Impact of the Covid-19 Outbreak on the Industrial Boilers MarketThe spread of COVID-19 has negatively impacted the global industrial boilers market owing to the lockdowns imposed in the majority of the countries across the globe since December 2019. Industrial boilers are closed vessels in which fluid is heated. They use electricity as the fuel source to heat water or generate steam for industrial heating and humidification purposes. Hot water boilers are used to heat water for heating systems, whereas steam boilers are used to generate steam for use in different applications such as power generation, agricultural soil steaming, and others. Water tube and fire tube are two types of industrial boilers that are widely used in industrial applications. Water-tube boilers have higher temperature outputs as compared to fire-tube boilers. Rapid industrialization, coupled with increasing investments toward the expansion of manufacturing facilities, is expected to drive the global industrial boilers market. The for these products has declined temporarily in recent months, owing to the shutting down of businesses globally. However, the demand for industrial boilers is anticipated to bounce back in the coming months and grow significantly in the long term.
FIGURE: EU-28 Value of Solid Industrial Production, 2008 - 2018 (2015=100)
The key drivers for the industrial boilers market include rapid industrialization and the growing food processing industry. Robust industrial growth across Asian countries such as India, Indonesia, and the Philippines, is expected to propel the demand for industrial boilers. The growing demand for energy-efficient systems is projected to complement business growth further. Moreover, growth in the food processing industry is also expected to boost the demand for industrial boilers. However, factors such as high installation costs are going to restrain the growth of the global industrial boilers market. Factors such as the increasing use of natural gas and the rising demand for lean operations are expected to provide lucrative business opportunities to the global industrial boilers market. Thus, the demand for industrial boilers is anticipated to grow significantly in the coming years.
Source: Secondary Sources
Source: Primary Experts, Secondary Sources, and MRFR Analysis