Industrial Boiler Market is segmented By Product (Steam Boiler, Hot Water Boiler, Industrial Heat Recovery & Waste Heat Boiler, Energy Efficient Boiler, Others), By Type (Fire-Tube, Water-Tube), By Fuel (Natural Gas & Biomass, Coal, Oil, Others), By Horsepower (10-150 BHP, 151-300 BHP, 301-600 BHP), By End-User (Petrochemical, Food & Beverage, Pharmaceutical, Power Generation, Textile, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Industrial Boiler Market Overview
The Industrial Boiler Market is expected to reached at a CAGR of 8.99% during the forecast period 2023-2030.
An industrial boiler is a hot water or steam boiler that can run on coal, oil, natural gas, biomass, and other fuels. Industrial boilers heat or evaporate the water within them and transport it via pipe systems. The boilers are utilized in various industries, including food and beverage, textile, petrochemical, and others, because of their ease of operation, compact design, and improved efficiency.
Rapid industrialization and continuous expenditures in established and emerging countries worldwide for thermal power expansion and rising electricity demand are important factors projected to fuel the growth of the industrial boiler market over the forecast period.
Industrial Boiler Market Scope
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Metrics |
Details |
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CAGR |
8.99% |
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Forecast Period |
2023-2030 |
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Data Availability |
Value (USD ) |
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Segments Covered |
By Type, By Product, By Horsepower, By End Users and By Region |
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Regions Covered |
North America, Europe, Latin America, Asia-Pacific, South America, and Middle East & Africa |
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Fastest Growing Region |
Asia-Pacific |
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Largest Region |
North America |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other vital insights. |
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Industrial Boiler Market Dynamics
The high demand for biomass boilers to meet energy and environmental goals is expected to drive the global industrial boiler market. However, several codes and regulations are related to installing industrial boiler systems.
High demand for a biomass boiler to meet energy and environmental goals
Biomass boilers are the ideal environmentally friendly alternative for space and process heating in various industrial and commercial applications, including process steam. The boilers are an excellent alternative to the use of oil and gas. For instance, the food processing business employs nearly 10,000 boilers to meet its heating and power requirements within the U.S. manufacturing sector. It is estimated that the suggested biomass boiler technology might replace up to 20% of the 10,000 boilers already used in the food processing industry.
As a result of the increasing demand, firms are investing in technology and proactively integrating new biomass boilers into all manufacturing industries that operate industrial boilers to meet the need. For instance, in January 2022, Babcock & Wilcox (B&W) stated that its B&W renewable segment had been awarded a contract of over US$ 11 million to design, produce, deliver and install boiler equipment for the biomass boiler in Canada.
Several codes and regulations related to installing industrial boiler systems
Several codes and regulations provide a wealth of information on correctly constructing and installing boiler systems. Some can argue that there are too many codes and regulations in place. For example, several standards govern the quantity of combustion air supplies and they frequently conflict. Because of the great range of combustion systems and boiler uses, it is impossible to have simple, obvious requirements that work for an application. As a result, several issues may develop.
In addition, boilers require an air supply for combustion. If the air supply is interrupted or cut, it can lead to excessive unburned fuel, resulting in emissions and lost energy. Besides, it leads to carbon monoxide production and potentially an explosive situation.
COVID-19 Impact on Industrial Boiler Market Growth
The COVID-19 pandemic has brought anxieties and opportunities for the industrial boilers industry. Due to stringent prohibitions on social distance and lockdowns worldwide, numerous steam and boiler enterprises have been unable to operate and provide services, resulting in significant financial losses.
However, COVID-19 has opened a floodgate of the steam and boiler industry prospects despite its overall financial impact. Boilers are required to generate steam and provide hot water for various critical services. Further, they are essential not only for houses but also for hospitals, manufacturing companies, and power plants.
Industrial Boiler Market Segmentation Analysis
Based on product, the global industrial boiler market is segmented into steam boilers, hot water boilers, industrial heat recovery & waste heat boilers, energy-efficient boilers, and others.
A steam boiler is a heating machine that uses boiling water to produce steam. A heat exchanger generates steam for external use and includes a combustion chamber and a water container. The boiler burns fuel to heat water. Steam boilers come in various sizes, from extremely small to huge, for more demanding applications.
Companies are innovating technology to develop and launch steam boilers with greater efficiency. For instance, in July 2022, Kawasaki Thermal Engineering (KTE) introduced the "IF series" and "WILLHEAT" series of extremely efficient steam boilers for the global market. The newly developed high-performance economizer of the "IF series" achieves 99% efficiency. Further, the "WILLHEAT" series, a steam boiler with a heated surface of less than 10m2, achieves a high boiler efficiency of 99% and corresponding evaporation rates of 2,500 kg/h and 3,000 kg/h.
Industrial Boiler Market Geographical Share
Based on geography, the global industrial boiler market is segmented into North America, Europe, South America, Asia-Pacific, and Middle East & Africa.
Asia-Pacific is projected to have a significant market share owing to its rapid modernization and growth in the power and food processing industries. China has the most coal-fired power stations under construction. The construction of the facilities is expected to boost the growth of the industrial boiler market. The firm's reliance on thermal power generation is projected to persist in the future, driving up demand for turbines during the predicted period in the region.
Further, in 2020, Japan stated that it would build 22 new coal-fired power facilities in the next years. With the construction of new power plants, there will be a significant increase in demand for steam boilers. Therefore, the region is likely to lead the market during the forecast period, with significant projects upcoming in the power, oil, and gas refining sectors.
Industrial Boiler Companies and Competitive Landscape
The global industrial boiler market is consolidated and competitive with multinational businesses. Major players in the market include Babcock & Wilcox Enterprises, Inc., GE Power, Siemens AG, John Wood Group PLC, Bharat Heavy Electricals Limited (BHEL), Robert Bosch GmbH, Mitsubishi Hitachi Power Systems, Ltd., Dongfang Electric Corporation Limited (DEC Ltd.), Harbin Electric Company Limited and IHI Corporation, among others. The major players in the market are known to incorporate numerous market strategies to achieve growth in the global industrial boiler market; these include mergers, acquisitions, product launches, contributions, and collaborations.
Babcock & Wilcox Enterprises, Inc.
Overview: Babcock & Wilcox Enterprises Inc. is a U.S.-based renewable, environmental, and thermal energy technology and service provider with headquarters in Ohio, U.S. The company has operations in numerous foreign marketplaces globally. Further, the company's boilers provide more than 300,000 megawatts of installed capacity in over 90 countries.
Product Portfolio: Babcock & Wilcox Enterprises Inc. provides a variety of industrial water-tube boiler designs. The company's water-tube package boilers, Towerpak power boilers, Stirling, and fluidized-bed boilers are individually engineered to each project's exact inputs and outputs.
Key Development:
- In July 2022, Babcock & Wilcox Enterprises Inc. announced a new four-year, US$125 million revolving credit agreement with MSD Partners and PNC Bank to invest in clean and renewable energy initiatives and technology.
