Industrial Boiler Market size to exceed $12bn by 2026
Published Date: February 4, 2020 Authors: Ankit Gupta, Nikhil Paranjape
Industrial Boiler Market size is expected to surpass USD 12 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
The global industrial boiler industry will witness substantial growth on account of rapid industrialization along with escalating demand for energy efficient products including boilers. Increasing refining capacity to cater the soaring energy demand will further complement the industry growth. Ability to handle high pressure capacities and high temperatures will further enhance its market outlook over the forecast timeframe. Furthermore, high capacity range, better safety features and longer lifespan are some of the key underlying factors that will positively influence the market demand for industrial boiler.
Increasing investments toward F&B sector will drive the Europe market statistics
The European industrial boiler market will witness significant gains on account of flourishing investment towards food & beverages business. For instance, according to the United Nations Industrial Development Organization, the food and beverages industry in France has reached to USD 44,498 million in 2017 when compared to USD 36,778 million in 2005. Growing efforts by the respective governments to strengthen the manufacturing bases will augment the business growth.
Ongoing efforts toward replacement of traditional heating systems with low emission heating devices will drive the European industry growth. These boiler units are widely deployed across the food processing units for completing various operation including sterilizing equipment, steam-in-place to clean pipes, and blanching. They offer considerably higher efficiency when compared to conventional units which in turn will further provide an impetus to industrial boiler market growth.
Shifting focus toward modernization & expansion of industrial facilities uplifting the condensing industrial boiler installation
The expansion of existing industrial facilities in line with the rapid industrialization rate will stimulate the market growth for condensing industrial boiler significantly. Low maintenance, compact design and better operational efficiency are some of the key features which will enhance its utilization across various industrial application. Escalating market demand for efficient steam and hot water generation technologies in various industries will further drive the business outlook. Ability to recover specific amount of heat and to achieve more than 95% of operational efficiency will also raise its installation over the forecast period.
Browse key industry insights spread across 1360 pages with 2458 market data tables & 74 figures & charts from the report, “Industrial Boiler Market 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, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026”in detail along with the table of contents:
Enduring economic development fostering the demand for coal fired industrial boilers
Coal fired industrial boiler segment of the market is anticipated to witness growth over 3% up to 2026. Ongoing economic transitions across developing nations with flourishing investments in manufacturing sector will enhance the market statistics for industrial boilers substantially. For instance, as per the Organisation for Economic Co-operation and Development in 2019, the average medium-term growth of India will expand by 7.3% from 2019-2023, surpassing the average of 6.9% in 2012-16.
Better reliability, high affordability, and abundance of coal deposits are some of the paramount aspects which will foster the market size for coal fired boiler. A typical steam generating units can provide lower operating costs when compare to gas fired boilers. Continuing industrial activities to upgrade its conventional heating systems including primary metal and chemical will play a pivot role in fueling the industrial boiler market.
Growing FMCG sector will spur the market share for fire-tube industrial boiler
Rapidly expanding food processing sector along with growing consumer spending will set to significantly drive the fire tube boiler installations. For instance, as per the American Farm Bureau Federation, in 2018 around USD 1.7 trillion was spent on total food expenditures in the U.S. with a growth rate of over 4.83% from 2017. Better operational efficiency and less installation time are some of the key features will favor the installation of energy efficient boiler units in FMCG sector. Firetube industrial boilers are often characterized by number of passes, through which combustion gases flow to transfer heat to the water. In addition, ability to produce up to 750 hp or 25,000 lbs of steam per hour will increase its installation and accelerate its market growth in food processing business.
Key market players operating across industrial boiler market comprise of Mitsubishi Hitachi Power Systems, AC Boilers SpA, Rentech Boilers, Groupe Atlantic, Fulton Boiler Works, Babcock and Wilcox Enterprises, Bharat Heavy Electricals Limited, Hurst Boiler, Clayton Industries, John Cockerill and Cochran amongst others. New technological innovations and acquisitions are few noteworthy strategies followed by leading industry players to be at competitive edge over other participant.
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