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

Industrial Boiler Market Size

Industrial Boiler Market size valued at USD 9.5 billion in 2022 and is projected to expand at around 4.5% CAGR from 2023 to 2032. Fast-paced industrialization across developing nations is likely to boost the market growth.
 

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The global boiler market is set to hit USD 180 billion by 2032. Favorable government policies in developing nations towards the expansion of domestic manufacturing capacity have increased the number of industrial facilities worldwide, creating a positive environment for industry growth. According to data from the IBEF, India’s manufacturing exports were worth over USD 418 billion in FY2022. Furthermore, initiatives such as Make in India and Make in China in these economies have also increased the number of industries, boosting the demand for industrial boilers. 
 

Despite such ample growth opportunities, the industry faces a major challenge in the form of prohibitive installation costs of the product. Factors such as labor costs, and other miscellaneous expenses also add to the overall cost of boilers. In addition, downtime due to a damaged boiler can incur heavy expenses. High electricity bills in some countries will present further barriers to the adoption of industrial boilers.
 

COVID-19 Impact

The COVID-19 pandemic may have influenced industrial boiler market dynamics given the closure of industries, offices, and other commercial spaces where these systems are installed. The supply chain disruptions worldwide have affected the production of these boilers. However, the resumption of normal business operations in the post-COVID-19 era will help the industry recover. In fact, many governments are also working towards achieving carbon neutrality which may increase the installation of industrial boilers.
 

Industrial Boiler Market Trends

Surging adoption of tightening emission regulations is creating abundant opportunities for market growth. In January 2023, the U.S. DOE announced over USD 131 million in R&D projects for large-scale implementation of carbon management technologies to cut down carbon dioxide pollution levels in the country. The EPA has also rolled out several regulations for the replacement of traditional inefficient boilers which has increased the use of natural gas as a feedstock for steam-generating boilers.
 

Industrial Boiler Market Analysis

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In terms of application, the industrial boiler market is classified into refinery, chemical, food processing, pulp & paper, and primary metal. The chemical segment was more than USD 2 billion in 2022. Industrial-grade boilers are widely used in the processing operations of chemical plants. As per Invest India, the country’s chemical and petrochemical sector has the potential to reach USD 300 billion by 2025. Rapid progress in the chemical industry has increased the demand for industrial boilers.
 

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Based on fuel, the oil-powered industrial boiler market size to hit USD 4.5 billion by 2032. Low running costs of oil-fueled industrial boilers are contributing to an increase in product consumption. Additionally, these systems can be used alongside renewable energy heaters and demonstrate energy efficiency when compared to their coal-based counterparts. Oil-fueled industrial boilers also serve as a feasible option for countries with limited reserves of natural gas.
 

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Asia Pacific industrial boiler market is anticipated to grow at 5% CAGR from 2023 to 2032. Growing investments in end-user industries such as chemicals, food processing, metal manufacturing plants, and others is contributing to regional growth. As per Invest India, the food processing industry in the country will cross USD 535 billion by 2025-26. Moreover, the implementation of stringent standards for emission control will create lucrative prospects for regional expansion. The market for U.S. industrial boiler is set to cross USD 1.9 billion by 2028.
 

Industrial Boiler Market Share

Some of the major key players operating in the industrial boiler market include

• John Wood Group
• Doosan Heavy Industries & Construction
• Mitsubishi Heavy Industries
• Rentech Boilers
• Siemens
• Thermax
• General Electric
• Sofinter
• Miura America
   

Industrial Boiler industry News:

• In January 2022, Hoval, a prominent industrial boiler manufacturer announced the launch of UltraGas 2 series, its latest generation of gas condensing boilers. This range of boilers is also certified for use with up to 20% hydrogen in natural gas.
   

This industrial boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032, for the following segments:

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• Fire-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

• 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

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

The above information has been provided for the following regions and country:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Poland
  • Italy
  • Spain
  • Austria
  • Germany
  • Sweden
  • Russia
• Asia Pacific
  • China
  • India
  • Philippines
  • Japan
  • South Korea
  • Australia
  • Indonesia
• Middle East & Africa
  • Saudi Arabia
  • Iran
  • UAE
  • Nigeria
  • South Africa
• Latin America
  • Argentina
  • Chile
  • Brazil