Market Research Report
Industrial Boilers Market Size, Share & Trends Analysis Report By Application (Chemicals & Petrochemicals, Paper & Pulp, Food & Beverage, Metals & Mining), By Fuel, By Region, And Segment Forecasts, 2021 - 2028
|Published by||Grand View Research, Inc.||Product code||999557|
|Published||Content info||150 Pages
Delivery time: 2-10 business days
|Industrial Boilers Market Size, Share & Trends Analysis Report By Application (Chemicals & Petrochemicals, Paper & Pulp, Food & Beverage, Metals & Mining), By Fuel, By Region, And Segment Forecasts, 2021 - 2028|
|Published: March 18, 2021||Content info: 150 Pages||
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.