The global industrial boilers market size was valued at USD 13.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.0% from 2021 to 2028. Rapid industrialization and the growing food and beverage industry are expected to drive the global market over the forecast period. Moreover, stringent laws to regulate harmful emissions in the environment will boost the adoption of these systems boosting the demand for industrial boilers over the coming years.
Industrial boilers are used by multiple industries including food and beverage, petrochemical, power, and chemical. Boilers produce steam which is then used to carry out heating processes. The steam produced is transferred to the area of operation through pipes. In order to produce the steam, boilers use different types of fuels including oil and gas, fossil, non-fossil, and biomass.
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The U.S. accounted for the second-largest market share in 2020. High disposable income coupled with increasing population has boosted the growth of numerous industries including food and beverages, textile, and FMCG. In order to fulfill the increased demand, companies are not only expanding their existing manufacturing units but also setting up new industrial plants thereby boosting the demand for industrial boilers over the coming years.
Key Player Mentioned:
- Thermax Ltd.
- Siemens AG
- Bharat Heavy Electricals Ltd.
- Forbes Marshall
- Mitsubishi Heavy Industries, Ltd.
- Harbin Electric Corporation
- Cheema Boilers Limited
- IHI Corporation
- AC Boilers
- Dongfang Electric Corporation Ltd.
Application Segment Analysis:
- Chemicals & Petrochemicals
- Paper & Pulp
- Food & Beverages
- Metals & Mining
- Others
The U.S. Environmental Protection Agency has estimated that new boiler rules are expected to prevent environmental emissions at a large scale. More than 88% of the major source boilers can meet emission standards via annual tune-ups, however, the remaining 12.0% would need refurbishing or replacement to minimize toxic emissions, which are anticipated to create opportunities for manufacturers over the forecast period.
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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Rapidly growing petrochemical and chemical industries in developing economies including India and China are anticipated to boost demand for industrial boilers. The demand is expected to rise further owing to growing investment to develop mega power projects across the globe. These vessels are widely used in chemical and petrochemical industries which account for the highest market share of industrial boilers in the application segment.
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