Industrial boiler Market Size was valued at USD 4,679.0 Million in 2023. The Industrial boiler Market industry is projected to grow from USD 5,104.4 Million in 2024 to USD 9,407.5 Million by 2030, exhibiting a compound annual growth rate (CAGR) of 10.73% during the forecast period (2024 - 2030).
Industrial boilers are steam or high-temperature kettles that can use fuels such as combustible gas, biomass, oil, or coal. Modern boilers heat or evaporate the water inside and transmit it to the customer through a pipeline frame. The major factors expected to drive the growth of the industrial boiler market over the forecast period are increasing demand for industrial boilers in the food and beverage industry, increasing demand for clean technologies in the chemical end-use industry, and growing need for electricity. On the other hand, substantial capital investment and rising installation prices are further estimated to hinder the growth of the industrial boiler market over the forecast period.
Increasing replacement of traditional heating systems with high-performance units, coupled with stringent government regulations to limit carbon emissions, will drive market growth. Due to the advancement of energy-efficient boilers, this led to the rise in demand for heat and steam in various industries is expected the industry expansion during the forecasted period.
There is the continuous growing petrochemical and chemical industries in developing economies, including India and China, led to the increase the demand for industrial boilers. Also, the rise in global investment in large power scale project will further be led to rise in demand for the industrial boilers in the market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The hospitality industry has a professional mandate to ensure that their guests always have access to hot water on demand, so steam boiler heat and hot water needs are essential for any resort or hotel. Steam boilers may also be used for a variety of other critical operations, such as maintaining a consistent temperature throughout the property, cleaning guest rooms and sanitation of towels, uniforms, and other laundry services, and foodservice and preparation, to name a few. Hotel steam boilers can suffer from heavy wear and tear, as well as scale accumulation, due to 24-7 usage and fluctuations and high pressure in the hot water system demand during times of peak usage. The hotel will be unable to provide critical services to its guests if the boiler system fails. As a result, steam boilers are a critical asset for the hospitality industry, driving the overall market.
Some of the key factors for the growth of the hospitality industry in the major economies include rising disposable incomes, growth in international tourism, penetration of international hotel brands, and increased government investments for developing the tourism industry. In Asia Pacific region, Indonesia, Thailand, and Vietnam are leading the way in terms of development. The majority of new hotel rooms in South East Asia have been focused on major urban and suburban markets in the upper-midscale to upper-upscale market segments in recent years, resulting in an unprecedented hotel development boom. Thailand is the market leader in the hotel residence sector, accounting for 30% of the total supply forecasted for the region. It is the world's ninth-most visited country and Southeast Asia's most visited country. With five-star hotels, spas, and resorts, as well as medical tourism and wellness, Thailand has become a hotspot for luxury. In addition, the country has upgraded international airports in order to boost tourism.
Europe is the second-most visited country in the world, with domestic hotels accounting for roughly 70% of the total hotel market. In addition, the Indonesian government is focusing on expanding its tourist destinations in order to increase foreign tourist arrivals and domestic trips (the new Balis). Furthermore, demand from international investors for both investment and lifestyle purposes has increased dramatically. Expansion of foreign property ownership reforms is expected to drive transaction volume even higher, given the region's favorable price competitiveness compared to other major markets.
The Industrial boiler Market segmentation, based on the boiler type, the Industrial boiler Market has been divided into Natural Gas, Coal, Oil, and Others. In 2023, the Natural Gas segment drove the Industrial boilers Market by holding a substantial market share in global market. It is projected to register a CAGR of 6.61% during the projected timeframe. the global industrial boilers market has been segmented into fire tube and water tube. The fire tube segment is expected to hold the largest market share during the forecast period. In 2022, the fire segment held a 65.3% share of the global market.
The fire tube segment is attributed to held the largest market share because, the design of fire tube boilers is typically more efficient than other boiler types, making them a suitable option for installations with limited space. This makes inspection and maintenance easy as the pipes can be cleaned and maintained outside. Moreover, it can produce steam quickly due to its design, which allows for rapid heat transfer from the hot gases to the water. Fire-tube boilers remain a popular choice for many industrial applications, especially in smaller-scale installations where their compact design and ease of maintenance are advantageous.
Analyst Review: The surging global Industrial boiler (Industrial boiler) market pulsating with growth, innovation, and the potential to redefine its role in industrialization. The demand for steam and hot water in various industries, including power generation, food processing, chemicals, and pharmaceuticals, is a key factor propelling market expansion.
Based on the Rated Capacity, the global industrial boilers market has been segmented into 0.1 to 0.35 MW, 0.35 to 0.7 MW, and 0.7 to 1 MW. The 0.7 to 1 MW segment is expected to hold the largest market share during the forecast period. This high share is attributable as the boilers of this capacity range are larger and are typically used in medium to large industrial applications where higher heat output is required. It can be utilized in industrial operations with higher heat demand, larger commercial facilities, or district heating systems.
