Industrial Boilers Market Players: Thermax Ltd., Siemens AG, Bharat Heavy Electricals Ltd., And Forbes Marshall
Industrial Boilers Industry Overview
The global industrial boilers market size is expected to reach USD 20.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.0% from 2021 to 2028. Rapid industrialization in developing economies is expected to boost the demand for the industry during the forecast period. In addition, the growing food and beverage industry is expected to positively impact product demand over the coming years.
Boilers are vessels that produce steam to fulfill heating requirements with the support of numerous energy sources including oil and gas, fossils, non-fossils, and biomass. These vessels are used by numerous industries including food and beverage, power, textiles, FMCG, and thermal power plants. Chemicals and petrochemical is the largest industry to use industrial boilers.
Growing industrialization including the expansion of existing plants and the establishment of new manufacturing plants are likely to drive the market over the forecast period. Growing population coupled with increasing disposable income is likely to boost the growth of the food and beverage industry. As a result, there is a constant expansion of manufacturing plants across the globe, which, in turn, will boost product demand, especially in developed economies.
One of the key challenges faced by the industry is the emission of harmful gases into the environment. However, strict regulations implemented by numerous regulatory bodies have driven manufacturers to modify their products accordingly. The modified products not only comply with the regulations but are also energy efficient. These changes are expected to further boost the adoption of these products, thus, driving the market.
Industrial Boilers Market Segmentation
Grand View Research has segmented the global industrial boilers market on the basis of application, fuel, and region:
Based on the Application Insights, the market is segmented into Chemicals & Petrochemicals, Paper & Pulp, Food & Beverages, Metals & Mining, and Others.
- The steam supplied by industrial boilers in distilleries provides a consistent, mild temperature conducive for successful fermentation, maintenance, and vessel heating. Low-pressure boilers are used for craft distilling due to their ability to provide sufficient energy for the process; however, high-pressure aids in reducing heat loss caused due to the long distances between the boiler and distillery equipment.
- Co-firing of biomass and coal boilers is frequently used in chemical plants. Furthermore, the boilers in the petroleum refining industry are fired with the help of byproduct fuel, including coke and refinery gas. The demand for large boilers in the metals industry is more focused on steel mills, where these boilers are used to produce steam for blast furnace fans, machine drives, and turbine-driven equipment.
Based on the Fuel Insights, the market is segmented into Oil & Gas, Fossil, Non-Fossil, and Biomass.
- The oil and gas segment dominated the market and accounted for the largest revenue share of 37.0% in 2020. The fossil fuel segment accounted for a significant market share in terms of revenue in 2020. Fossil fuels are widely used in these systems. These fuels produce a high amount of harmful gases including carbon monoxide. Industrial boiler manufacturers are constantly modifying their products to meet the national emission standards, thereby driving the market.
- Based on fuel, the market for industrial boilers has been segmented into oil and gas, fossil, non-fossil, and biomass. Different types of fuels are used by these vessels in order to produce steam to carry out industrial processes. Fossil fuel includes natural fuels including coal, bitumen, tar sands among others whereas non-fossil fuels include fuels that are not naturally available including solar and wind.
Industrial Boilers Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is mature and governed by a large number of regional and global players. Companies such as Babcock and Wilcox, Parker Boiler, and Hurst Boiler have a strong regional presence and usually sell their products directly to the end-users. However, a significant number of companies rely on equipment dealers and brokers as they understand the industry and know what’s in demand and where. Some of the prominent players in the industrial boilers market include:
- Thermax Ltd.
- Siemens AG
- Bharat Heavy Electricals Ltd.
- Forbes Marshall
- Mitsubishi Heavy Industries, Ltd.
- Harbin Electric Corporation
- Cheema Boilers Limited
- IHI Corporation
- AC Boilers
- Dongfang Electric Corporation Ltd.
Order a free sample PDF of the Industrial Boilers Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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