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The natural gas fired fire tube industrial boiler market growth is propelled by various factors, including clean combustion and convenient fuel accessibility. Government regulations focused on decreasing greenhouse gas emissions along with robust expansion of small-scale industries will drive the business growth.
The oil-fired boiler market will grow at a 4.2% CAGR up to 2032. The industry expansion will be facilitated by competitive fuel prices and the low installation cost of the product. However, challenges such as lower energy efficiency, safety concerns and long-term price volatility, may hinder the business growth.
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Based on capacity, the fire tube industrial boiler market is segmented as <10 MMBtu/hr, 10-25 MMBtu/hr, 25-50 MMBtu/hr, 50-75 MMBtu/hr and >75 MMBtu/hr. The <10 MMBtu/hr industrial boiler market held 25% of the market share in 2022. The growth of small-scale industries, propelled by a combination of economic revival and supportive government policies, will contribute to the business expansion. The increasing adoption of multiple boiler systems across the large scale industries along with flourishing primary metal sector will favor the business scenario.
Based on technology, the fire tube industrial boiler market is segmented as condensing and non-condensing. The condensing fire tube industrial boiler is set to exceed USD 800 million by 2032. These boilers are increasingly preferred over alternative options owing to their ability to reduce carbon emissions, high efficiency, and lower operational costs. Government initiatives aimed at promoting energy-efficient heating units along with increasing upgradation of conventional systems will further propel the business outlook.
Based on application, the fire tube industrial boiler market is segmented as food processing, chemical, pulp & paper, refinery, primary metal and others. The food processing application was valued at over USD 300 million in 2022. The increasing preference for processed & packaged food along with increased investments in the expansion of the food processing units will augment the industry landscape. Increasing applicability of these units to perform processes including baking, sterilization, food drying, and pasteurization will propel the business potential.
Chemical application will witness an upsurge owing to increasing global demand for chemicals across sectors such as pharmaceuticals, petrochemicals, and specialty chemicals. Increasing demand for the adoption of advanced technologies in line with surging consumer focus toward maintenance & reliability will foster the fire tube industrial boiler market growth.
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The Europe boiler market is predicted to surpass USD 900 million by 2032. The favorable federal regulations coupled with increasing investments in the modernization of existing industrial facilities will positively sway the business outlook. Increasing requirements for the retrofitting of existing boiler along with increasing focus on reducing greenhouse gas emissions and energy consumption will fuel the deployment of fire tube industrial boilers.