Based on Temperature, the global industrial boilers market has been segmented into low, medium and high. The high segment holds the largest market share during the forecast period. The High segment is attributed to held the largest market share because, these boilers find application in power generation, chemical processing, petroleum, and other industries across different industries. These boilers are engineered to withstand extreme pressure, which makes them suitable for heating water or steam. The industrial process can be fulfilled by this boiler with high capacity.
Based on end-user, the global industrial boilers market has been segmented into chemical, food& Beverages, metal, plastics, Textile, wood, paper, district heating and others. The Chemicals segment hold the largest market share during the forecast period. The Chemicals segment is attributed to held the largest market share because in the chemical industry, industrial boilers play a vital role in various processes, providing steam, hot water, and thermal energy for a wide range of applications that include Heat Transfer, Steam Generation, Power Generation, Boiler Feedwater Treatment, Process Heating, and Specialized Process.
Based on Region, the Industrial boiler market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The Asia Pacific Industrial boiler market held the maximum market share and is also expected to account for the significant revenue share during the forecast period. The Asia-Pacific segment hold the largest market share during the forecast period. The Asia-Pacific segment is attributed to held the largest market share because the industrial boiler market in Asia-Pacific is growing due to rapid industrialization, urbanization, and economic growth in countries such as China, India, Japan, Korea, and other Asian countries. Manufacturing, chemical processing, and food processing are among the sectors where industrial boilers are gaining popularity.
In the Industrial boilers market, several key players have established themselves as major contributors to the industry's growth and innovation. Among these prominent players are Robert Bosch GmbH, IHI Corporation, General Electric Company, GETABEC Public Company Limited, Thai Steam Service & Supply Co. Ltd, Alfa Laval, Wuxi Zozen Boilers Co., Ltd, Atlas Copco AB, and others holding particularly strong positions.
The competitive landscape offers an analysis of the key developments by the companies operating in the global market in the last three years. The market for Steam Boiler is projected to witness healthy growth during the forecast period, owing to the increasing demand from the healthcare sector. The market represents strong numbers in terms of consumption.
Alfa Laval: Alfa Laval is a global leader in producing high-quality products for heat transfer, Boilers, separation, and fluid handling. The company offers products in 3 segments: energy, food & water, and marine. The products, systems, and services of Alfa Laval are sold in more than 100 countries, and the company has a presence throughout North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The production system of Alfa Laval is built on its three core technologies to guarantee the highest possible capacity utilization throughout all its manufacturing facilities. All divisions market products, which can be applied to numerous processes and fields. The company's operations are concentrated on key production chain tasks like enhancing the manufacturing footprint generally, automation, digitization, and sustainability concerns. The work related to the supply chain is handled by operations development.
Wuxi ZOZEN Boilers Co., Ltd: Wuxi ZOZEN Boilers Co., Ltd. has been committed to manufacturing, researching, and developing industrial boilers since its foundation in 1988. The company has eight modern workshops with an annual capacity of 12,000 tons/hour, and the annual output is USD 100 million. The company's business segment includes gas/oil boilers, coal boilers, biomass boilers, thermal oil heaters, and auxiliary parts. ZOZEN has obtained over 50 national patents, ASME "S" and "U" stamps and many other international certificates.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 4,679.0 Million |
| Market Size 2024 | USD 5,104.4 Million |
| Market Size 2030 | USD 9,407.5 Million |
| Compound Annual Growth Rate (CAGR) | 10.73% (2024-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2030 |
| Historical Data | 2019 to 2022 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Boiler type, Rated Capacity, End User, Temperature, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, south America, middle east & Africa |
| Countries Covered | US, Canada, Germany, UK, France, Spain, Italy, Russia, China, Japan, India, South Korea, Brazil, Mexico, Argentina, South Africa, GCC countries |
| Key Companies Profiled | Alfa Laval, Wuxi ZOZEN Boilers Co., Ltd, Atlas Copco, Isaac Boilers Private Limited, Hurst Boiler and Welding Company, Inc., Ural-Power, Viessmann, Precision Boilers, EPCB Boiler, Hoval, IHI Corporation, Thermax Ltd., Robert Bosch GmbH, General Electric Company, Henan Province Sitong Boiler Co., Ltd. |
| Key Market Opportunities | · Increasing demand for compact steam boilers |
| Key Market Dynamics | · Increasing demand from the hospitality industry |
Industrial Boilers Market Highlights:
Frequently Asked Questions (FAQ) :
Industrial boiler Market Size USD 4,679.0 Million in 2023.
Growth rate of the Industrial boiler Market is 10.43% by 2030.
Asia-Pacific held the largest market share in the Industrial boiler Market.
Alfa Laval, Wuxi ZOZEN Boilers Co., Ltd, Atlas Copco, Isaac Boilers Private Limited, General Electric Corporation.
Fire tube Boiler type had the largest market share in the Industrial boiler Market.
Natural Gas had the largest market share in the Industrial boiler Market.
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Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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