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Industrial Boiler Market Size

Report ID: GMI622
Published Date: May 2023
Report Format: PDF

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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.

Industrial Boiler Market Report Attributes
Report Attribute	Details
Base Year:	2023
Industrial Boiler Market Size in 2023:	USD 10.5 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	4.7%
2032 Value Projection:	USD 15.9 Billion
Historical Data for:	2019 to 2023
No. of Pages:	2,250
Tables, Charts & Figures:	4,502
Segments covered:	Product, Capacity, Application, Technology, Fuel
Growth Drivers:	Positive outlook toward chemical & food processing industries Rapid industrialization across developing economies Upgradation & replacement of existing boilers Implementation of stringent emission regulations
Pitfalls & Challenges:	High installation cost

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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.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of industrial boilers was crossed USD 10.5 billion in 2023 and is poised to grow at over 4.7% CAGR from 2024 to 2032, driven by rapid industrialization across emerging nations.

Oil-fueled industrial boiler market size will cross USD 4.5 billion by 2032, on account of its low running costs and other beneficial properties.

Asia Pacific industrial boiler market share will grow at more than 5% CAGR from 2023 to 2032, on account of rising investments in industries such as food processing, chemicals, metal manufacturing plants, and others.

Some of the prominent industrial boiler market contenders are The Fulton Companies, Hurst Boiler and Welding, John Cockerill, Clayton Industries, Cleaver-Brooks, Bosch Industriekessel, and IHI Corporation, among others.