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.
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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.
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.
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.
|Market Size||USD 25.21 Billion by 2032|
|Growth Rate||CAGR of 4.70% from 2023 to 2032|
|Fastest Growing Market||Asia Pacific|
|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|
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.
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.
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.
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
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.
Segments Covered in the Report
By Fuel Type
By Boiler Horsepower
By Steam Pressure
By Steam Usage
By Furnace Position
By Shell Axis
By Tubes In Boilers
By Water And Steam Circulation In Boilers
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