The global industrial boilers market is a multibillion-dollar industry that is expected to witness substantial growth over the next decade due to increasing demand from the power generation sector. Industrial boilers are thermal equipment that uses combustible fuels to generate steam for various industrial processes and power generation. The key advantages of industrial boilers are high combustion efficiency, ability to use multiple fuels, and steam generation at required temperatures and pressures. Industrial operations like power plants, pharmaceutical manufacturing, food processing, petrochemicals etc require steam for heating, sterilization, humidification and other thermal processes. Growing energy needs from such industries have fueled demand for reliable and efficient boiler systems globally.
The industrial boilers market is estimated to be valued at USD 17.46 Bn in 2024 and is expected to reach USD 24.15 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
Key players operating in the industrial boilers market are Siemens, Cleaver-Brooks, Thermax, General Electric, Viessmann etc.Key Takeaways
Key players: Siemens, Cleaver-Brooks and Thermax are among the leading players in the global Industrial Boilers Market Trends . Siemens offers a wide range of industrial boiler systems for applications across industries. Cleaver-Brooks supplies thermal steam and hot water boilers optimized for various process heating needs. Thermax provides customized boiler solutions tailored to specific industry requirements.
Growing demand: Rapid industrialization and expansion of manufacturing sectors have increased the demand for process steam globally. Power generation companies also require industrial boilers to produce electricity through steam turbines. The global power demand is projected to rise exponentially by 2032, driving sales of industrial boilers.
Technological advancement: Boiler manufacturers are focusing on developing innovative boiler designs with advanced controls and automation. The use of low NOx burners, flue gas recirculation and new combustion technologies have significantly enhanced boiler efficiency. Digitalization of boiler systems through IoT and sensors enable remote monitoring and predictive maintenance of boilers.
Market Trends
Growing preference for green boilers - With stringent regulations on industrial emissions, manufacturers are introducing biomass and gas fired boilers with near-zero emissions. Natural gas fired condensing boilers are gaining popularity owing to their high efficiency and clean combustion.
Modular boilers gaining traction - Modular boilers offer flexibility of on-site assembly and easier transport. They require less space and are well-suited for replacement or retrofit projects. This has increased their adoption over traditional field-erected boilers.
Market Opportunities
Replacement demand - A large number of aging industrial boilers worldwide will need replacement over the forecast period. This offers huge opportunities for boiler OEMs to upgrade existing systems with efficient models.
Emerging economies - Rapid infrastructure growth and industrialization in developing nations like India, Brazil, China etc. will spur installation of new boilers. Favorable policies are encouraging foreign investments in power generation and manufacturing sectors.Impact of COVID-19 on Industrial Boilers Market Growth
The COVID-19 pandemic has severely impacted the industrial boilers market growth globally. Various industries such as oil & gas, metals, mining, chemical etc faced shutdowns and restrictions during lockdowns which declined their demand for steam and power. This negatively affected the sales of new industrial boilers in 2020. Supply chain disruptions also created challenges for OEMs to deliver products on time. The pre-COVID annual growth rate of around 4.7% dropped to nearly 1% in 2020.
However, with mass vaccination drives and resumption of industrial activities from mid-2021, the demand is recovering steadily. The replacement needs of obsolete boilers is driving replacement demand. OEMs are focusing on developing energy efficient models to help industries control fuel costs. The focus on sustainability is also boosting integration of renewable energy sources with combined heat and power solutions. Strong global economic growth projections for 2022 will aid the market to regain pre-COVID growth levels. OEMs need to enhance supply chain resilience and respond quickly to changing demands to leverage opportunities.
Geographically, North America accounts for over 30% of global market value led by countries like United States and Canada. This is attributed to large process industry base and replacement needs of aging infrastructure. Asia Pacific is the fastest growing region expanding at over 5.5% annually. Countries like China, India and Southeast Asian nations are driving new investments in process facilities and power plants spurring boiler installations.
Europe is another major regional market led by Germany, United Kingdom, Italy and Russia. However, growth has slowed down compared to Asian markets. Strong regulations regarding emissions and efficiency and focus on biomass and cogeneration are shaping demand trends. Overall, emerging markets will play a key role in future growth supported by ongoing industrialization.
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A boiler is typically a closed vessel and has water stored inside it.
Fuels such as coal are used to generate the heat.
The heated water eventually produces steam.On the basis of type, the fire-tube segment dominated the market in 2017 and is also projected to grow at a higher rate than the water-tube segment owing to the compact design and efficient operation of fire-tube boilers.Based on boiler horsepower, the Industrial Boilers market was dominated by the 10–150 BHP segment.
Most of the end-use industries, such as chemical and food, prefer boilers in the 10–150 BHP range.
Rising demand from the food & beverages industry, which is a major market for 10–150 BHP boilers, is expected to drive the 10–150 BHP segment of the industrial boilers market.Download FREE Sample of this Report @ https://www.grandresearchstore.com/report-sample/global-industrial-boilers-2025-61The Industrial Boilers market in the Asia Pacific region is anticipated to grow at the highest CAGR between 2018 and 2023.
Asia Pacific is a leading market for industrial boilers mainly due to rising industrialization of the region?s emerging economies, such as China, India, and ASEAN countries.
