The global Industrial Boilers market size is expected to be worth around US$ 20.10 billion by 2030, according to a new report by Vision Research Reports.
The global Industrial Boilers market size was valued at US$ 23.6 billion in 2020 and is anticipated to grow at a CAGR of 5.08% during forecast period 2021 to 2030.
Growth Factors
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.
Report Highlights
the chemicals and petrochemicals application segment dominated the market for industrial boilers and accounted for the largest revenue share of 34.2%. The segment is expected to continue its dominance over the forecast period. These vessels are widely used by numerous industries for heating processes. The technology used has been constantly evolving according to the requirements. These boilers are designed to comply with the emission standards set by EPA.
The steam supplied by industrial boilers in distilleries provides a consistent, mild temperature conducive for successful fermentation, maintenance, and vessel heating. Low-pressure boilers are used for craft distilling due to their ability to provide sufficient energy for the process; however, high-pressure aids in reducing heat loss caused due to the long distances between the boiler and distillery equipment.
Custom boilers with unfired and fired vessels are used in petrochemical plants and petroleum refineries. Large boilers are used in the chemical industry to ensure adequate electricity and heat supply during chemical processing. Chemical manufacturers usually prefer natural gas to fire the boilers, along with the use of other chemical byproducts as fuel such as vent gases and hydrogen.
Co-firing of biomass and coal boilers is frequently used in chemical plants. Furthermore, the boilers in the petroleum refining industry are fired with the help of byproduct fuel, including coke and refinery gas. The demand for large boilers in the metals industry is more focused on steel mills, where these boilers are used to produce steam for blast furnace fans, machine drives, and turbine-driven equipment.
The oil and gas segment dominated the market and accounted for the largest revenue share of 37.0% in 2020. The fossil fuel segment accounted for a significant market share in terms of revenue in 2020. Fossil fuels are widely used in these systems. These fuels produce a high amount of harmful gases including carbon monoxide. Industrial boiler manufacturers are constantly modifying their products to meet the national emission standards, thereby driving the market.
Based on fuel, the market for industrial boilers has been segmented into oil and gas, fossil, non-fossil, and biomass. Different types of fuels are used by these vessels in order to produce steam to carry out industrial processes. Fossil fuel includes natural fuels including coal, bitumen, tar sands among others whereas non-fossil fuels include fuels that are not naturally available including solar and wind.
Bagasse is also used as boiler fuel, which is a byproduct of processing sugarcane or sorghum stalks. It has a high heating value ranging from 8,000 to 9,000 Btu/lb. The biomass fuel segment is expected to witness a moderate growth rate during the forecast period owing to strict regulations regarding harmful emissions in the atmosphere. The biomass fuel releases low harmful gases in the environment, which is expected to boost its demand as fuel for these systems.
Increasing demand for biodegradable and environmentally friendly packaging products, higher demand for packaging, and the expanding e-commerce sector are expected to impact the growth of the pulp and paper industry positively. Thus, the growth in the industries mentioned above is likely to drive the demand for medium-capacity industrial boilers.
Europe dominated the market for industrial boilers and accounted for the largest revenue share of 34.1% in 2020. The region is expected to dominate the industry on account of several factors including rapid industrialization coupled with growing industries including FMCG, food and beverage, and power industry. Moreover, strict regulations by the European government about harmful emissions in the environment are expected to boost the demand for industrial boilers.
In Central and South America, the market is anticipated to witness a CAGR of 3.0% over the forecast period owing to increasing industrialization. In addition, the growing food and beverage industry is likely to boost the demand for industrial boilers in developing economies, especially Brazil. In Central and South America, the industrial boilers market is expected to account for a revenue share of 6.7% by 2028.
In India, the market is expected to grow fast during the forecast period. Rapid industrialization in the country has resulted in growing investments in numerous sectors including automotive, agribusiness, oil and gas, and renewable energy. Increasing demand for environmentally friendly and biodegradable packaging products and the expanding e-commerce sector is expected to boost the market growth in the country over the coming years.
Key Players
Thermax Ltd.
Siemens AG
Bharat Heavy Electricals Ltd.
Forbes Marshall
Mitsubishi Heavy Industries, Ltd.
Harbin Electric Corporation
Cheema Boilers Limited
IHI Corporation
AC Boilers
Dongfang Electric Corporation Ltd.
Market Segmentation
Application Outlook
Chemicals & Petrochemicals
Paper & Pulp
Food & Beverages
Metals & Mining
Others
Fuel Outlook
Oil & Gas
Fossil
Non-Fossil
Biomass
Regional Outlook
North America
U.S
Canada
Europe
France
U.K.
Russia
Italy
Spain
Asia Pacific
China
India
South Korea
Japan
Middle East & Africa
Saudi Arabia
UAE
Central & South America
Brazil
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 2030. 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 2030. 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
Research Methodology:
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
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.
Primary Sources
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:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers