(EMAILWIRE.COM, May 23, 2024 ) The report “Industrial Boilers Market by Fuel (Natural Gas, Coal, Oil), Boiler (Fire-Tube, Water Tube), Function (Hot Water, Steam), Boiler Horsepower (10-150 BHP, 151-300 BHP, 301-600 BHP), End-Use Industry, And Region – Global Forecast to 2030″ The global market size of industrial boilers is projected to grow from USD 15.3 billion in 2022 to USD 19.8 billion by 2030, at a CAGR of 3.3% during the forecast period.
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249 – Market Data Tables
55 – Figures
239 – Pages
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Based on fuel type, natural gas-fired boilers are widely used in the global industrial market especially in western countries due to their easy availability and regulatory guidelines concerning CO2 emissions. Natural gas can be piped directly into the natural gas-fired boilers. These boilers require a relatively small boiler space with a compact and simple design. However, the focus on biomass is increasing which can be attributed to the need to reduce dependence on conventional petroleum reserves, as well as the adoption of a technology that is environmentally constructive. The use of biomass will help not only in the generation of clean energy but also in the reduction of waste, thereby eliminating the need for waste disposal.
Based on the boiler type, fire-tube boilers account for larger share in the industrial boilers market in 2021. Fire-tube industrial boilers are cheaper than water-tube boilers and are thus highly preferred by various end-use industries in emerging economies. . Fire-tube industrial boilers are capable of steam generation up to 28 tons of steam/hour and pressure up to 30 bars. These boilers operate with oil, gas, and other solid fuels.
Based on the function type, steam boilers to account for largest share in the industrial boilers market. This is attributed to environment-friendly solutions, offering high efficiency and performance, attractive modular design, and low construction cost offered by steam boilers.
Based on the boiler horsepower, the 10-150 BHP segment accounted for the largest share in the industrial boilers market by boiler horsepower in 2021 and is projected to continue this growth during the forecast period as these are easy to handle and incur lower maintenance costs in comparison to larger BHP boilers.
Based on the end-use industry, chemicals & petrochemicals segment to lead industrial boilers market during the forecast period. The major factor driving the demand for industrial boilers in the chemical segment is the high demand for high pressure and high-temperature steam in bulk chemical production. The chemical industry utilizes industrial boilers to ensure appropriate heat and electricity supply to carry out various chemical processes. The high level of efficiency, operational safety, and low capital outlay along with low and one-time capital investments have made industrial boilers an important component in chemical production processes. The usage of industrial boilers for processing, cooking, and sanitizing food products is expected to fuel the growth of industrial boilers in the food segment during the forecast period.
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Asia Pacific is the fastest-growing region worldwide due to the economic growth of countries such as India, China, South Korea, Malaysia, and Australia. It is a leading consumer of industrial boilers globally and has witnessed exponential market growth in recent years. High demand for steam in various end-use chemical, power generation, and food industries in the Asia Pacific are the key factors driving the market growth.
Industrial Boilers Market Key Players
The industrial boilers market is dominated by major players such as Babcock & Wilcox Enterprises, Inc. (US), Siemens AG (Germany), and John Wood PLC (UK). The threat of new entrants is low due to the significant capital investment & high installation, maintenance cost, and technical expertise required. As the capital required for developing a new production facility and the investment for research & development for manufacturing industrial boilers is markedly high, it is difficult for new players to enter the market.
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