Industrial Boiler Market Size By Product (Fire-tube, Water-tube), By Capacity (< 10 MMBtu/hr., 10 - 25 MMBtu/hr., 25 - 50 MMBtu/hr., 50 - 75 MMBtu/hr., 75 - 100 MMBtu/hr., 100 - 175 MMBtu/hr., 175 - 250 MMBtu/hr., > 250 MMBtu/hr.), By Application (Food Processing, Pulp & Paper, Chemical, Refinery, Primary Metal, Others), By Technology (Condensing, Non-Condensing), By Fuel (Natural Gas, Oil, Coal, Others) Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 – 2026
Published Date: Jan 2020 | Report ID: GMI622 | Authors: Ankit Gupta, Nikhil Paranjape
Industrial Boiler Market size was valued at over USD 9 billion in 2019 and the annual capacity is anticipated to exceed 120 thousand units by 2026. Rising industrialization along with surging investments toward the expansion of existing manufacturing facilities will create significant market opportunities for the various boiler manufacturers across the globe.
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A boiler is a closed pressure vessel that offers a heat transfer surface between the combustion products and the water. It is usually integrated into a system with various components including burner, deaerator, economizer, heat exchanger, and tubes. The main objective of industrial boilers is to create heat and steam for various processes including steaming and batching in different industries.
The complexity of the control system, high initial cost, and existing emission rates are some of the key concerns associated with the installation of industrial boilers. Growing industrialization along with rising investments across the manufacturing sector have raised the deployment of industrial boilers globally.
Several governmental measures toward the expansion of key economic sectors along with the participation of various financial institutions will further stimulate the industrial boiler market growth over the forecast timeframe.
The industrial boiler industry report features a detailed analysis of industry trends on a global scale segmented on a country & regional basis across different products, capacity, application, technology and fuel. Moreover, the global market forecasts & estimates are in line with the data represented by authorities including the European Environmental Bureau, Department of Energy, American Boiler Manufacturers Association, National Association of Manufacturers, government regulatory bodies, and company press releases.
|Base Year:||2019||Market Size in 2019:||9 Billion (USD)|
|Historical Data for:||2015 to 2019||Forecast Period:||2020 to 2026|
|Forecast Period 2020 to 2026 CAGR:||4.0%||2026 Value Projection:||120 Thousand (Units)|
|Pages:||1360||Tables, Charts & Figures:||2532|
|Geographies covered (31):||U.S., Canada, Mexico, France, UK, Poland, Italy, Spain, Austria, Germany, Sweden, Russia, China, India, Japan, South Korea, Australia, Indonesia, Philippines, Saudi Arabia, Iran, UAE, Egypt, Nigeria, Kenya, Morocco, South Africa, Brazil, Argentina, Colombia, Chile|
|Segments covered:||Product, Capacity, Application, Technology, Fuel|
|Companies covered (29):||Babcock and Wilcox Enterprises, Inc, Bharat Heavy Electricals Limited, Fulton Boiler Works, Inc, Hurst Boiler and Welding Co, Inc, Cleaver-Brooks, Inc, IHI Corporation, Clayton Industries, John Cockerill, AMEC Foster Wheeler Ltd., Cochran Ltd, Doosan Heavy Industries & Construction Co., Ltd., Forbes Marshall Private Limited, Mitsubishi Hitachi Power Systems, Ltd., General Electric, Siemens, AC Boilers SpA, Rentech Boilers, Thermax Limited, Miura America Co., Ltd., Hoval, Viessmann Werke GmbH & Co. KG, Fondital SpA, Ferroli S.p.A, Groupe Atlantic, FONDERIE SIME P, Bosch Thermotechnology, Victory Energy Operations, LLC, Walchandnagar Industries Limited (WIL), Macchi|
|Pitfalls & Challenges:||
Thermal efficient heating systems will fuel the water tube industrial boiler segment of the market
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In terms of the product segment, water-tube boiler capacity is anticipated to exceed 75 thousand units by 2026. Water-tube boilers utilizes water which is contained inside the system of the connected tubes. The heat moves around the tubes which heats the water. The demand for these boilers across the industrial establishments including food processing, pulp & paper, and chemical will witness significant gains owing to their high thermal efficiency along with lesser carbon emissions.
Rising industrial sector investments along with the growing replacement of conventional heating systems with energy-efficient boilers will have a significant impact on the industrial boiler industry demand. The availability of industrial boilers with a high capacity range makes them suitable for industrial and utility applications.
In addition, the pressure handling capacity of water tube boilers is also higher when compared with the available alternatives which in turn is further enhancing their market statistics. In the forthcoming years, ongoing efforts to curb the emission driven by stringent regulatory mandates introduced will positively influence market outlook.
The ongoing expansion of refineries propelling the > 250 MMBtu/hr. industrial boiler market share
Ongoing expansion of existing refineries will stimulate the demand for > 250 MMBtu/hr. industrial boiler substantially. For instance, in 2019, ExxonMobil invested over USD 9 billion over the past decade in six major downstream projects, which also included the expansion of the refining capacity in Europe. The enactment of stringent emission norms to curb emissions from the refining sector has led to the product deployment of energy-efficient heating systems.
