Industrial Boilers Market Size is Expanding Around USD 23.5 BN by 2030

Tokyo, Jan. 13, 2023 (GLOBE NEWSWIRE) -- 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. The rising end use applications of the industrial boilers across various industry verticals such as food and beverages, textiles, and consumer goods is spurring the market growth across the globe. Moreover, the shifting focus of the government towards the development of large capacity industrial boilers is fostering the growth of the global industrial boilers market. The exponential demand for the industrial boilers in the chemical industry is the major driver of the global industrial boilers market.

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Key Highlights

• Europe has accounted 37% of the revenue share in 2022.
• By product, the water-tube boiler segment has generated revenue share of 72% in 2022.
• By application, the chemical & petrochemicals segment has generated revenue share of 35% in 2022.
• By fuel type, the oil & gas segment has held revenue share of 39% in 2022.
• The water-tube boiler segment is poised to reach at a CAGR of 5.2% from 2022 to 2030.
• The fire-tube segment is poised to reach at a CAGR of 4.4% through 2022 to 2030.
• By technology, the non-condensing industrial boilers market is growing at a CAGR of 4.8% between 2022 to 2030.
  
  

Regional Snapshot

Europe dominated the global industrial boilers market, garnering a market share of around 37% in 2022. The European region is characterized by the rapid industrialization and rapid growth of the industries such as chemicals, textile, consumer goods, and food & beverages. The increased consumer awareness regarding the carbon emissions and other pollutants has forced the government to implement strict rules regarding the harmful industrial emissions. This has subsequently boosted the demand for the industrial boilers across the Europe.

On the other hand, Asia Pacific is estimated to be the most opportunistic segment during the forecast period. This can be attributed to the rising government initiatives to attract FDIs. The presence of huge population is offering growth opportunities to the manufacturers of various industries like food & beverages, chemical, and textiles. The rising expansion policies of various manufacturers owing to the easy and cheap availability of factors of production is fostering the growth of the industrial boilers in the Asia Pacific region.

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Scope of the Report

Market Dynamics

Driver

Rising demand for the industrial boilers in the food processing and chemical industries

The chemical and the food processing industries are among the major contributors to the GDP. The growing population and rising disposable income of the consumers is resulting in a surge in the demand for the various chemical, food, and FMCG products across the globe. This growing demand is expected to result in the expansion of the industries which will fuel the growth of the global industrial boilers market in the forthcoming future.

Restraint

High costs associated with the industrial boilers

A huge capital investment is involved with the installation of the industrial boilers. The high cost of the boilers may restrict the manufacturers to delay the replacement of conventional boilers by repairing and maintaining the old boilers. Moreover, the lack of financial support with some of the manufacturers may hinder the adoption of the industrial boilers.

Opportunity

The developmental strategies adopted by the market players

There are various developmental strategies adopted by the market players in order to gain competitive edge and gain market share. For instance, 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. These type of strategies helps the market players to remain competitive in the market.

Challenges

Lack of proper infrastructure may restrict industrialization

The lack of political stability, lack of proper policies, and inadequate infrastructure in the developed nations may restrict the growth of the industries. This may hamper the growth of the industrial boilers market during the forecast period.

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Report Highlights

• Based on the type, the water tube segment dominated the global industrial boilers market in 2022. The increased demand for the water tube industrial boilers across the major industries such as the paper & pulp, chemical & petrochemical, and the food processing industries has significantly driven the growth of the water tube segment in the past years.
  
  
• Based on the application, the chemical & petrochemical segment dominated the global market in 2022. The huge demand for the chemical and petrochemical products such as alkali, chlorine, fertilizers, and pesticides has major contributions towards the growth of the chemical industry. The rising importance of chemical industry in the developing regions is expected to further fuel the demand for the industrial boilers in the chemical & petrochemical segment.
  
  
• Based on the fuel type, the oil & gas segment was the most dominant segment in 2022. This can be attributed to the easy availability of the oil & gas and its increased adoption as a source of energy across the globe. The huge adoption of oil & gas for generating energy in various industries has fostered the growth of this segment.
  
  

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
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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