Global Boiler Market Size By Capacity (≤10 MMBtu/hr, 10-50 MMBtu/hr, 50-100 MMBtu/hr, 100-250 MMBtu/hr, ≥250 MMBtu/hr ), By Product (Fire-tube, Water-tube), By Fuel (Natural Gas, Oil, Coal), By Application (Residential, Commercial (Offices, Healthcare Facilities, Institutions, Lodgings, Retail), Industrial (Food, Paper, Chemical, Refinery, Primary Metals), Utility), Analysis Report, Regional Outlook (U.S., Canada, Mexico, France, UK, Poland, Italy, Spain, Austria, Germany, Sweden, Russia, China, India, Philippines, Japan, South Korea, Australia, Indonesia, Saudi Arabia, Iran, UAE, Nigeria, South Africa, Argentina, Chile, Brazil), Competitive Market Analysis & Forecast, 2017 – 2024
Published Date: July 2017 | 500 Pages | Report ID: GMI1866 Report Format: PDF
Global Boiler Market size was valued over USD 37 billion in 2016 and the annual installation is set to exceed 11 million units by 2024.
Europe Boiler Market Size, By Application, 2016 & 2024 (USD Million)
Rising electricity demand coupled with rampant investments toward industrial sector will propel the boiler market size. Developing economies across Asia Pacific and Africa has introduced ambitious plan to install and upgrade the existing power generation units which, will positively impact the business growth. In May 2017, Sumitomo Corporation, in collaboration with PT United Tractors and Kansai Electric Power announced investment of USD 4.4 billion towards the expansion of coal-fired Tanjung Jati B power plant in Indonesia.
Favorable government policies toward adoption of energy efficient heating system coupled will embellish the global boiler market share. Control features including setup wizards for installations, multiple preset systems, automation, intelligent boiler sequence controls and integration with building automation systems are some of the key features which makes them preferable over other available counterparts. Prohibitive replacement cost along with changing regulatory environment will further boost the product demand.
Replacement of traditional heating units to achieve buildings code compliance will stimulate the demand for residential and commercial boiler market. Residential boilers offer low operating cost, better air quality and improved zone heating when compared to traditional furnaces. Seasonal hot water and steam demand from temperate and hot climatic zones will further complement the industry growth.
Boiler Market, By Capacity
≤10 MMBtu/hr boiler market is predicted to exceed 10 million annual installations owing to increasing adoption of heating units across residential and commercial establishments. Positive outlook towards paper and food processing industries will further complement the industry growth. Infrastructural spending towards upgradation of commercial buildings along with measured to meet the energy efficiency standards will boost the product demand. In 2015, total investment towards housing development in EU-28 was valued over USD 760 billion.
Growing installation of power generating units to mitigate the demand supply mismatch will stimulate the ≥250 MMBtu/hr boiler market growth. These heating units are primarily deployed for steam generation across utility and high end industrial applications. Resurgence of industrial sector including primary metal manufacturing and refineries post 2008 recession will fuel the demand for 50-100 MMBtu/hr capacity units.
Boiler Market, By Product
Global water-tube boiler market is set to witness gain over 4% by 2024. High pressure handling capacity coupled with ability to achieve higher temperature using superheaters makes its adoption preferable over available alternatives. High capacity range of these products makes them suitable for large commercial, industrial and utility applications.
Fire-tube boiler market will witness growth owing to its ease of installation and low operating cost. Compact design and ability to meet fluctuating steam demand will boost the product penetration across small scale industrial applications.
Boiler Market, By Fuel
Natural gas boiler market in 2016 accounted for over 50% of global installation. Abundant availability, low emission and easy storage of natural gas makes its adoption preferable over other available alternatives. Stringent government norms toward reducing carbon footprint along with measures toward energy security will further stimulate the product demand. Under the Paris Climate Agreement, many countries have pledged to reduce greenhouse gas emissions with an aim to mitigate the global warming impact. For instance, European Union pledged a 40% reduction in domestic carbon emission intensity by 2030 when compared to 1990 levels.
Ambitious target to increase power generation capacity across developing region including Africa and Asia Pacific coupled with ongoing investments toward expansion of cement, iron and steel industries will stimulate the coal fired boiler market size. In March 2017, Energy Regulatory Commission in Kenya approved an investment of USD 2 billion towards construction of 1000 MW coal fired power plant in country’s costal region.
Boiler Market, By Application
Growing measures towards energy conservation coupled with rising demand for energy efficient heating systems will drive the residential boiler market size. Respective governments have enacted legislations to promote installation of energy efficient heating systems. European Union has introduced Ecodesign Directive which requires boilers with a rated output of ≤ 70 kW to have minimum energy efficiency of 86%.
Industrial boiler market in 2016, accounted over 10% of global revenue share. Positive outlook towards food processing and chemical industry coupled with ongoing measures towards adoption of low emission heating system will augment the business growth. In 2016, food and beverage exports from Australia reached over USD 28 billion with an 11% surge when compared with 2015 level.
Global commercial boiler market revenue is set to exceed USD 6 billion by 2024. Rising government spending towards service sector along with its wide applications across institutions, healthcare facilities, offices and hotels will embellish the business growth. In 2016, China government spent over USD 180 billion towards healthcare sector.
Boiler Market, By Region
U.S. boiler market will witness strong growth owing to ongoing investments across industrial and commercial sector. Replacement of existing heating systems to meet government emission norms will further complement the product demand. The U.S. Environmental Protection Agency (EPA) introduced National Emission Standards for Hazardous Air Pollutants (NESHAP) to limit emissions including mercury, carbon dioxide and particulate matter.
Germany in 2016 accounted for over 15% of Europe boiler market share. Growing concerns towards reducing carbon footprint coupled with favorable government policies toward adoption of energy efficient products will embellish the industry growth. In January 2016, the government introduced Energy Efficiency Incentives Program with an aim to support modernization of residential ventilation and heating system.
China boiler market is set to witness robust growth owing to positive outlook towards metal manufacturing along with rising investments across chemical industry. In 2015, country’s chemical market revenue exceeded USD 1,300 billion representing 12% increase from previous year. Growing electricity demand coupled with low fuel prices will further enhance the business outlook.
Competitive Market Share
Notable players in the boiler market include Weil-McLain, Thermax, Cleaver-Brooks, Fulton, Bharat Heavy Electricals, Hurst Boiler and Welding, Walchandnagar Industries, Parker, Burnham Commercial, Forbes Marshall, A.O. Smith, Cochran, General Electric Babcock and Wilcox and others.
Resurgence of commercial and industrial sector has resulted in key industry players opening new manufacturing facilities to meet the growing demand for boilers. In March 2017, Thermax laid foundation for construction of a new production unit in India to manufacture boilers for heavy industries.
Boiler Industry Background
Boilers are primarily used for hot water and steam generation across residential, commercial, utility and industrial sectors. Increasing requirement for space heating systems from commercial and residential sector coupled with investments towards industrial development will drive the demand for boilers across the globe. Growing electricity demand across Asia-Pacific and Africa will further fuel the business growth.
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