Industrial Boilers Market Analysis Report By Application, By Fuel, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The industrial boilers market size across the globe was valued at USD 13.4 billion in 2018. It is projected to witness a CAGR of 4.5% over the forecasted years, 2019 to 2025. Rapid technological advances across several industrial sectors coupled with the growth of the food and beverage industry are projected to propel the demand for industrial boilers. Further, the imposition of regulatory norms for pollution control is anticipated to trigger its growth in the upcoming years.

Several industrial segments like petrochemicals, food & beverage, chemical, and power make use of these boilers. These boilers generate steam which can be used for many heating processes across the industry. This steam can be transferred to the desired locations with the help of pipes. For this purpose, they make use of fuels such as fossil, biomass, oil and gas, and non-fossil.    

In 2018, the U.S. dominated the North American market. Surging population, rising disposable income, and rapid growth of textile, FMCG, and food industry are anticipated to drive this market growth. To cater to rising consumer demand several industries have started setting up their new manufacturing plants. These factors are projected to boost the demand for industrial boilers over the forecasted years, 2019 to 2025.

These boilers are also largely being used across many petrochemical industries in countries like India and China. Huge investments being undertaken for the development of mega power projects across developing regions are also expected to fuel up the need for industrial boilers in the years to come.

Application Insights

The global industrial boiler market can be classified into paper and pulp, chemicals and petrochemicals, metals and mining, food and beverages, and others based on their applications. In 2018, the segment of chemicals and petrochemicals accounted for the largest share of around 34.8% across the global market. The rising number of chemical and petrochemical industries across China and India are anticipated to fuel up the market growth for this segment.

The paper and pulp segment is expected to witness the highest growth with a 6.1% CAGR from 2019 to 2025. The rising demand for paper coupled with rapid industrialization is anticipated to drive the market growth for this segment in the upcoming years. Also, strict regulations over the emission of harmful gases are projected to further fuel up its market growth.

Fuel Insights

In 2018, the segment of fossil fuel held the largest share of around 34.9% across the global market. This can be associated with their ease of availability and low-cost prices as compared to other fuels. But, the emission of hazardous gases like carbon monoxide on the combustion of this fuel is expected to hinder its growth in the upcoming years.

In 2018, the fuel segment of biomass accounted for the second-largest share across the global market. It is also expected to register the highest CAGR over the forecasted years, 2019 to 2025. This can be attributed to its feature of low harmful gas emission coupled with the imposition of stringent regulations over the emission of harmful gases in the atmosphere. Also, the usage of many organic materials like rice hulls, wood, tobacco stems, and bagasse for its production is expected to further fuel up its demand in the upcoming years. 

Regional Insights

In 2018, Europe held the largest share of 34.1% across the global industrial boiler market. This can be attributed to the surging number of industries like food & beverages, power, and FMCG across this region. Further, stringent emission norms for pollution control being implemented by the European government are anticipated to fuel up the demand for boilers across this region.

The Asia Pacific accounted for the second-largest share across the global market in 2018. It is also anticipated to value USD 6.3 Billion in terms of revenue until 2025. This can be associated with the emergence of regulatory measures for controlling environmental pollution coupled with the rapid advances in many mega power projects across countries like India and China.

COVID-19 Impact Insights

The global industrial boiler market has been negatively impacted due to the ongoing COVID-19 crisis. As the majority of the raw material suppliers for HVAC equipment are located in China, their supply chain has been hindered on account of restrictions on travel and cargo movement. Also, the lack of availability of labor due to the imposition of lockdown coupled with the reduced growth rate for construction of manufacturing plants is anticipated to hinder the market growth. Moreover, stagnancy in operations of several industries like petroleum and chemicals is projected to obstruct the demand for industrial boilers over the post-pandemic period.

Key Companies & Market Share Insights

The key players in the market are Thermax Ltd.; Mitsubishi Heavy Industries, Ltd.; Babcock & Wilcox Enterprises, Inc.; IHI Corporation; Siemens AG; Forbes Marshall, and Bharat Heavy Electricals Ltd. These players account for significant share across the global market.

They are constantly engaged in product development and innovation to gain a competitive advantage. They are also investing hugely to carry out R&D activities for widening their global reach and product portfolio. As the market is fragmented in nature, these players are anticipated to witness stiff competition in the upcoming years.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2014 to 2025 in each of the sub-segments. For the purpose of this study, Million Insights has segmented the global industrial boilers market on the basis of application, fuel, and region:

• Applications Outlook (Revenue, USD Million, 2014 - 2025)
    • Chemicals & Petrochemicals
    • Paper & Pulp
    • Food & Beverages
    • Metal & Mining
    • Others

• Fuel Outlook (Revenue, USD Million, 2014 - 2025)
    • Oil & Gas
    • Fossil
    • Non-Fossil
    • Biomass

• Regional Outlook (Revenue, USD Million, 2014 - 2025)
    • North America
        • The U.S.
        • Canada
    • Europe
        • France
        • The U.K.
        • Russia
        • Italy
        • Spain
    • the Asia Pacific
        • China
        • India
        • South Korea
        • Japan
    • Middle East & Africa
        • Saudi Arabia
        • UAE
    • Central & South America
        • Brazil