Industrial Boilers Market: By Fuel, By Boiler, Technology, By Function, By End-Use Industry and Geography
Industrial Boilers Market: By Fuel, By Boiler, Technology, By Function, By End-Use Industry and Geography
Industrial Boilers Market was valued at US$ 16,986.9 million in 2023 and is poised to grow at a CAGR of 3.1% over 2024-2030. Industrial Boilers are large, enclosed vessels used to produce steam or heat water for electricity generation, power production, and industrial activities. The increased industrialization for heat and power generation across various sectors such as manufacturing, chemicals, food processing, and power generation is expected to drive the industrial boilers market. According to the International Energy Agency (IEA) in 2019, the world's total electricity final consumption reached 22,848 TWh, up 1.7% from 2018 which increases the utilization of industrial boilers by several industries to satisfy its electricity demand. Furthermore, the rising awareness among individuals for renewable energy sources has also led to an opportunity for the integration of biomass boilers, which use organic materials as fuel, into industrial processes along with the efficient burning of waste materials to generate heat and steam.
Recently the use of IoT sensors and smart monitoring systems in industrial boilers to provide real-time data collection, remote monitoring, predictive maintenance, and general operational optimization are key trends of the market. But, the installation of industrial boilers especially high-efficiency and environmentally friendly models requires a significant investment that hinders the market growth. Additionally, in industries where boilers are well-maintained and can survive for several decades, industrial boilers often have lengthy replacement cycles that can slow down the market’s growth rate. However, the increased power and food industry demand, the use of clean technology in the chemical end-use industry, and stringent government policies to minimize carbon emission and maximize renewable energy usage is anticipated to burgeon the market growth.
Study Period
2024-2030Base Year
2023CAGR
3.10%Largest Market
Asia-PacificFastest Growing Market
Asia-Pacific
The market is expected to rise as the usage of water tube boilers in industries is increased owing to their ability to handle high-pressure and high-temperature applications, making them suitable for power generation and industries requiring large amounts of steam. Water-tube boilers are a type of industrial boiler where water circulates within tubes that are heated externally by hot gases from the combustion process. The demand for water tube boilers has grown as a result of factors such the development of the power generation industry, the expansion of the manufacturing sector, and the requirement for safe and dependable steam generation. Additionally, the use of water-tube boilers for biomass co-firing in coal-fired power plants helps in reducing greenhouse gas emissions and transitioning towards cleaner energy that further contributes to market growth and is anticipated to burgeon over the forecasted years.
The Asia Pacific dominates the Industrial boilers market and is poised to grow at 4.1% CAGR over the forecast period owing to the increased demand of electricity for a tremendous population of China and India. According to IEA, China and India were some of the four largest non-OECD consumers of electricity in 2019. Among these countries, China has the largest share, accounting for almost half (49.5%) of non?OECD consumption of electricity. Moreover, the rising petrochemical and chemical industries in developing nations, particularly in China and India, raise demand for industrial boilers in this region.
Latin America
Europe
Asia Pacific
Middle East
North America
|
Report Benchmarks |
Details |
|
Report Study Period |
2024-2030 |
|
Market Size in 2023 |
US$ 16,986.9 million |
|
Market CAGR |
3.10% |
|
By Fuel Type |
|
|
By Boiler Type |
|
|
By Technology |
|
|
By Function |
|
|
By End User |
|
Download Free Sample Report
The Industrial boiler market valued at US$ 16,986.9 Million in 2023 and is expected to grow at 3.1% CAGR over the forecast period 2024 – 2030.
The increased industrialization for heat and power generation across various sectors such as manufacturing, chemicals, food processing, and power generation drives the industrial boilers market.
The use of IoT sensors and smart monitoring systems in industrial boilers to provide real-time data collection, remote monitoring, predictive maintenance, and general operational optimization are in trend in the market.
Thermax Ltd., General Electric, Babcock & Wilcox Enterprises, Inc., Andritz AG, Siemens AG, Bharat Heavy Electricals Ltd., Forbes Marshall, Hitachi Ltd., Mitsubishi Heavy Industries, Ltd., Harbin Electric Corporation, Cheema Boilers Limited, IHI Corporation, AC Boilers, and Dongfang Electric Corporation Ltd. are a few companies operating in the Industrial boilers market.
