Wilmington, Delaware, United States, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global industrial boiler market was estimated to have acquired US$ 12.2 billion in 2022. It is anticipated to register a 4.4% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 18.0 billion.
The integration of Industrial Internet of Things for predictive maintenance, real time monitoring, and data analytics to optimize the performance of industrial boilers.
Increased globalization and international trade are leading to higher demand for industrial boilers in various industries, including logistics, transportation, and manufacturing.
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Global Industrial Boiler Market: Key Players
The following companies are well known participants in the global industrial boiler market:
- Babcock & Wilcox Enterprises Inc.
- Bosch Industriekessel GmbH
- Doosan Heavy Industries Vietnam Co.
- Harbin Electric corporation co. ltd.
- Hurst Boiler & Welding Co, Inc.
- IHI Corporation
- McKenna Boiler Works Inc.
- Mitsubishi heavy industry ltd.
- Rakhoh Industries Pvt. Ltd.
- Sofinter S.p.a
- Thermax
- Byworth Boilers
- ZHENGZHOU BOILER (GROUP) CO., LTD.
- General Electric
- Alfa Laval
Key Findings of Market Report
- The deployment of microgrids is expected to incorporate industrial boilers as part of a distributed energy system, providing resilience and energy security to specific regions or facilities.
- Growing interest in industrial boilers can accommodate a variety of fuels, providing flexibility in fuel selection based on availability and cost, as well as compliance with environmental regulations.
- Focus on water treatment technologies and water conservation strategies in industrial boilers is expected to address concerns related to water scarcity and environmental sustainability.
- Increasing demand for customizable and modular boiler designs can be easily adapted to specific industrial processes and applications, offering greater flexibility to end users.
Trends for Industrial Boiler Market
- The increasing focus on renewable energy sources and sustainability is expected to drive the demand for biomass and other renewable energy boilers, offering alternative solutions to traditional fossil fuel based boilers.
- Integration of digital and smart technologies for better control, monitoring, and optimization of industrial boiler systems to enhance efficiency and reduce downtime.
- The need for replacing aging industrial boiler infrastructure in mature markets, coupled with the adoption of more advanced and efficient technologies, is anticipated to propel the market growth.
- Ongoing research and development activities to enhance the efficiency and performance of industrial boilers, as well as the development of innovative materials, are expected to drive market growth.
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Global Market for Industrial Boiler: Regional Outlook
Various reasons are propelling the growth of the industrial boiler market in different regions. The regions include,
North America
- The ongoing industrialization in North America, particularly in sectors such as manufacturing, chemicals, and food processing, is expected to drive the demand for industrial boilers.
- The implementation of strict environmental regulations and emission standards is anticipated to encourage industries to invest in cleaner and more efficient boiler technologies to comply with these standards.
- The growing emphasis on energy efficiency and sustainable practices in North American industries, with companies seeking energy efficient solutions to reduce operational costs and minimize their environmental footprint.
Asia Pacific
- Supportive government initiatives, policies, and incentives aim at promoting energy efficiency, reducing emissions, and fostering the adoption of clean technologies, including industrial boilers.
- The growth of the manufacturing sector in Asia Pacific, particularly in countries like China and India, are leading to increased demand for industrial boilers in processes such as chemical manufacturing, food processing, and textiles.
Recent Development:
In 2020, Thermax Limited unveiled Combloc Optima, which is a next generation boiler, boasting enhanced efficiency and increased equipment uptime. Combloc Optima is a compact, efficient, and robust plug and play packaged boiler tailored to fulfill steam requirements.
Global Industrial Boiler Market Segmentation
Product Type
-
- Fire Tube Boilers
- HRT Boiler
- Scotch Boiler
- Firebox Boiler
- Water Tube Boilers
- Stoker Fired Boiler
- PC Fired Boiler
- FBC Boiler
- Electric Boilers
- Fire Tube Boilers
Fuel Type
-
- Oil
- Coal
- Biomass
- Natural gas
- Others (MSW, TDF etc.)
Capacity
-
- Upto 2,00,000
- 2,00,000 to 3,00,000
- Above 3,00,000
End Use Industry
-
- Food and Beverage
- Refining
- Metal
- Paper and Pulp
- Cement
- Textile
- Energy & Power
- Others (Pharmaceuticals, Mining, etc.)
Region
-
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
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