Industrial Boilers Market (By Type: Fire Tube and Water Tube; By Application: Paper & Pulp, Food & Beverages, Chemicals & Petrochemicals, Metals & Mining, and Others; By Fuel Type: Oil & Gas, Biomass, Fossil, and Non-Fossil) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023 – 2032


The global industrial boilers market was valued at US$ 16 billion in 2022 and is expected to reach over US$ 25.2 1billion by 2032, poised to grow at a noteworthy CAGR of 4.70% from 2023 to 2032.

Industrial Boilers Market Size 2023 to 2032

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Key Takeaway

  • By product, the water-tube boiler segment has accounted 72% revenue share in 2022.
  • The water-tube boiler segment is expected to grow at a CAGR of 5.2% from 2023 to 2032.
  • The fire-tube segment is growing at a CAGR of around 4.4% through 2023 to 2032.
  • By technology, the non-condensing industrial boilers market is anticipated to grow at a CAGR of 4.8% till 2032.

Industrial Boilers Market Size in the Asia Pacific 2023 To 2032

The Asia Pacific industrial boilers market accounted for US$ 6.40 billion in 2022 and is projected to be worth over US$ 10.18 billion by 2032, at a CAGR of 4.80% between 2023 to 2032.

Asia Pacific Industrial Boilers Market Size 2023 To 2032

Europe accounted for around 37% of the market share and dominated the global industrial oilers market in 2022. The presence of higher number of industries and manufacturing units across Europe has fostered its growth. The increased awareness regarding the carbon emissions, increased environment consciousness, and increased focus of the industries on achieving sustainability has compelled the government to implement strict regulations regarding the harmful industrial emissions. This has significantly boosted the growth of the industrial boilers market in Europe. Moreover, the higher adoption rate of advanced and innovative technologies to attain sustainability and energy efficiency across the manufacturing units in Europe, the demand for the industrial boilers has witnessed a surge in demand.

On the other hand, the Asia Pacific region is estimated to be the most opportunistic segment during the forecast period. The rapid industrialization owing to the constant government initiatives to attract FDIs is expected to propel the growth of the industrial boilers market. The availability of cheap factors of production and the favorable government policies is attracting the top manufacturers of various industries to expand their manufacturing facilities in Asia Pacific region. Thus, the demand for the industrial boilers is expected to foresee a huge growth across the Asia Pacific region especially in the countries like India and China. China and India are becoming the manufacturing hub of the world. Moreover, the presence of huge population is presenting lucrative growth opportunities to the food & beverages, consumer goods, textiles, and various other industries. This is a crucial factor that can be held responsible for the growth of the industrial boilers market in the Asia Pacific region in the forthcoming future.

The Central and South America region is projected to hit at a CAGR of 3.2% from 2023 to 2032.

Growth Factors

The global industrial boilers market is driven by surging demand from the chemicals & petrochemical and the food & beverages industries. The rapid industrialization and the stringent government regulations pertaining to the harmful emissions are significantly driving the demand for the industrial boilers across the globe. The rising adoption of the industrial boilers across various industries such as chemical, food & beverages, and mining is expected to foster the market growth in the forthcoming years. The growing population and rising disposable income are encouraging the manufacturers to set up new manufacturing facilities in order to cater the demand for the food and beverages, textiles, and consumer goods. The rising investments in the growth of the industries across the globe are boosting the demand for the industrial boilers. The chemical industry has huge contributions in the global GDP, which highlights the importance of increasing demand for the industrial boilers in the chemicals industry. The growing demand in the chemical and petrochemical industry in the developing nations is expected to have a huge impact on the market growth in the foreseeable future.

The rising concerns regarding pollution, carbon emissions, and environment protection have forced the government to take strict actions regarding the industrial emissions. The stringent government norms pertaining to the harmful emissions to the environment are supporting the growth of the global industrial boilers market. Moreover, the rising investments in the thermal power owing to the rising demand for the efficient power supply are major factors that drive the growth of the industrial boilers market across the globe. The technological advancements and the rising focus of the manufacturers to increase the capacity of the boilers is supplementing the market growth. For instance, Bosch Industriekessel Gmbh provides water boilers that range up to 38 MW to the top food & beverage companies like Coca Cola, Nestle, and Daimler.

Scope of the Industrial Boilers Market

Report Coverage Details
Market Size USD 25.21 Billion by 2032
Growth Rate CAGR of 4.70% from 2023 to 2032
Largest Market Europe
Fastest Growing Market Asia Pacific
Base Year 2023
Forecast Period 2023 to 2032
Segments Covered Fuel, Type, Application, Region
Companies Mentioned AMEC Foster Wheeler PLC, Siemens AG, Thermax Limited, Harbin Electric Corporation, Bharat Heavy Electricals Limited, General Electric Company, Dongfang Electric Corporation Ltd., Babcock & Wilcox Enterprises, Inc., IHI Corporation, AC Boilers S.P.A

 

Type Insights

Based on the type, the water tube segment dominated the global industrial boilers market in 2022. This is attributed the increased demand for the water tube boilers in the paper & pulp, chemical & petrochemical, and the food processing industries across the globe. The features like low carbon emissions along with the higher thermal efficiency are the major factor that has fostered the growth of the water tube boilers across industries. The growing investments on the adoption of large capacity boilers along with the replacement of conventional heating systems are further expected to propel the growth of this segment in the forthcoming future.

