Global Industrial Boilers Market by Application (Chemicals & Petrochemicals, Paper & Pulp, Metals & Mining, Food & Beverage) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global industrial boilers market was valued at USD 136,000 billion in 2020. It is projected to grow at a compound annual rate (CAGR of 5.0%) between 2021 and 2028. The global market will be driven by rapid industrialization and a growing food and beverage sector over the forecast period. Stringent regulations to reduce harmful emissions from the environment will encourage the adoption of these systems, boosting the demand and acceptance for industrial boilers in the future.

Multiple industries use industrial boilers, including power, food and beverage, petrochemical and power. Boilers create steam, which can then be used for heating purposes. Through pipes, the steam is transported to the area of operation. Boilers can use a variety of fuels to make steam. These include oil and gas, biomass, fossil, and non-fossil.

In 2020, the U.S. held the second-largest share of the global market. The combination of high disposable income and growing population has helped drive the growth in many industries, including food and beverage, textile, as well as FMCG. Companies are expanding their manufacturing facilities and setting up new plants to meet the increasing demand.

Demand for industrial boilers is expected to rise due to the rapid growth of the petrochemical and chemical industries, especially in emerging economies like India and China. Due to the increasing investment in mega power projects around the world, the demand for industrial boilers is expected to increase further. These vessels are used extensively in the chemical and petrochemical sectors, which accounts for the largest market share in industrial boilers.

According to the U.S. Environmental Protection Agency, new boiler regulations are expected reduce environmental emissions on a large scale. Over 88% of major boilers can be inspected annually to meet emission standards. However, 12.0% would require refurbishment or replacement to reduce toxic emissions. This is expected to provide opportunities for manufacturers in the future.

As the product is developed, many manufacturing problems are revealed. These systems are subject to major problems such as deformation, stress corrosion and welding issues. Hydrogen embrittlement is another problem. The manufacturing process will not meet company goals and requirements if the product design does not provide basic functionality.

Application Insights

The segment of chemicals and petrochemicals that applied to industrial boilers dominated the market and had a 34.2% revenue share. This segment is expected to maintain its dominance during the forecast period. Many industries use these vessels for heating. According to changing requirements, the technology has evolved. These boilers comply with the emission standards established by EPA.

Steam from industrial boilers is used in distilleries to provide a steady, mild temperature that allows for fermentation, maintenance, and heating of vessels. Craft distilling is done using low-pressure boilers. They are able to supply enough energy to make the process work. However, high-pressure boilers reduce heat loss due to the distance between the boiler to the distillery equipment.

In petrochemical plants, and in petroleum refineries, custom boilers are used with both unfired or fired vessels. In the chemical industry, large boilers are required to provide adequate heat and electricity during chemical processing. The boilers are usually fired with natural gas by chemical manufacturers. Other chemicals can also be used as fuel, such as hydrogen and vent gases.

Chemical plants often use co-firing biomass boilers and coal boilers. The boilers used in the petroleum refining sector are also fired using coke and refinery gases as fuel. Large boilers are more in demand in the metals sector. These boilers are used to make steam for machine drives, blast furnace fans, and turbine-driven equipment.

Fuel Insights

Oil and gas dominated the market, accounting for 37.0% of the total revenue in 2020. In terms of revenue, the fossil fuel segment held a large market share. These systems are largely powered by fossil fuels. These fuels emit a lot of harmful gases, including carbon monoxide. The market is constantly being driven by industrial boiler manufacturers who are continually changing their products to meet national emission standards.

The market for industrial boilers can be divided by fuel type into oil and natural gas, fossil, nonfossil and biomass. These vessels can produce steam for industrial processes using different fuels. These vessels use different types of fuels to produce steam for industrial processes. Fossil fuel is made up of natural fuels like coal, bitumen and tar sands, while non-fossilfuels are fuels that aren't naturally available, such as solar and wind.

Bagasse can also be used to heat boilers. It is made from sugarcane stalks or sorghum stalks. It has a high heating property, with a range of 8,000 to 9000 Btu/lb. Due to strict regulations on harmful emissions, the biomass fuel segment will see a moderate growth rate over the forecast period. This fuel is low in harmful emissions and will be more popular than other fuels.

The growth of the pulp-and-paper industry is expected to be positively affected by the increasing demand for environmentally friendly and biodegradable packaging products, the growing demand for packaging and the expanding ecommerce sector. The growth of the above industries is expected to increase the demand for medium-capacity boilers.

Regional Insights

Europe was the dominant market for industrial boilers in 2020, accounting for 34.1% of the total revenue. Due to several factors, including the rapid industrialization and growing industries such as FMCG, food, and beverage, Europe is expected to lead the industry. The demand for industrial boilers will be boosted by strict European regulations regarding harmful emissions.

The market for central and south America is expected to grow at 3.0% annually over the forecast period due to increased industrialization. The growing food and beverage industries will also likely increase demand for industrial boilers, particularly in Brazil. The market for industrial boilers in Central and South America is expected to contribute 6.7% of the total revenue by 2028.

India's market is expected to expand rapidly during the forecast period. The country's rapid industrialization has led to increased investments in many sectors, including automotive, oil and gas and renewable energy. The country's market growth will be boosted by the growing demand for eco-friendly and biodegradable packaging and the expanding ecommerce sector.

Market Share Insights & Key Companies

This market is well-established and governed by many regional and global players. Companies like Parker Boiler and Babcock and Wilcox have strong regional presences and sell directly to end-users. Many companies still rely on equipment brokers and dealers because they are knowledgeable about the industry and can tell you what's in-demand and where. The following are some of the most prominent players in industrial boilers markets:

• Thermax Ltd.

• Siemens AG

• Bharat Heavy Electrics Ltd.

• Forbes Marshall

• Mitsubishi Heavy Industries, Ltd.

• Harbin Electric Corporation

• Limited Cheema Boilers

• IHI Corporation

• AC Boilers

• Dongfang Electric Corporation Ltd.

Up Market Research published a new report titled “Industrial Boilers Market research report which is segmented by Application (Chemicals & Petrochemicals, Paper & Pulp, Metals & Mining, Food & Beverage), By Players/Companies Dongfang Electric Corporation Ltd, AC Boilers, Siemens AG, IHI Corporation, Forbes Marshall, Bharat Heavy Electricals Ltd, Mitsubishi Heavy Industries Ltd, Cheema Boilers Limited, Thermax Ltd, Harbin Electric Corporation”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Industrial Boilers Market Report Segments:

The market is segmented by Application (Chemicals & Petrochemicals, Paper & Pulp, Metals & Mining, Food & Beverage).

Industrial Boilers Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Industrial Boilers Market

Overview of the regional outlook of the Industrial Boilers Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Industrial Boilers Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Industrial Boilers Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Chemicals & Petrochemicals

                2. Paper & Pulp

                3. Metals & Mining

                4. Food & Beverage

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Industrial Boilers Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
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Reasons to Purchase the Industrial Boilers Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.