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The global industrial boiler market was valued at USD 14.3 billion in 2022 and is expected to grow at a CAGR of 4.9% from 2023 to 2030. Key drivers include rapid industrialization, growth in the food and beverage industry, and increased demand due to environmental regulations. Industrial boilers are crucial in various sectors such as food and beverage, petrochemical, power, and chemical industries, producing steam for heating processes using different fuels like oil, gas, fossil, non-fossil, and biomass.
In 2022, the U.S. held a significant market share, driven by high disposable income, population growth, and expansion in industries like food and beverages, textiles, and FMCG. The U.S. Environmental Protection Agency's regulations on boiler emissions create opportunities for manufacturers.
Chemicals and petrochemicals dominated the market in 2022, accounting for 33.5% of revenue. The paper and pulp segment is expected to grow at the fastest CAGR of 6.23% due to high-pressure steam requirements for processes like cooking and drying. Strict emissions regulations are driving the demand for efficient and environmentally friendly boilers, especially in the paper and pulp industry.
Fossil fuels accounted for the largest market share (34.1%) in 2022. Industrial boiler manufacturers are modifying products to meet emission standards. The biomass fuel segment is expected to witness the fastest CAGR of 6.3% due to strict regulations on harmful emissions, making biomass a cleaner fuel option.
Asia Pacific dominated the market with a 41.9% revenue share in 2022 and is anticipated to grow at the fastest CAGR of 5.7%. The region's large population and strain on energy resources drive the adoption of industrial boilers. In India, rapid industrialization and demand for environmentally friendly packaging products contribute to market growth.
Major players 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, and Dongfang Electric Corporation Ltd.
Bharat Heavy Electricals (BHEL) signed a Technology Licence Agreement with Sumitomo SHI FW to manufacture supercritical & subcritical Circulating Fluidized Bed Combustion (CFBC) boilers.
Babcock & Wilcox received a contract over USD 24 million for supplying control technologies and industrial package boilers for a petrol processing plant.
Thermax developed a multi-fuel boiler solution for industrial users transitioning to a green portfolio.
Market size was USD 14.10 billion in 2023, with a forecast of USD 20.8 billion in 2030, growing at a CAGR of 4.9%.
Coverage includes competitive benchmarking, historical data, forecasts, company revenue shares, regional opportunities, trends, and dynamics.
Segments covered: application, fuel, and region.
The global industrial boiler market is witnessing significant growth, driven by factors like rapid industrialization, environmental regulations, and technological advancements. Various applications, fuels, and regions contribute to the market's dynamic landscape, offering opportunities for key players and shaping the industry's future.
The global industrial boiler market was valued at USD 14.3 billion in 2022.
The global market is projected to grow at a CAGR of 4.9% during the forecast period, 2023-2030.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65557
Published on :
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