Industrial Boilers Market by Fuel Type (Coal, Natural Gas & Biomass, Oil), Boiler Type (Fire-tube, Water-tube), Boiler Horsepower, End-Use Industry - Global Forecast 2024-2030

Industrial Boilers Market by Fuel Type (Coal, Natural Gas & Biomass, Oil), Boiler Type (Fire-tube, Water-tube), Boiler Horsepower, End-Use Industry - Global Forecast 2024-2030

The Industrial Boilers Market size was estimated at USD 19.29 billion in 2023 and expected to reach USD 20.36 billion in 2024, at a CAGR 6.27% to reach USD 29.54 billion by 2030.

The industrial boilers market is a dynamic sector integral to several key industries, providing essential steam and hot-water generation for processes vital to the operations of chemicals and petrochemicals, food and beverage, textiles, energy and power, as well as paper and pulp. The market is primarily driven by rising energy demands, technological innovations for improved efficiency with lower emissions, a trend towards renewable energy sources, and enhancements in operational prowess through industrial IoT. Conversely, it faces challenges such as stringent environmental regulations, steep initial costs and specialized labor requirements, volatility in fuel prices, and a shift towards alternative energy solutions. Market opportunities flourish in the advancement of sustainable boiler technologies, the retrofitting of older installations for heightened efficiency, and penetration into burgeoning markets. Forward-looking strategies focusing on energy-efficient designs, adoption of alternative and renewable fuels, real-time operational monitoring systems, and automation employing AI and machine learning are central to fostering growth and competitiveness. The exploration of modular boilers offers adaptability and scalability to meet diverse industrial needs, suggesting a promising direction for innovation and research within the industrial boilers sphere.

Regional Insights

The Asia Pacific region remains a vibrant and critical market for industrial boilers. Countries such as China, India, and Japan lead the demand, driven by rapid industrialization, urbanization, and investment in infrastructure. Consumer needs in this area are heavily influenced by the requirement for energy-efficient and environmentally friendly technologies, due to the growing awareness of sustainable practices. The United States and Canada form the major markets for industrial boilers in the Americas region. There is a steady demand for industrial boilers due to the presence of a mature and diverse industrial sector. Customer purchasing behavior tends to favor high-efficiency, fuel-flexible, and low-emission boilers, mainly due to strict environmental regulations and high energy costs. The European Union's industrial boiler market is driven by stringent environmental policies and the push for renewable energy sources. Customer purchasing behaviors are influenced by the need to comply with the EU's emissions directives, fueling a demand for innovative and efficient boiler designs. In the Middle East, the industrial boilers market is expanding, parallel to the growth of the construction and energy sectors. There is a growing need for reliable and efficient boilers to support the infrastructure due to the oil and gas industry demands. Africa is an emerging market where industrial development is beginning to take prominence in certain regions. Investments in infrastructure and energy projects are evident, which increases the demand for industrial boilers. However, customer purchasing behavior here might be influenced by cost constraints and the need for robust, low-maintenance systems.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Industrial Boilers Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Rapid Increase in Industrialization and Increasing Number of Refineries
    • Demand for Green and Eco-Friendly Boilers
    • Increasing Demand for Electricity and Investment in Power Generation Plants
    • Market Restraints
      • Significant Capital Investment and High Cost of Installation
      • Limited Capacity of Fire-Tube Boiler
      • Market Opportunities
        • Technology Breakthroughs Associated with IIoT and Remote Monitoring in Industrial Boilers
        • Advances in Fire-Tube Heat Exchangers
        • Market Challenges
          • Issues Related to Scaling, Corrosion, and Slagging in Industrial Boilers
          • Market Segmentation Analysis
            • Fuel Type: Higher demand of coal as significant fuel source
            • End-Use industries: Following strict regulations to operate under high temperatures and pressures, requires industrial boilers in the refining process of crude oil into usable products
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Industrial Boilers Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Industrial Boilers Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Siemens acquires BuntPlanet to strengthen its artificial intelligence portfolio in the water sector
              
