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Industrial Boilers Market Analysis

ID: MRFR//0477-HCR | 188 Pages | Author: Chitranshi Jaiswal| May 2024

The need for energy around the world is one of the main things that changes business. Small businesses are looking for cheap and eco-friendly ways to make electricity because of this need. As environmental concerns grow, better heating systems that use less energy are becoming more common.
More and more companies are putting out new technologies that make boiler systems safer, more efficient, and better for the environment. There have been big changes in the field. More and more new materials, control systems, and computer technology are being used. All over the world, strict limits on emissions have been set by government agencies. Not only does this meet those limits, but it also meets the rising need to save energy. New smart technologies, like tracking and control based on the Internet of Things, make it possible to both fix things right away and plan repairs ahead of time.
Tough emission standards mean that businesses have to spend money on better and more efficient heating systems. These standards are meant to cut down on greenhouse gas and air pollution emissions. Other things that are changing the setting of industrial boilers are handouts and tax breaks for using green energy sources. The cost of energy and the ease of getting raw materials vary from place to place. Because these things alter the market, providers must adapt their goods and services to meet the unique needs of each area.
Market trends are also affected by things that happen in the economy, such as population growth, development, and industry. More steam and heat are being made, so there is a greater need for industrial boilers. This is taking place because towns and businesses are growing. But if the economy changes, it might affect spending in infrastructure for the business. This could then affect how the market grows as a whole. Also, the need for industrial boilers may go up and down from time to time because some fields, like building and manufacturing, go through cycles. This group includes companies that build things and companies that make things.
Getting into a fight with the biggest players in the market is another important part of how the steam boiler business works. Companies try to get a bigger share of the market in a number of ways, such as by making smart agreements, selling unique goods, and setting different prices. More mergers and acquisitions show that companies are trying to get a bigger share of the market and make the most of the benefits that come with it.
The market for commercial boilers is changing in new ways as the world moves toward green energy sources and healthy growth. New types of energy like hydrogen, biogas, and biomass are getting more attention, which is shaking up the market. Folks all over the world are trying to use fossil fuels less and less. At the same time, businesses are changing their products more and more to follow new trends.

Global Industrial Boilers Market Overview:

Industrial Boilers Market Size was valued at USD 16.21 billion in 2022. The industrial boilers market industry is projected to grow from USD 16.97 Billion in 2023 to USD 25.04 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 4.98% during the forecast period (2024 - 2031). The rapidly growing industrialization across the world together with growing oil & gas and food & beverage industry is set to drive demand in the market during the forecast period. 

Global Industrial Boilers Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Industrial Boilers Market Trends

  • Rising Demand from End-user Industries to Augment the Market Growth

The demand for industrial boilers is increasing significantly across end-user industries as boiler systems for industrial segment are significantly utilized in several businesses, including the food and beverage, petrochemical, power, and chemical sectors. Steam generated by boiler systems is utilized to carry out heating operations then pipes are used to transport the generated steam to the working area. Industrial steam Boilers employ a variety of fuels, including oil, gas, fossil, non-fossil, and biomass, to produce the steam.

Figure 1: Carbon di Oxide Emission, Annually, 2015-2021

Carbon di Oxide Emission, Annually, 2015-2021

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The demand for industrial boilers is expected to increase as a result of the rapidly expanding petrochemical and chemical sectors in developing nations like China and India. Due to increased investment in the construction of mega power plants, the demand is anticipated to increase even more.

The government has been compelled to impose tough measures on industrial emissions as a result of growing concerns about pollution, carbon emissions, and environmental protection. The market for industrial boilers is expanding due to the strict government regulations governing environmentally damaging emissions. Additionally, the market for industrial boilers is expanding as a result of rising investments in thermal power as a result of the increased demand for an efficient power supply.

According to the U.S. Environmental Protection Agency, new boiler regulations should significantly reduce environmental pollution. With regular maintenance, more than 88% of the main sources of emissions can be in compliance.

Additionally, rapidly expanding industrialization across developing and developed countries significantly contributed to the bolstering demand for industrial boilers. Investment in installing new industries and expanding the existing infrastructure is also increasing across the world. Thus, increases the demand for industrial boilers significantly during the forecast period.  

Industrial Boilers Market Segment Insights

Industrial Boiler Type Insights

The Industrial Boilers Market segmentation, based on type, the market is segmented into fire-tube and water-tube. The water-tube segment is estimated to witness growth at a rapid pace during the forecast period.  The rising demand for water tube boilers in the paper & pulp, chemical & petrochemical, and food processing industries around the world augment growth in the segment.

The main element promoting the rise of water tube boilers across sectors is their reduced carbon emissions and improved thermal efficiency. In the near future, it is also anticipated that increasing investments in the adoption of big-capacity boilers and the replacement of conventional heating systems would fuel the segment's growth.