Application Insights

The chemical & petrochemicals segment garnered a market share of over 35% in 2022. The huge demand for the high quality steam that has utilization in the production of chemicals such as petrochemicals, alkali, chlorine, fertilizers, and pesticides has fueled the growth of this segment in the past years. The chemical industry has huge contributions in the GDP. The huge demand for huge variety of chemicals across all the industries has boosted its growth. The rising demand for the various chemical products is boosting the demand for the industrial boilers in the chemical industry across the globe. Hence, this segment is expected to sustain its significance throughout the forecast period.

Fuel Type Insights

Based on the fuel type, the oil & gas segment dominated the global industrial boilers market in 2022 with revenue share of 39%. This is attributed to the easy availability of the oil & gas across the North America and Europe. The rapid growth of the chemical and food and beverages industries in the Europe and North America has led to the growth of this segment.

Industrial Boilers Market Share, By Fuel, 2020 (%)

Moreover, the rising industrialization and rapidly growing chemical and agricultural industries is further fueling the demand for the industrial boilers, which is expected to drive the growth of the oil & gas segment as oil & gas is the most prominently used fuel in the developing regions.

Key Market Developments

  • In May 2017, Mitsubishi Power Systems entered into a contract with the CEPC in Egypt, wherein, Mitsubishi will undertake the repairing activities related to the boilers
  • In December 2017, Mitsubishi Heavy Industries Marine Machinery & Equipment Co. received an order of 200 boilers for the purpose of business development in China.

The various developmental strategies like product launches, acquisitions and mergers fosters market growth and offers lucrative growth opportunities to the market players. The market players are constantly engaged in various developmental strategies to gain market share, exploit the prevailing opportunities in the market, and gain competitive edge in the market.

Some of the prominent players includes:

  • AMEC Foster Wheeler PLC
  • Siemens AG
  • Thermax Limited
  • Harbin Electric Corporation
  • Bharat Heavy Electricals Limited
  • General Electric Company
  • Dongfang Electric Corporation Ltd.
  • Babcock & Wilcox Enterprises, Inc.
  • IHI Corporation
  • AC Boilers S.P.A

Segments Covered in the Report

By Type

  • Fire Tube
  • Water Tube
  • Others

By Function

  • Hot Water
  • Steam

By Fuel Type

  • Oil & Gas
  • Biomass
  • Fossil
  • Non-Fossil

By Boiler Horsepower

  • 10-150 BHP
  • 151-300 BHP
  • 301-600 BHP

By Technology

  • Condensing
  • Non-Condensing

By Steam Pressure

  • High Pressure Boilers
  • Medium Pressure Boilers
  • Low Pressure Boilers

By Steam Usage

  • Process Boilers
  • Utility Boilers
  • Marine Boilers

By Furnace Position

  • Externally Fired Boilers
  • Internally Fired Boilers

By Shell Axis

  • Horizontal Boilers
  • Vertical Boilers

By Tubes In Boilers

  • Multi-Tube Boilers
  • Single Boilers

By Water And Steam Circulation In Boilers

  • Forced Circulation Boilers
  • Natural Circulation Boilers

By Application

  • Paper & Pulp
  • Food & Beverages
  • Chemicals & Petrochemicals
  • Metals & Mining
  • Others

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa

Frequently Asked Questions

What is the current size of industrial boilers market?
According to Precedence Research, the global industrial boilers market size was reached at US$ 16 billion in 2022 and is predicted to surpass US$ 25.21 billion by 2032.
What is the growth rate of global industrial boilers market?
The global industrial boilers market is growing at a CAGR of 4.70% from 2023 to 2032.
Which are the driving factors of the industrial boilers market?
The rapid industrialization and the stringent government regulations pertaining to the carbon and other harmful emissions are expected to be the major drivers of the global industrial boilers market.
Who are the major players operating in the industrial boilers market?
The major players operating in the industrial boilers market are AMEC Foster Wheeler PLC, Siemens AG, Thermax Limited, Harbin Electric Corporation, Bharat Heavy Electricals Limited, General Electric Company, Dongfang Electric Corporation Ltd., Babcock & Wilcox Enterprises, Inc., IHI Corporation, AC Boilers S.P.A.
Which region will lead the global industrial boilers market?
Europe accounted for around 34% of the market share and dominated the global industrial oilers market in 2022. The presence of higher number of industries and manufacturing units across Europe has fostered its growth.

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