Industrial Boiler Market Size To Reach $20.7 Billion By 2030

Industrial Boiler Market Growth & Trends

The global industrial boiler market size is expected to reach USD 20.7 billion by 2030, registering a CAGR of 4.8% during the forecast period, according to a new report by Grand View Research, Inc. 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.

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Industrial Boiler Market Report Highlights

• The market is anticipated to witness significant growth over the forecast period on account of factors such as rising industrialization and growing industrial boilers utilizing industries including food and beverage, textile, power, and FMCG

• In 2022, the chemicals and petrochemicals application segment dominated the market, owing to the rising demand for petrochemical intermediate products

• Asia Pacific held the largest revenue share in 2022 and is anticipated to register significant growth over the forecast period owing to growing numerous industries including food and beverage and petrochemical

• In India, the market is expected to grow fast during the forecast period. Rapid industrialization in the country has resulted in growing investments in numerous sectors including automotive, agribusiness, oil and gas, and renewable energy.

Industrial Boiler Market Segmentation

Grand View Research has segmented the global industrial boiler market based on application, fuel, and region:

Industrial Boiler Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Chemicals & Petrochemicals

• Paper & Pulp

• Food & Beverages

• Metals & Minings

• Others

Industrial Boiler Fuel Outlook (Revenue, USD Billion, 2018 - 2030)

• Oil & Gas

• Fossil

• Non-fossil

• Biomass

Industrial Boiler Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Russia

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Thailand

  • Indonesia

  • Malaysia

• Central & South America

  • Brazil

  • Argentina

• Middle East and Africa

  • Saudi Arabia

  • UAE

  • South Africa

List of Key Players in the Industrial Boiler Market

• 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.