Industrial Boilers Market Overview:
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2031.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2031.
The industrial boilers market refers to the market for equipment used in generating steam or hot water for various industrial applications such as power generation, chemical processing, pulp and paper, food processing, and others. These boilers are typically large and complex pieces of equipment that use various fuels such as coal, oil, natural gas, biomass, and others to produce steam or hot water.
The global industrial boilers market is expected to grow at a significant rate in the coming years due to the increasing demand for energy-efficient and eco-friendly boilers. The market is driven by the increasing demand for power generation in emerging economies, strict government regulations for reducing greenhouse gas emissions, and rising investments in the development of renewable energy sources.
Industrial Boilers Market share is projected to be worth USD 25.04 billion by 2031, registering a CAGR of 4.98% during the forecast period 2023-2031.
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Segmentation Analysis
Natural Gas Boilers to Lead in Market Share
Natural gas boilers are expected to lead in market share owing to its wide use in Western countries. Stringent government regulations pertaining to curtailing of emissions and its easy availability can drive segment growth. Moreover, preference of natural gas boilers by food processing, metals & mining, and chemical industries can bode well for the industrial boilers market.
10-150 BHP Segment to Dominate Global Market
The 10-150 BHP segment is poised to dominate the market owing to increasing demand for the range of boilers from the food processing industry. Installation of small boilers for steam and heating applications can fuel segment growth.
Chemical Industry to be Largest Market End-user
The chemical industry is expected to lead in the market owing to production of petrochemicals, industrial gases, and agricultural chemicals in India and China. Manufacture of boilers in compliance with emission standards defined by EPA can bode well for the market.
Regional Analysis
APAC to Lead Global Industrial Boilers Market
Asia-Pacific (APAC) is expected to lead in the global industrial boilers market owing to its need in metals & mining, food, chemical, and refining sectors. Rapid industrialization in Indonesia, India, and the Philippines coupled with high rate of manufacturing can drive market demand significantly. Opportunities for steam and pressure boilers can bode well for the market. Recently, Miura Boilers have developed a steam boiler capable of conserving fuel costs and utilizing steam effectively.
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Competitive Analysis
Bharat Heavy Electricals Ltd. (India), IHI Corporation (Japan), Harbin Power Equipment Co. Ltd. (China), Mitsubishi Heavy Industries Ltd. (Japan), Siemens (Germany), Thermax Ltd. (India), Babcock & Wilcox Co. (U.S.), General Electric Company (US), Hitachi Ltd. (Japan), Dongfang Electric Corporation Ltd. (China), and Doosan Heavy Industries & Construction (South Korea) are prominent players of the global industrial boilers market.
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