Industrial Boiler Market Size - By Product (Fire-Tube, Water-Tube), By Capacity, By Technology (Condensing, Non-Condensing), By Fuel (Natural Gas, Oil, Coal), Application & Forecast 2023 - 2032

Industrial Boiler Market Size - By Product (Fire-Tube, Water-Tube), By Capacity, By Technology (Condensing, Non-Condensing), By Fuel (Natural Gas, Oil, Coal), Application & Forecast 2023 - 2032

Industrial Boiler Market is poised to grow at a steady pace from 2023 to 2032 owing to the increasing adoption of cogeneration and combined heat and power systems.

Cogeneration and CHP systems allow industries to simultaneously generate electricity and utilize waste heat for heating or other industrial processes. Industrial boilers play a crucial role in these systems by providing steam or hot water for electricity generation and heat recovery. The increasing adoption of cogeneration and CHP systems in various industries drives the demand for industrial boilers.

Emerging economies across the globe are highly focused on increasing their industrial output. That being said, increasing energy demands will create opportunities for industrial boiler manufacturers and suppliers to cater to the rising market needs. This trend may continue as these economies emphasize growing and modernizing their industrial sector, thus, driving the industrial boiler market growth.

The industrial boiler market is segmented based on product, application, fuel, and region.

By product, the industrial boiler market share from the water tube segment is projected to exhibit over 4.5% CAGR between 2023 and 2032. Water tube industrial boilers have gained significant popularity over fire tubes due to their extended operational life and safety characteristics. These boilers are ideal for a variety of industrial applications since they are available in high-capacity ranges. Rising investments in the industrial sector and the increased demand for energy-efficient boilers will boost the market outlook.

The market size from the refinery application segment is poised to record over 4.5% growth rate during 2023-2032. Refineries throughout the world emphasize increasing efficiency and capacity, which will promote the deployment of high-capacity boilers. High operating and maintenance costs, low performance, and the high emission content of traditional boilers are key factors driving the implementation of advanced heating units.

In terms of fuel, the industrial boiler market from the coal segment is experiencing notable growth. Despite the global shift towards cleaner and renewable energy sources, coal still plays a significant role in industrial boiler applications, especially in developing economies. The abundant availability of coal reserves, well-established coal-based infrastructure, and cost advantages are driving the demand for industrial boilers utilizing coal as fuel.

North America held around 18% share of the global industrial boiler market in 2022 and is poised to witness substantial growth between 2023 and 2032. Due to rising investments in the construction of manufacturing and industrial facilities, the market has undergone rapid expansion. Furthermore, investments in refining capacity development, in line with rising demand for processed food, will drive industry growth.