              Siemens has finalized the acquisition of BuntPlanet, a company hailing from San Sebastian, Spain, celebrated for its sophisticated software solutions to strengthen its portfolio for water utilities. BuntPlanet has garnered international recognition for its innovative software suite, which spearheads advancements in smart metering, water quality assessment, asset management, and the harnessing of hydraulic models in conjunction with artificial intelligence. This recent acquisition promises to seamlessly embed BuntPlanet's full spectrum of offerings and its expert team into Siemens' already extensive collection of applications for water utilities, thus offering an enriched, integrated solution to its clientele.
              
              Northleaf to invest in EVPassport; Mutares to buy into Sofinter
              
              Mutares SE & Co. KGaA put forth a definitive proposal to acquire a significant majority share in the esteemed Sofinter Group through an Italian acquisition vehicle. This ambitious move, expected to conclude by year-end 2023, subject to lenders' consent, involves purchasing existing shares and funding a capital raise. Sofinter, esteemed in steam generator design and manufacturing, serves diverse markets, bolstering the Engineering & Technology sector.
              
              Valmet and thyssenkrupp Industries India sign a cooperation agreement for process automation
              
              Valmet and thyssenkrupp Industries India Pvt. Ltd. have entered into a strategic alliance aimed at enhancing their market presence in India's energy sector and various industrial domains. The objective is to bolster both entities' market competitiveness by adopting an innovative approach to project execution, which promises to bring state-of-the-art control and automation solutions tailored to evolving customer needs. This move consolidates Valmet's standing as a leading provider of automation technology in the Indian power sector and serves to unlock additional technological growth opportunities within the country.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Industrial Boilers Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Industrial Boilers Market, highlighting leading vendors and their innovative profiles. These include Alfa Laval AB, Andritz AG, Babcock & Wilcox Enterprises, Inc., Bharat Heavy Electricals Limited, Byworth Boilers Limited, Cleaver-Brooks, Inc., Dongfang Electric Corporation, ETA Heiztechnik GmbH, General Electric Company, Harbin Electric Corporation Co., Ltd., Hurst Boiler & Welding Co, Inc., IHI Corporation, Indeck Power Equipment Company, John Wood Group PLC, Mitsubishi Heavy Industries, Ltd., Miura Co., Ltd., Robert Bosch GmbH, Sid E. Parker Boiler Mfg. Company, Inc., Siemens AG, Sofinter S.p.A., Sussman Electric Boilers, and Thermax Limited.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Industrial Boilers Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Fuel Type
              • Coal
              • Natural Gas & Biomass
              • Oil
              • Boiler Type
                • Fire-tube
                • Water-tube
                • Boiler Horsepower
                  • 10-150 BHP
                  • 151-300 BHP
                  • 301-600 BHP
                  • End-Use Industry
                    • Chemical
                    • Energy
                    • Food
                    • Metals & Mining
                    • Refineries
                    • Region
                      • Americas
                        • Argentina
                        • Brazil
                        • Canada
                        • Mexico
                        • United States
                          • California
                          • Florida
                          • Illinois
                          • New York
                          • Ohio
                          • Pennsylvania
                          • Texas
                          • Asia-Pacific
                            • Australia
                            • China
                            • India
                            • Indonesia
                            • Japan
                            • Malaysia
                            • Philippines
                            • Singapore
                            • South Korea
                            • Taiwan
                            • Thailand
                            • Vietnam
                            • Europe, Middle East & Africa
                              • Denmark
                              • Egypt
                              • Finland
                              • France
                              • Germany
                              • Israel
                              • Italy
                              • Netherlands
                              • Nigeria
                              • Norway
                              • Poland
                              • Qatar
                              • Russia
                              • Saudi Arabia
                              • South Africa
                              • Spain
                              • Sweden
                              • Switzerland
                              • Turkey
                              • United Arab Emirates
                              • United Kingdom
                              
                              
                              Please Note: PDF & Excel + Online Access - 1 Year