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There have been significant changes in the market for industrial boilers over the last few years. This shows how the industrial sector is changing. On an interesting note, more and more people want heating choices that are eco-friendly and use less energy. More and more businesses are picking boilers that not only meet their needs but also help the world's efforts to cut carbon emissions. This is because strict environmental rules and a greater focus on sustainable practices are becoming the norm. Research and development funds are being used by heater makers to make boilers that work better, pollute less, and have better control systems.
The use of digital technology and smart features is another big change in the business boiler market. Old ways of making things are being changed for the better thanks to Industry 4.0. Boilers are no different. If a boiler has monitors, a link, and a lot of different control systems, one can watch it in real time, plan repairs ahead of time, and get the most out of it. With these changes, not only are processes faster, but the system is also up and running in less time, which saves money on maintenance. As time goes on, more and more companies understand that they need to use data-driven ideas to make their processes more reliable and effective.
There are changes in the market for industrial boilers because more and more alternative fuels are being used. Businesses are looking into and using green and alternative energy sources more and more as they try to use less fossil fuels. These days, more and more people know that biofuel, biogas, and hydrogen can all be used to power commercial boilers. Businesses can avoid the risks that come with changing fuel prices and uncertain policies that are linked to traditional energy sources because of this change. It also helps the environment.
Also, industrial boilers are in high demand in developing countries that are quickly becoming developed. In order for these countries' economies to grow, they need more stable and cost-effective energy sources to keep businesses running. A lot of new industrial boilers are being used in these places because they need more power and have to follow strict emission rules.
As people around the world try to fight climate change and make less greenhouse gas, the markets are changing too. The government and governing groups are putting in place rules and awards to get companies to invest in energy options that last and are good for the environment. This changes the market for industrial boilers in a big way, causing companies that make them to come up with new ways to meet these environmental goals. Because of this, more and more people want to either get rid of their old boilers and replace them with new ones that use less energy and are better for the environment, or they want to use cutting edge technology to make their old boilers better.
Industrial Boilers Market Highlights:
Global Industrial Boilers Market Overview:
Industrial Boilers Market Size was valued at USD 16.21 billion in 2022. The industrial boilers market industry is projected to grow from USD 16.97 Billion in 2023 to USD 25.04 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 4.98% during the forecast period (2024 - 2031). The rapidly growing industrialization across the world together with growing oil & gas and food & beverage industry is set to drive demand in the market during the forecast period.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Industrial Boilers Market Trends
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Rising Demand from End-user Industries to Augment the Market Growth
The demand for industrial boilers is increasing significantly across end-user industries as boiler systems for industrial segment are significantly utilized in several businesses, including the food and beverage, petrochemical, power, and chemical sectors. Steam generated by boiler systems is utilized to carry out heating operations then pipes are used to transport the generated steam to the working area. Industrial steam Boilers employ a variety of fuels, including oil, gas, fossil, non-fossil, and biomass, to produce the steam.
Figure 1: Carbon di Oxide Emission, Annually, 2015-2021
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The demand for industrial boilers is expected to increase as a result of the rapidly expanding petrochemical and chemical sectors in developing nations like China and India. Due to increased investment in the construction of mega power plants, the demand is anticipated to increase even more.
The government has been compelled to impose tough measures on industrial emissions as a result of growing concerns about pollution, carbon emissions, and environmental protection. The market for industrial boilers is expanding due to the strict government regulations governing environmentally damaging emissions. Additionally, the market for industrial boilers is expanding as a result of rising investments in thermal power as a result of the increased demand for an efficient power supply.
According to the U.S. Environmental Protection Agency, new boiler regulations should significantly reduce environmental pollution. With regular maintenance, more than 88% of the main sources of emissions can be in compliance.
Additionally, rapidly expanding industrialization across developing and developed countries significantly contributed to the bolstering demand for industrial boilers. Investment in installing new industries and expanding the existing infrastructure is also increasing across the world. Thus, increases the demand for industrial boilers significantly during the forecast period.
Industrial Boilers Market Segment Insights
Industrial Boiler Type Insights
The Industrial Boilers Market segmentation, based on type, the market is segmented into fire-tube and water-tube. The water-tube segment is estimated to witness growth at a rapid pace during the forecast period. The rising demand for water tube boilers in the paper & pulp, chemical & petrochemical, and food processing industries around the world augment growth in the segment.
The main element promoting the rise of water tube boilers across sectors is their reduced carbon emissions and improved thermal efficiency. In the near future, it is also anticipated that increasing investments in the adoption of big-capacity boilers and the replacement of conventional heating systems would fuel the segment's growth.
Industrial Boiler Fuel Type Insights
Based on fuel type, the industrial boilers market is segmented into Oil & gas, fossil, non-fossil, and biomass. The oil & gas segment is estimated to witness growth during the forecast period. The demand for clean technology is growing significantly across the world and the government of several countries are heavily investing in increasing the consumption of natural gas fuel. Further, the ease of availability of oil & gas across the world has also increased the demand for this segment.
Bagasse, a byproduct of processing sugarcane, is also utilized as boiler fuel. It has an excellent heating value between 8,000 and 9,000 Btu/lb. Due to stringent laws pertaining to hazardous emissions into the atmosphere, the biomass fuel category is anticipated to develop at a moderate rate over the forecast period. The low environmental impact of biomass fuel is anticipated to increase demand for it as a fuel for these systems.
