Industrial Boilers Market Research Report – Global Forecast till 2028

Industrial Boilers Market Information Report: Information by Type (Fire-Tube, Water-Tube), by Fuel Type (Natural Gas & Biomass, Oil, Coal), by Boiler Horsepower (10-150 HP, 151-300 HP, and 301-600 HP), End-User (Chemical, Food Processing, Refineries, Metals & Mining) And by Region - Forecast to 2028

ID: MRFR/E&P/0477-HCR | February 2021 | Region: Global | 188 pages

Industrial Boilers Market Scenario:


Industrial Boilers Market is projected to be worth USD 22.81 Billion by 2028, registering a CAGR of 6.28% during the forecast period (2021 - 2028), The market was valued at USD 15.11 Billion in 2020.


Industrial Boiler market by region is segmented into Asia Pacific, North America, Europe, the Middle East, Africa, and South America. North America is expected to hold the largest share during the forecast period due to rising due to the rising demand for energy and replacement of conventional boilers mainly in the US. Moreover, Asia Pacific is projected to grow at fastest rate during the forecast period owing to increasing population and increasing demand for power generation. In addition to this, Asia Pacific region is the major consumer of boilers, which are used in the food, chemical, refining, and metals & mining industry. The global industrial boiler market is expected to expand at ~6.28% CAGR during the forecast period.


Moreover, growth in food processing industry would also boost the growth of industrial boilers. For instance, Indian government is providing incentives to promote investment in food processing industry which would However, the factors such as high installation cost are going to restraint the global industrial boiler market. The factors such as increasing use of natural gas and increasing demand for lean operations are expected to provide lucrative business opportunities to the global industrial boiler market.Industrial Boiler market has been segmented on the basis of type, fuel type, boiler horsepower, end-user, and region. Based on type, the market is classified into water-tube and fire-tube boilers. Among these, fire-tube segment is expected to dominate the market as it can be used for wide range of industrial application, providing higher efficiency, easy operation, and compact design.


Key Players: The key players of global industrial boiler market are Babcock & Wilcox Co. (U.S.), Thermax Ltd. (India), General Electric Company (US), Doosan Heavy Industries & Construction (South Korea), Siemens (Germany), IHI Corporation (Japan), Dongfang Electric Corporation Ltd. (China), Bharat Heavy Electricals Ltd.(India), Harbin Power Equipment Co. Ltd.(China), Mitsubishi Heavy Industries Ltd.(Japan), Hitachi Ltd.(Japan).


Market Segmentation:


industrial boiler market


The industrial boiler market by fuel type is segmented into natural gas & biomass, oil, coal, and others. Natural gas & biomass is estimated to hold the largest share as most of the end-use industries such as chemical, metals & mining, and food processing are moving towards adopting natural gas as their primary fuel.  Based on boiler horsepower, the industrial boiler market is segmented into 10-150 HP, 151-300 HP, and 301-600 HP. The industrial boiler market was dominated by the 10-150 BHP segment as most of the end-use industries, such as chemical and food use boilers in the 10-150 BHP range. Rising demand from the food & beverages industry, which is a major market for 10-150 BHP boilers, is expected to drive the 10-150 BHP segment of the industrial boilers market.


end-user, and region. Based on type, the market is classified into water-tube and fire-tube boilers. Among these, fire-tube segment is expected to dominate the market as it can be used for wide range of industrial application, providing higher efficiency, easy operation, and compact design. The industrial boiler market by fuel type is segmented into natural gas & biomass, oil, coal, and others. Natural gas & biomass is estimated to hold the largest share as most of the end-use industries such as chemical, metals & mining, and food processing are moving towards adopting natural gas as their primary fuel.  Based on boiler horsepower, the industrial boiler market is segmented into 10-150 HP, 151-300 HP, and 301-600 HP. The industrial boiler market was dominated by the 10-150 BHP segment as most of the end-use industries, such as chemical and food use boilers in the 10-150 BHP range. Rising demand from the food & beverages industry, which is a major market for 10-150 BHP boilers, is expected to drive the 10-150 BHP segment of the industrial boilers market.


Industrial boiler is a closed vessel in which fluid is heated. It uses a fuel source of electricity to heat water or generate steam for industrial heating and humidification purpose. 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 majorly used in industrial applications. Water tube boilers have higher temperature output compared to fire tube boilers. Rapid industrialization coupled with increase in investments toward expansion of manufacturing facilities would drive the global industrial boiler market. The key drivers of industrial boiler market include rising industrialization along with positive outlook towards food processing industry. Robust industrial growth across the countries in Asia comprising India, Indonesia, Philippines, and others would lead to increase in the demand for industrial boilers. Growing demand for energy efficient systems would further complement the business growth.


Industrial Boiler market by region is segmented into Asia Pacific, North America, Europe, the Middle East, Africa, and South America. North America is expected to hold the largest share during the forecast period due to rising due to the rising demand for energy and replacement of conventional boilers mainly in the US. Moreover, Asia Pacific is projected to grow at fastest rate during the forecast period owing to increasing population and increasing demand for power generation. In addition to this, Asia Pacific region is the major consumer of boilers, which are used in the food, chemical, refining, and metals & mining industry. The global industrial boiler market is expected to expand at ~6.28% CAGR during the forecast period.


Intended Audience: The intended audience of global industrial boiler market are industrial boiler manufacturers, traders & distributors of industrial boilers, government & research organization, associations and industrial bodies, R&D institutions, environment support agencies, and investment banks and private equity firms.



Report Scope:
Report Attribute/Metric Details
  Market Size   2028: USD 22.81 Billion
  CAGR   6.28% CAGR (2021 - 2028)
  Base Year   2020
  Forecast Period   2021-2028
  Historical Data   2019
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Fuel Type ,Boiler Horsepower, End-User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Babcock & Wilcox Co. (U.S.), Thermax Ltd. (India), General Electric Company (US), Doosan Heavy Industries & Construction (South Korea), Siemens (Germany), IHI Corporation (Japan), Dongfang Electric Corporation Ltd. (China), Bharat Heavy Electricals Ltd.(India), Harbin Power Equipment Co. Ltd.(China), Mitsubishi Heavy Industries Ltd.(Japan), Hitachi Ltd.(Japan).
  Key Market Opportunities

  • Increasing use of natural gas
  • Increasing demand for lean operations
  •   Key Market Drivers

  • Rising industrialization
  • Robust industrial growth


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    Frequently Asked Questions (FAQ) :


    The industrial boilers market is expected to thrive at 6.28% CAGR across the assessment period.

    The global market of industrial boilers can attain USD 22.81 Billion by 2028

    Doosan Heavy Industries & Construction (South Korea), IHI Corporation (Japan), Siemens (Germany), and Dongfang Electric Corporation Ltd. (China) are some important players of the industrial boilers market.

    The growing adoption of industrial boilers by the cash-rich F&B sector is expected to cause a surge in its global market.

    The rapid replacement of traditional boilers with industrial boilers in North America can prompt the regional market growth.