Growing population, changing demographics, and improvement in living standards across developing nations are some of the vital factors that positively influence the industry statistics. Moreover, rising disposable incomes owing to rapid urbanization will further fortify the affordability and accessibility of high-value petrochemical refined products.
In addition, paper plants and petrochemicals are also primarily utilizing large-capacity boilers due to their high-pressure handling capacity to expedite industrial processes, thereby augmenting the market demand.
Escalating demand for processed food propelling the industrial boiler market outlook
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Food processing accounts for a significant market share due to the continuous demand for heat or steam required at various stages including batching, processing, steaming, and cleaning. These steam generating systems are further being deployed to effectively undertake sterilization of packaged food, cleaning, and sanitation procedures of the equipment. As a result, it has become a necessity to install boilers at F&B facilities to fulfil the need for hot water and steam, which will substantially augment its market statistics.
Growing demand for processed food on account of rising disposable incomes of consumers will stimulate investments across the F&B sector, driving the business growth. For instance, as per the UNCTAD, the total number of announced FDI greenfield projects for food, beverages, and tobacco industries has reached USD 29 billion in 2017 from USD 24 billion in 2016. This will drive the market size across the processed food applications.
Non-condensing heating technology will continue to fuel the global market trends
Non-condensing boilers are the traditional boilers, which are designed to take the air from room to provide combustion and heat the water or create steam. The exhaust gases generated during the combustion process are allowed to escape through the flue stack. Since, they have only two fuel sources (natural gas and oil) due to which, the efficiency of these boilers remains low when compared to the other condensing systems.
Ease of installation along with competitive price structure and ability to operate under extreme weather conditions effectively will flourish market growth over the forecast timeline. The efficiency of non-condensing boilers ranges from 80-85% with regular maintenance. As a result, this becomes an economical boiler for industries to install, thereby proliferating industry growth.
Stringent government norms to minimize the carbon footprint propelling the gas-fired industrial boiler market outlook
Stringent government norms to reduce carbon emissions will boost the demand for natural gas-fired industrial boilers. For instance, the EPA has propagated the national emission standards for hazardous air pollutants from three major source categories, industrial boilers, commercial & institutional boilers, and process heaters.
The EPA is retaining a minimum CO limit of 130 ppm and the Particulate Matter, Continuous Parameter Monitoring System requirements consistent with the January 2013 final rule. Such regulatory norms by the respective governments will create various market opportunities for these industrial boilers.
The existence of strong gas supply infrastructure along with the abundant potential of natural gas deposits across the globe will fuel the market demand over the forecast timeframe. In addition, ongoing initiatives toward the replacement of traditional boilers with low-carbon emission boilers will further proliferate the industry growth substantially.
Asia Pacific region to take over the regional market share due to economic development
North America, Europe, and Asia Pacific jointly account for over 90% of the global market share. The presence of numerous manufacturing facilities, high population density, and significant investments toward economic development has made Asia Pacific one of the major stakeholders across the globe.
The positive outlook toward the manufacturing sector along with the government focus on the development of new industrial facilities including chemical, machinery, and F&B industries will foster the industrial boiler market demand across the Asia Pacific.
The market statistics for industrial boilers in Asia Pacific will witness substantial growth on account of the growing energy demands. For instance, as per the IEA, in 2019 the developing economies in Asia Pacific are expected to account for two-thirds of the global energy demand growth between 2020 and 2040.
In addition, the developed economies are presently replacing their conventional boilers to achieve zero-carbon emission economy. The boiler manufacturers operating across the region are concentrating on strong distribution channels to minimize the demand-supply gap.
Strategic collaborations and acquisitions acting as the focal point of leading manufacturers
The leading participants operating across the industrial boiler industry are currently aiming at strategic collaborations and acquisitions to gain a competitive edge. The business strategy on merger & acquisition is devised to increase the profitability and capture a greater proportion of the market share.
The eminent market players include Hurst Boiler and Welding Co., IHI Corporation, Babcock and Wilcox Enterprises, John Cockerill, Doosan Heavy Industries & Construction Co, Mitsubishi Hitachi Power Systems, Miura America Co, AC Boilers SpA and Groupe Atlantic.
Industrial boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units’, ‘MMBtu/hr’, and ‘USD” from 2015 to 2026, for the following segments:
- < 10 MMBtu/hr.
- 10 - 25 MMBtu/hr.
- 25 - 50 MMBtu/hr.
- 50 - 75 MMBtu/hr.
- 75 - 100 MMBtu/hr.
- 100 - 175 MMBtu/hr.
- 175 - 250 MMBtu/hr.
- > 250 MMBtu/hr.
- Food Processing
- Pulp & Paper
- Primary Metal
- Natural Gas
The above information has been provided for the following regions and country:
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- Saudi Arabia
- South Africa
- Latin America
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