PUBLISHER: The Business Research Company | PRODUCT CODE: 1409518
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409518
“Industrial Boilers Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial boilers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial boilers? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The industrial boilers market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Industrial boilers are enclosed vessels designed to heat water or produce steam for industrial heating and humidification purposes, utilizing either a fuel source or electricity. They play a crucial role in generating steam or heating water for space and process heating, as well as for the production of mechanical power and electricity.
The primary types of industrial boilers are fire-tube and water-tube. In a fire-tube boiler, water flows outside (around) the tube, while hot gases generated by the combustion chamber are within the tube. This type of boiler is employed to drive turbine blades and generate power. Various fuel types, including natural gas, biomass, coal, oil, and others, are used, with different boiler horsepower ranges such as 10-150 bhp, 51-300 bhp, and 301-600 bhp. Industrial boilers find applications in diverse industries, including chemicals and petrochemicals, paper and pulp, food and beverages, metals and mining, among others.
The industrial boilers market research report is one of a series of new reports from The Business Research Company that provides industrial boilers market statistics, including industrial boilers industry global market size, regional shares, competitors with an industrial boilers market share, detailed industrial boilers market segments, market trends, and opportunities, and any further data you may need to thrive in the industrial boilers industry. This industrial boilers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The industrial boilers market size has grown strongly in recent years. It will grow from $14.38 billion in 2023 to $15.37 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The expansion observed during the historical period can be attributed to factors such as rapid industrialization, adherence to energy efficiency regulations, global economic trends, growing environmental concerns, government incentives, and fluctuations in raw material prices.
The industrial boilers market size is expected to see strong growth in the next few years. It will grow to $20 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated growth in the forecast period can be attributed to factors such as the increasing demand for power generation, adherence to stringent emission standards, integration of renewable energy sources, globalization of industries, and investments in infrastructure. Key trends expected during this period include the adoption of Internet of Things (IoT) and automation technologies, a heightened focus on energy efficiency, the enforcement of stringent emission regulations, a shift towards biomass and renewable fuels, and a growing emphasis on customization and modular designs.
The industrial boilers market is poised for growth, primarily driven by the increasing focus on power generation. The expansion of this market is attributed to the rising demand for electricity and the installation of industrial burners in large-scale power plants. Notably, the BRICS countries, particularly China, India, Russia, and Brazil, experienced significant growth in electricity consumption in 2022. The increased power generation, particularly from coal, wind, and solar energy sources in China, is expected to be a key factor stimulating the industrial boilers market during the forecast period.
The contributing factor to the growth of the industrial boilers market is the surge in mining activities. These activities involve the extraction of valuable minerals and resources, and industrial boilers play a pivotal role by providing essential heat and energy for various applications in mining processes. For instance, the United States Geological Survey reported a notable increase in the estimated US mine production of mineral commodities from $80.7 billion in 2020 to $90.4 billion in 2021. This growth in mining activities is a significant driver for the industrial boilers market.
The industrial boiler market is witnessing the adoption of technological advancements as a prominent trend. Key industry players are actively developing innovative solutions to enhance their market position. An example is Babcock Wanson Ltd., a UK-based producer of industrial boilers, which introduced the GOOD LOOP Concept - Nox Abatement technology in December 2021. This technology aims to minimize Nox emissions in industrial boilers by directly injecting recycled exhaust gases into the combustion chamber, resulting in a 20 to 30 mg/Nm3 reduction in Nox emissions.
Major companies in the industrial boiler market are emphasizing the development of technologically advanced products to gain a competitive edge. One such product is the electric steam boiler, which offers advantages such as cleanliness, efficiency, and ease of installation. Babcock Wanson Ltd. launched the VAP EL 400V electric steam boiler in August 2022, featuring a compact design, modular structure, and high efficiency of up to 99%. This new boiler is designed to provide a clean, efficient, and reliable source of steam for a variety of industrial applications.
In August 2021, Babcock Wanson Ltd. strengthened its position in the market through the acquisition of Steam Plant Engineering Ltd., a UK-based engineering service specializing in industrial boiler servicing and steam generation. This strategic move aligns with Babcock Wanson Ltd.'s vision to become a pan-European leader in industrial boiler products, combining industry-leading competitors to better serve the market.
Major companies operating in the industrial boilers market report are 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, Harbin Electric Co. Ltd, Lennox, Baxi, Fulton, Worcester Bosch, Ideal Boilers, IBurnham Commercial .
North America was the largest region in the industrial boilers market in 2023. The regions covered in the industrial boilers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the industrial boilers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial boilers market consists of sales of heating components such as burners, combustion chambers, heat exchangers, control systems, supply lines, circulator pumps, exhaust stacks, and related products. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.