| 1.Executive Summary |
| 2.Global Industrial Boilers Market Introduction |
| 2.1.Global Industrial Boilers Market - Taxonomy |
| 2.2.Global Industrial Boilers Market - Definitions |
| 2.2.1.Fuel Type |
| 2.2.2.Boiler Type |
| 2.2.3.Technology |
| 2.2.4.End User |
| 2.2.5.Region |
| 3.Global Industrial Boilers Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Industrial Boilers Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Industrial Boilers Market By Fuel Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Natural gas |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Oil |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Coal |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Others (biomass, nuclear) |
| 5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 6.Global Industrial Boilers Market By Boiler Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. Fire-tube |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Water-tube |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Others |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 7.Global Industrial Boilers Market By Technology, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. Condensing |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Non-Condensing |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 8.Global Industrial Boilers Market By End User, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. Chemicals & Petrochemicals |
| 8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Metal & mining |
| 8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Food |
| 8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Paper & pulp |
| 8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Power generation |
| 8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 8.6. Others |
| 8.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.6.3. Market Opportunity Analysis |
| 9.Global Industrial Boilers Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. North America |
| 9.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.1.3. Market Opportunity Analysis |
| 9.2. Europe |
| 9.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.2.3. Market Opportunity Analysis |
| 9.3. Asia Pacific (APAC) |
| 9.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.3.3. Market Opportunity Analysis |
| 9.4. Middle East and Africa (MEA) |
| 9.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.4.3. Market Opportunity Analysis |
| 9.5. Latin America |
| 9.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.5.3. Market Opportunity Analysis |
| 10.North America Industrial Boilers Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Fuel Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Natural gas |
| 10.1.2.Oil |
| 10.1.3.Coal |
| 10.1.4.Others (biomass, nuclear) |
| 10.2. Boiler Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Fire-tube |
| 10.2.2.Water-tube |
| 10.2.3.Others |
| 10.3. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.Condensing |
| 10.3.2.Non-Condensing |
| 10.4. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1.Chemicals & Petrochemicals |
| 10.4.2.Metal & mining |
| 10.4.3.Food |
| 10.4.4.Paper & pulp |
| 10.4.5.Power generation |
| 10.4.6.Others |
| 10.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.5.1.United States of America (USA) |
| 10.5.2.Canada |
| 11.Europe Industrial Boilers Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Fuel Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Natural gas |
| 11.1.2.Oil |
| 11.1.3.Coal |
| 11.1.4.Others (biomass, nuclear) |
| 11.2. Boiler Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Fire-tube |
| 11.2.2.Water-tube |
| 11.2.3.Others |
| 11.3. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.Condensing |
| 11.3.2.Non-Condensing |
| 11.4. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1.Chemicals & Petrochemicals |
| 11.4.2.Metal & mining |
| 11.4.3.Food |
| 11.4.4.Paper & pulp |
| 11.4.5.Power generation |
| 11.4.6.Others |
| 11.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.5.1.Germany |
| 11.5.2.France |
| 11.5.3.Italy |
| 11.5.4.United Kingdom (UK) |
| 11.5.5.Spain |
| 12.Asia Pacific (APAC) Industrial Boilers Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. Fuel Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Natural gas |
| 12.1.2.Oil |
| 12.1.3.Coal |
| 12.1.4.Others (biomass, nuclear) |
| 12.2. Boiler Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Fire-tube |
| 12.2.2.Water-tube |
| 12.2.3.Others |
| 12.3. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Condensing |
| 12.3.2.Non-Condensing |
| 12.4. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1.Chemicals & Petrochemicals |
| 12.4.2.Metal & mining |
| 12.4.3.Food |
| 12.4.4.Paper & pulp |
| 12.4.5.Power generation |
| 12.4.6.Others |
| 12.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.5.1.China |
| 12.5.2.India |
| 12.5.3.Australia and New Zealand (ANZ) |
| 12.5.4.Japan |
| 12.5.5.Rest of APAC |
| 13.Middle East and Africa (MEA) Industrial Boilers Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 13.1. Fuel Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1.Natural gas |
| 13.1.2.Oil |
| 13.1.3.Coal |
| 13.1.4.Others (biomass, nuclear) |
| 13.2. Boiler Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1.Fire-tube |
| 13.2.2.Water-tube |
| 13.2.3.Others |
| 13.3. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1.Condensing |
| 13.3.2.Non-Condensing |
| 13.4. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1.Chemicals & Petrochemicals |
| 13.4.2.Metal & mining |
| 13.4.3.Food |
| 13.4.4.Paper & pulp |
| 13.4.5.Power generation |
| 13.4.6.Others |
| 13.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.5.1.GCC Countries |
| 13.5.2.South Africa |
| 13.5.3.Rest of MEA |
| 14.Latin America Industrial Boilers Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 14.1. Fuel Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.1.1.Natural gas |
| 14.1.2.Oil |
| 14.1.3.Coal |
| 14.1.4.Others (biomass, nuclear) |
| 14.2. Boiler Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.2.1.Fire-tube |
| 14.2.2.Water-tube |
| 14.2.3.Others |
| 14.3. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.3.1.Condensing |
| 14.3.2.Non-Condensing |
| 14.4. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.4.1.Chemicals & Petrochemicals |
| 14.4.2.Metal & mining |
| 14.4.3.Food |
| 14.4.4.Paper & pulp |
| 14.4.5.Power generation |
| 14.4.6.Others |
| 14.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.5.1.Brazil |
| 14.5.2.Mexico |
| 14.5.3.Rest of LA |
| 15. Competition Landscape |
| 15.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 15.2.1.Thermax Ltd. |
| 15.2.2.General Electric |
| 15.2.3.Babcock & Wilcox Enterprises, Inc. |
| 15.2.4.Andritz AG |
| 15.2.5.Siemens AG |
| 15.2.6.Bharat Heavy Electricals Ltd. |
| 15.2.7.Forbes Marshall |
| 15.2.8.Hitachi Ltd. |
| 15.2.9.Mitsubishi Heavy Industries, Ltd. |
| 15.2.10.Harbin Electric Corporation |
| 15.2.11.Cheema Boilers Limited |
| 15.2.12.IHI Corporation |
| 15.2.13.AC Boilers |
| 15.2.14.Dongfang Electric Corporation Ltd. |
| 16. Research Methodology |
| 17. Appendix and Abbreviations |
Key Market Players
Download Free Sample
