Industrial Boilers Market Overview:
Industrial Boilers Market share is projected to be worth USD 22.81 Billion by 2028, registering a CAGR of 6.28% during the forecast period.
Industrial boilers are boilers used in the production process and an indispensable step for filtration and purification of unwanted chemicals. Rapid pace of industrialization and rise of international trade can influence the market. The report on the global industrial boilers market by Market Research Future (MRFR) covers trends in manufacturing and opportunities for the industry for the forecast period (2021-2027). The effects of the COVID-19 pandemic on the market value are discussed in high detail.
COVID-19 Impact Analysis
The COVID-19 pandemic has hit the global industrial boilers market owing to lockdowns initiated by governments causing a deficit in demand and supply of components. Lack of production is also likely to contribute to market losses. But various boiler maintenance services have managed to stay afloat by providing digital services. The resumption of industrial activity can induce the need for maintenance which in turn will provide revenue pockets for boiler manufacturers. Moreover, opportunities in pharmaceutical, food processing, healthcare, and nuclear power sectors can lead to soaring demand for industrial boilers.
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Thriving Food Processing Industry to Influence Market Demand
Huge consumption rate of processed foods in developing and developed economies can drive the demand for industrial boilers. This is accompanied by large spending levels of customers. Incentives provided by governments also will encourage market demand significantly. The U.S. is expected to be one of the biggest markets for industrial boilers owing to large spending levels of customers and need for steam boilers according to desired product.
Energy-efficient Systems to Bolster Industrial Boilers Market Growth
The growth of petrochemical and chemical industries coupled with stringent emission standards enforced by regulatory agencies can drive the demand for energy-efficient boilers. Water-tube boilers can enjoy massive demand due to its need in industries of chemical, pulp paper, and food processing. It utilizes water inside the connected tubes and employs heat levels within tubes to heat the water.
Huge Installation Costs to Hamper Market Growth
Huge installation costs can pose a challenge to the industrial boilers market growth. This is due to various design parameters and customizations required for specific processes.
Segmentation Analysis
Natural Gas Boilers to Lead in Market Share
Natural gas boilers are expected to lead in market share owing to its wide use in Western countries. Stringent government regulations pertaining to curtailing of emissions and its easy availability can drive segment growth. Moreover, preference of natural gas boilers by food processing, metals mining, and chemical industries can bode well for the industrial boilers market.
10-150 BHP Segment to Dominate Global Market
The 10-150 BHP segment is poised to dominate the market owing to increasing demand for the range of boilers from the food processing industry. Installation of small boilers for steam and heating applications can fuel segment growth.
Chemical Industry to be Largest Market End-user
The chemical industry is expected to lead in the market owing to production of petrochemicals, industrial gases, and agricultural chemicals in India and China. Manufacture of boilers in compliance with emission standards defined by EPA can bode well for the market.
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Regional Analysis
APAC to Lead Global Industrial Boilers Market
Asia-Pacific (APAC) is expected to lead in the global industrial boilers market owing to its need in metals mining, food, chemical, and refining sectors. Rapid industrialization in Indonesia, India, and the Philippines coupled with high rate of manufacturing can drive market demand significantly. Opportunities for steam and pressure boilers can bode well for the market. Recently, Miura Boilers have developed a steam boiler capable of conserving fuel costs and utilizing steam effectively.
Competitive Analysis
Bharat Heavy Electricals Ltd. (India), IHI Corporation (Japan), Harbin Power Equipment Co. Ltd. (China), Mitsubishi Heavy Industries Ltd. (Japan), Siemens (Germany), Thermax Ltd. (India), Babcock Wilcox Co. (U.S.), General Electric Company (US), Hitachi Ltd. (Japan), Dongfang Electric Corporation Ltd. (China), and Doosan Heavy Industries Construction (South Korea) are prominent players of the global industrial boilers market.
Industry Update
Thermax Ltd. has bagged a USD 39 million contract for manufacture and installation of boilers for a petrochemical plant in Western India.
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