In January 2022, Babcock & Wilcox announced to receive a contract worth more than USD 11 million to design, manufacture, install, and supply boiler equipment for biomass in Canada. The company will replace pressure parts for the boiler and upgrade the design of its air systems and wood feed.
Industrial Boilers Application Insights
The industrial boilers market has been bifurcated by application into chemicals & petrochemicals, food & beverage, metals & mining, manufacturing, and others. The chemical & petrochemical segment to dominate the market in 2022. The rise of this segment has been driven by the huge demand for the high-quality steam that is used in the production of chemicals including petrochemicals, alkali, chlorine, fertilizers, and pesticides. Its rise has been aided by the enormous need for a wide variety of chemicals across all industries. Worldwide demand for industrial boilers in the chemical & petrochemical industry is increasing as a result of the increased demand for diverse chemical & petrochemical products. As a result, it is anticipated that this category will continue to be important over the projection period.
Figure 2: Industrial Boilers Market, by Application, 2024 & 2031 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Its rise has been aided by the enormous need for a wide variety of chemicals across all industries. Worldwide demand for industrial boilers in the chemical & petrochemical industry is increasing as a result of the increased demand for diverse chemical & petrochemical products. As a result, it is anticipated that this category will continue to be important over the projection period.
Industrial Boilers Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific and Rest of the World. Europe dominated the market for industrial boilers. Due to a number of factors, including fast industrialization and expanding FMCG, food and beverage, and power industries, the area is anticipated to dominate the sector. Additionally, tough European government rules regarding environmentally hazardous emissions are anticipated to increase demand for industrial boilers.
Figure 3: Industrial Boilers Market Share By Region 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
In Asia Pacific region, the market is expected to grow significantly during the forecast period. Growing investments in a variety of industries, including the automobile, agricultural, oil and gas, and renewable energy, are the outcome of the region's quick industrialization. In the upcoming years, market expansion in the nation is anticipated to be boosted by rising demand for packaging materials that are ecologically friendly and biodegradable as well as by the increasing e-commerce industry.
The market in Latin America is projected to grow at significantly during the forecast period due to rising industrialization. Additionally, the expanding food and beverage sector is probably going to increase demand for industrial electric boilers in emerging markets, particularly Brazil.
Industrial Boilers Key Market Players & Competitive Insights
The market is developed, and it is dominated by numerous regional and international firms. Businesses with a strong regional presence, including Babcock and Wilcox, Parker Boiler, and Hurst Boiler, typically sell their goods directly to the end customers. However, a sizable amount of businesses rely on equipment dealers and brokers because they comprehend the sector and are aware of what and where demand is greatest.
List of the Key Companies in the Industrial Boilers Market includes
- Siemens AG (Germany)
- Thermax Limited (India)
- Harbin Electric Corporation (China)
- Bharat Heavy Electricals Limited (India)
- General Electric (U.S.)
- Dongfang Electric Corporation Ltd. (China)
- Babcock & Wilcox Enterprises, Inc. (U.S.)
- IHI Corporation (Japan)
- Andritz AG (Austria)
- Mitsubishi Heavy Industries Ltd. (Japan)
- Hitachi Ltd. (Japan)
- Among others.
Gas Turbine Industry Developments
Newfoundland and Labrador Hydro’s Holyrood Thermal Generating Station awarded Babcock & Wilcox with a $11m maintenance contract in October 2023.
In December 2022, Bharat Heavy Electricals (BHEL) signed a Technology License Agreement with Sumitomo SHI FW of Finland to engineer, design, manufacture, erect, commission, and sell supercritical & subcritical Circulating Fluidized Bed Combustion (CFBC) boilers inside India & overseas territories. CFBC technology provides fuel flexibility, improved operating flexibility, decreased Sox & Nox emissions and the capability of providing bio-mass co-fired CFBC boilers.
An announcement by Babcock & Wilcox in November 2022 confirmed that it had received over USD 24 million worth of contracts for advanced control technologies, two industrial package boilers and auxiliary equipment for petrol processing plants in North America.
A leading provider of energy and environmental solutions, Thermax also developed a unique multi-fuel boiler solution for industrial users willing to transfer from a traditional portfolio to a green one, having the flexibility of switching inputs in August 2022.
The aim was achieved through FlexiSource In August 2022, which is a multi-waste solution provided by Thermax Babcock & Wilcox Energy Solutions, allowing adjustability of energy input. It addressed fuel availability due to geopolitical changes, other prices and environmental considerations, among others.
Uzbekistan ordered two H-25 gas turbines from Mitsubishi Power for district heating purposes in March 2022
JERA and Mitsubishi Heavy Industries launched a pilot project on co-firing ammonia at coal-fired boiler rates increase as part of their initiatives in January 2022
In March 2021, Siemens AG presented the SICONTOP device, which is another revolutionary controller for industrial boilers. This innovation marked improving operational efficiency that ensured an increase in revenue growth at Siemens AG within the industrial boilers sector. The company thus reinforces its key competencies, thereby addressing changing industry dynamics and positioning itself positively for future market leadership.
Industrial Boilers Market Segmentation
Gas Turbine Type Outlook
- Fire-tube
- Water-tube
Gas Turbine Fuel Type Outlook
- Oil & Gas
- Fossil
- Non-fossil
- Biomass
Gas Turbine Application Outlook
- Chemicals & Petrochemicals
- Food & Beverages
- Metals & Mining
- Manufacturing
- Others
Gas Turbine Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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