 14.5 billion in 2020 and is anticipated to grow at a CAGR of 3.7% during forecast period 2021 to 2028.
growing replacement of conventional heating systems with energy-efficient systems, and increasing government initiatives towards the expansion of key economic sectors are anticipated to surge the product demand over the forecast period.
The International Energy Agency estimates that over the next 10 years, 85.0% of the growth in the global oil production will come from the U.S. Boilers are one of the most fundamental systems of a refinery. Some refineries purchase steam to meet the steam requirements of their processes and the rest have dedicated on-site boilers in order to meet their steam needs.
Despite the decrease in the number of paper mills across the globe, a significant number of companies, such as U.S. Group Verso Corporation, are investing in restructuring paper mills by incorporating new energy-efficient and pollution-reducing equipment to meet the environmental and sustainability goals, which is expected to boost the market growth over the coming years.
Southeast Asia has become the world’s fifth-largest manufacturing economy as it offers low-cost production, thereby attracting a wide range of investors. Vietnam has made great strides as a manufacturing hub and the sector now accounts for 25% of the country’s GDP. An increase in the construction of new manufacturing sites in Southeast Asia is expected to create opportunities for industrial boiler manufacturers over the forecast period.
The oil and gas segment dominated the market for industrial boilers and accounted for the largest revenue share of 37.5% from 2020 to 2027. The primary boiler fuels used in the industrial sector are gas, oil, and coal. A wide range of fuels is used in industrial boilers to produce steam in order to carry out the manufacturing processes. Fossil fuel includes tar sands, bitumen, and coal among others; while non-fossil fuel includes wind, solar, and propane.
Natural gas is the most common type of industrial boiler fuel used as it is relatively inexpensive and readily available. Like propane, the energy density of natural gas is low in comparison to NO2 diesel and is less than half of the fuel oil energy density. Natural gas is easy to transport and burns easily, hence it is widely used in industrial settings.
Industrial boilers that operate on coal have lower capital and operational costs. However, coal produces large amounts of waste in the form of fly or bottom ash which requires treatment before releasing back to the environment. Most industrial boilers run on crushed coal, as it offers higher efficiency compared to large coal clumps.
The biofuel industrial boilers use wood as a fuel. The wood comes in the form of recycled wood, combustible plant material, corn husks, wood construction debris, wood chips, pellets, and logs. The biggest advantage of using biomass industrial boilers is that the fuel comes from a renewable source. However, biofuels are expensive and have the least energy density of all fuels.
The chemicals and petrochemicals segment dominated the market and accounted for the largest revenue share of 34.03% in 2020. The food, textile, and automotive industries are increasingly outfitting their facilities with a modular industrial boiler system, as all of these industries are not typically running in a non–stop fashion and it is important to have equipment that can be switched off/on as required.
The steam obtained from the boilers is used in the automotive industry for vulcanization, sterilization, and other manufacturing processes. Furthermore, these systems are also used in textile manufacturing facilities to meet the demand for steam required to heat water for finishing and dyeing processes. Boilers are also used in the pharmaceutical industry for purifying, sterilizing, and medicinal drying. These products are highly precise and have a high-temperature control potential.
Europe dominated the industrial boilers market and accounted for the largest revenue share of 34.4% in 2020. The International Energy Agency estimates that over the next 10 years, 85% of the growth in the global oil production will come from the U.S. Boilers are one of the most fundamental systems of a refinery. Some refineries purchase steam to meet the steam requirements of their processes and the rest have dedicated on-site boilers in order to meet their steam needs.
According to the American Chamber of Commerce in China, more than 40.02% of the surveyed members are either thinking or have begun to shift their production outside of China, especially to the Southeast Asian countries. As a result, the region has become the world’s fifth-largest manufacturing economy as it offers low-cost production. Vietnam, in particular, has made great strides as a manufacturing hub and the sector now accounts for 25% of the country’s GDP.
The European Union is one of the leading chemical manufacturing and exporting regions in the world. Total chemical sales in the EU was around USD 667.06 billion in 2018. The construction sector is a major buyer of chemicals and is expected to grow owing to several factors such as increasing infrastructure investments and low-interest rates. Thus, the demand for chemicals is expected to be stable in the coming years, thereby having a positive impact on market growth.
Bharat Heavy Electricals Ltd.
Mitsubishi Heavy Industries, Ltd.
Harbin Electric Corporation
Cheema Boilers Limited
Dongfang Electric Corporation Ltd.
Chemicals & Petrochemicals
Paper & Pulp
Food & Beverages
Metals & Mining
Oil & Gas
Middle East & Africa
Central & South America
The Industrial Boilers market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Industrial Boilers market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Industrial Boilers market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Industrial Boilers market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Industrial Boilers market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Industrial Boilers capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Industrial Boilers by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Industrial Boilers market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Industrial Boilers market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Industrial Boilers market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Industrial Boilers industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Industrial Boilers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Industrial Boilers market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Industrial Boilers market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Industrial Boilers market. These factors have benefited the growth of the global market for Industrial Boilers. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Industrial Boilers. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Industrial Boilers are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Precision Gearbox Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028Read more...
Reclaimed Lumber Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028Read more...
Nonwoven Industrial Membrane Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028Read more...
Tooling Board Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028Read more...
Metal Casing Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028Read more...