What Factors Propelled The Growth Of The Industrial Boilers Market In The Past?
The industrial boilers market has seen considerable growth due to a variety of factors.
• The size of the industrial boilers market has seen significant expansion in the past few years. It is projected to increase from $15.26 billion in 2024 to $16.27 billion in 2025, with a compound annual growth rate (CAGR) of 6.6%. Factors such as fast-paced industrialization, regulations on energy efficiency, worldwide economic patterns, environmental issues, government subsidies, and the cost of raw materials have contributed to the growth experienced during the historic period.
What Is the Forecasted Market Size and Growth Rate for The Industrial Boilers Market Size In The Coming Years?
The Industrial Boilers market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the industrial boilers market is projected to witness robust expansion, escalating to $21.39 billion by 2029 with an impressive compound annual growth rate (CAGR) of 7.1%.
The expansion predicted during this period can be credited to the rising demand for power generation, strict emission norms, inclusion of renewable energy, industrial globalization, and increased investments in infrastructure. The expected trends during this period are the adoption of Internet of Things and automation, emphasis on energy efficiency, strict emission regulations, a transition towards biomass and renewable fuels, and a focus on customization and modular designs.
What Factors Are Driving Growth In The Industrial Boilers Market?
The expansion of the industrial boilers market is anticipated due to an upsurge in power generation. Primarily, the market is experiencing substantial growth because of the escalating power manufacturing and electrical supply for massive scale energy plant implementations of industrial burners in boilers. As an example, a report in 2022 by world energy & climate statistics, a platform offering regional data with current statistics and accompanying details, revealed a remarkable increase in electricity consumption in BRICS nations including China with a rise of 9.7%, India with 4.8%, Russia with 6.4%, and Brazil with an increase of 9.5%. This surge was the catalyst for the growth in worldwide power production, which saw an overall increase of 8.5% in 2021. China's substantial contribution to the power generation elevation was mainly from coal, wind, and solar energy. Hence, the boost in power production is expected to propel the progress of the industrial boilers market in the upcoming period.
What Are The Main Segments Of The Global Industrial Boilers Market?
The industrial boilers market covered in this report is segmented –
1) By Boiler Type: Fire-Tube, Water-Tube
2) By Fuel: Natural Gas And Biomass, Coal, Oil, Other Fuels
3) By Boiler Horsepower: 10-150 BHP, 51-300 BHP, 301-600 BHP
4) By Applications: Chemicals And Petrochemicals, Paper And Pulp, Food And Beverages, Metals And Mining, Other Applications
Subsegments:
1) By Fire-Tube: Horizontal Fire-Tube Boilers, Vertical Fire-Tube Boilers, Packaged Fire-Tube Boilers
2) By Water-Tube: Industrial Water-Tube Boilers, Supercritical Water-Tube Boilers, High-Pressure Water-Tube Boilers
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What Emerging Trends Are Influencing The Growth Of The Industrial Boilers Market?
The industrial boiler market is currently dominated by large firms that are concentrated on developing innovative solutions for industrial electric boilers that boast high efficiency. Their main intent is to augment energy efficiency, diminish carbon emissions, and bolster operational flexibility. High-efficiency industrial electric boilers are engineered to transmute electrical energy into thermal energy with the energy efficiency rating of usually over 98%. For example, in August 2022, Babcock Wanson, a renowned UK-based industrial boilers manufacturing company, introduced a new series of high-efficiency industrial electric boilers. These are intended to improve energy efficiency and lessen the environmental damage in industrial usage. These all-new electric boilers are built to provide superior efficiency levels than the conventional models, consequently, drastically cutting down energy expenditures for users.
Who Are the Key Players In The Industrial Boilers Market?
Major companies operating in the industrial boilers market include:
• Siemens AG
• Thermax Limited
• Harbin Electric Corporation
• Bharat Heavy Electricals Limited
• General Electric Company
• Dongfang Electric Corporation Ltd.
• Babcock & Wilcox Enterprises Inc.
• IHI Corporation
• Mitsubishi Heavy Industries Ltd.
• Cleaver-Brooks Inc.
• John Wood Group Plc.
• Doosan Heavy Industries & Construction Co. Ltd.
• Forbes Marshall Pvt. Ltd.
• Sofinter SPA
• AC Boilers S.P.A
• Alfa Laval AB
• Bosch Industriekessel GmbH
• Hurst Boiler & Welding Company Inc.
• Miura Co. Ltd.
• Zhengzhou Boiler (Group) Co. Ltd.
• Mitsui & Co Ltd
• ABB Ltd
• Viessmann Boilers
• Fulton
• Worcester Bosch
• IBurnham Commercial
What Is The Most Dominant Region In The Industrial Boilers Market?
North America was the largest region in the industrial boilers market in 2024. The regions covered in the industrial boilers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