Industrial Boiler Fuel Type Insights

Based on fuel type, the industrial boilers market is segmented into Oil & gas, fossil, non-fossil, and biomass. The oil & gas segment is estimated to witness growth during the forecast period. The demand for clean technology is growing significantly across the world and the government of several countries are heavily investing in increasing the consumption of natural gas fuel. Further, the ease of availability of oil & gas across the world has also increased the demand for this segment.

Bagasse, a byproduct of processing sugarcane, is also utilized as boiler fuel. It has an excellent heating value between 8,000 and 9,000 Btu/lb. Due to stringent laws pertaining to hazardous emissions into the atmosphere, the biomass fuel category is anticipated to develop at a moderate rate over the forecast period. The low environmental impact of biomass fuel is anticipated to increase demand for it as a fuel for these systems.

In January 2022, Babcock & Wilcox announced to receive a contract worth more than USD 11 million to design, manufacture, install, and supply boiler equipment for biomass in Canada. The company will replace pressure parts for the boiler and upgrade the design of its air systems and wood feed.

Industrial Boilers Application Insights

The industrial boilers market has been bifurcated by application into chemicals & petrochemicals, food & beverage, metals & mining, manufacturing, and others. The chemical & petrochemical segment to dominate the market in 2022. The rise of this segment has been driven by the huge demand for the high-quality steam that is used in the production of chemicals including petrochemicals, alkali, chlorine, fertilizers, and pesticides. Its rise has been aided by the enormous need for a wide variety of chemicals across all industries. Worldwide demand for industrial boilers in the chemical & petrochemical industry is increasing as a result of the increased demand for diverse chemical & petrochemical products. As a result, it is anticipated that this category will continue to be important over the projection period.

Figure 2: Industrial Boilers Market, by Application, 2024 & 2031 (USD Billion)

Industrial Boilers Market, by Application, 2022 & 2031 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Its rise has been aided by the enormous need for a wide variety of chemicals across all industries. Worldwide demand for industrial boilers in the chemical & petrochemical industry is increasing as a result of the increased demand for diverse chemical & petrochemical products. As a result, it is anticipated that this category will continue to be important over the projection period.

Industrial Boilers Regional Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific and Rest of the World. Europe dominated the market for industrial boilers. Due to a number of factors, including fast industrialization and expanding FMCG, food and beverage, and power industries, the area is anticipated to dominate the sector. Additionally, tough European government rules regarding environmentally hazardous emissions are anticipated to increase demand for industrial boilers.

Figure 3: Industrial Boilers Market Share By Region 2021 (%)


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

In Asia Pacific region, the market is expected to grow significantly during the forecast period. Growing investments in a variety of industries, including the automobile, agricultural, oil and gas, and renewable energy, are the outcome of the region's quick industrialization. In the upcoming years, market expansion in the nation is anticipated to be boosted by rising demand for packaging materials that are ecologically friendly and biodegradable as well as by the increasing e-commerce industry.

The market in Latin America is projected to grow at significantly during the forecast period due to rising industrialization. Additionally, the expanding food and beverage sector is probably going to increase demand for industrial electric boilers in emerging markets, particularly Brazil.

Industrial Boilers Key Market Players & Competitive Insights

The market is developed, and it is dominated by numerous regional and international firms. Businesses with a strong regional presence, including Babcock and Wilcox, Parker Boiler, and Hurst Boiler, typically sell their goods directly to the end customers. However, a sizable amount of businesses rely on equipment dealers and brokers because they comprehend the sector and are aware of what and where demand is greatest.

List of the Key Companies in the Industrial Boilers Market includes

  • Siemens AG (Germany)

  • Thermax Limited (India)

  • Harbin Electric Corporation (China)

  • Bharat Heavy Electricals Limited (India)

  • General Electric (U.S.)

  • Dongfang Electric Corporation Ltd. (China)

  • Babcock & Wilcox Enterprises, Inc. (U.S.)

  • IHI Corporation (Japan)

  • Andritz AG (Austria)

  • Mitsubishi Heavy Industries Ltd. (Japan)

  • Hitachi Ltd. (Japan)

  • Among others.

Gas Turbine Industry Developments

In December 2022: Bharat Heavy Electricals Limited (BHEL) announced signing an agreement with Sumitomo SHI FW, Finland (SFW) for design, engineering, manufacturing, commissioning, erection, and sale of circulating fluidized bed combustion boilers in India and the international market.

In November 2022: Babcock & Wilcox announced receiving a contract for more than USD 24 million to supply 2 industrial package boilers, advanced control technologies, and auxiliary equipment for a petroleum refinery in North America.

Industrial Boilers Market Segmentation

Gas Turbine Type Outlook

  • Fire-tube

  • Water-tube

Gas Turbine Fuel Type Outlook

  • Oil & Gas

  • Fossil

  • Non-fossil

  • Biomass

Gas Turbine Application Outlook

  • Chemicals & Petrochemicals

  • Food & Beverages

  • Metals & Mining

  • Manufacturing

  • Others

Gas Turbine Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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