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Industrial Boilers Market worth over $12bn by 2028

  • Published Date: April 4, 2022

Industrial Boilers Market size is set to surpass USD 12 billion by 2028, as reported in the latest study by Global Market Insights Inc.

The market growth is driven by the growing inclination toward digitalization and the upgrading of heating systems in line with the adoption of energy-efficient boilers. Ongoing investments in the industrial sector development along with stringent government norms to cater to low emission solutions will foster the industry opportunities. In addition, a paradigm shift toward energy conservation measures coupled with the increasing replacement of traditional boiler systems will influence the industry dynamics.

The COVID- 19 pandemic has marginally affected the market revenue due to the showdown of manufacturing facilities coupled with limited industrial investments. Government-imposed lockdowns & restrictions across the globe in line with a halt in industrial operations have affected the industry demand. However, the rising demand for a sustainable heating system along with continuous refurbishment of existing heat generation systems will further energize the industry growth.

Efficient heat and steam generation in line with continuous technological advancements will propel the market expansion

The fire-tube segment is estimated to witness around 4% growth rate through 2028. Government focuses to stimulate the deployment of captive heating systems along with rapid industrialization will augment the industry revenue. The rising demand for water heating solutions owing to simple construction, increased ability to meet resource fluctuations, and cost-effective units will impel product acceptance. Furthermore, the ongoing modernization of existing facilities in line with the installation of high-capacity boiler systems will enhance the industry scenario.

The 10 - 25 MMBtu/hr will showcase an upsurge attributed to the ongoing innovation in efficient heating systems along with a positive outlook for industrial expansion. Government norms and policies to reduce carbon emissions coupled with an increasing requirement of space heating boilers will sway product adoption. Additionally, continuous efforts to achieve high energy optimization in line with the development in manufacturing facilities will boost the industry trend.

Browse key industry insights spread across 2,140 pages with 3,414 market data tables & 42 figures & charts from the report, “Industrial Boilers 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), By Technology (Condensing, Non-Condensing), By Fuel (Natural Gas, Oil, Coal), COVID-19 Impact Analysis, Regional Outlook, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:

Growing demand for sustainable heating solutions along with regulatory mandates to adopt low emission heating systems will drive the market value

The refinery is slated to grow led by the continuous technological advancements along with a positive outlook toward the development of refinery operations. Growing industrial sector investments in line with the rapid expansion of refinery units will accelerate the industry expansion. Moreover, a paradigm shift toward clean power generation facilities coupled with an increasing focus toward enhanced capacity boiler systems across refineries will foster the industry progression.

Replacement of existing boiler systems with high-capacity units will boost the market demand

The non-condensing industrial boilers market is anticipated to register growth of 4.6% till 2028 impelled by the growing industrialization along with shifting focus toward clean heat generation systems. Ongoing development in the commercial sector in line with surging requirements for low emission & economical heating systems will propel the business landscape. In addition, a paradigm shift toward energy conservation technologies coupled with rising investments across developing economies will impact the industry growth.

The natural gas-fueled segment is projected to rise owing to the strict government mandates to curb greenhouse gas emissions along with rising investments in the development of efficient boiler units. The rising expansion of industries in line with surging requirements for heat or steam across various industrial operations will positively influence the industry value. Additionally, the rising focus on energy-efficient boilers coupled with rapid industrialization and infrastructure development will augment the industry demand.

Ongoing regulatory norms & policies along with growing research & development activities will create growth opportunities for North America region

North America industrial boilers market is expected to reach USD 2 billion by 2028 due to the strict government norms on the utilization of clean power generation technologies along with continuous R&D activities in carbon emission reduction. For instance, in February 2021, ClearSign Technologies Corporation signed an agreement with California Boiler for installing ClearSign Core aided ultra-low nitrous oxide combustion equipment across the U.S. market. Furthermore, ongoing research & development activities along with shifting focus to reduce carbon emissions will accelerate the industry revenue.

Prominent players operating in the market include Bharat Heavy Electricals, Babcock and Wilcox Enterprises, Hurst Boiler and Welding, Cleaver-Brooks, The Fulton Companies, Clayton Industries, IHI Corporation, John Cockerill, Cochran, John Wood Group, Doosan Heavy Industries & Construction, Mitsubishi Heavy Industries, Forbes Marshall, General Electric, Sofinter, Siemens, Thermax, Miura America, Hoval, Rentech Boilers, Viessmann Climate Solutions, Ferroli, Groupe Atlantic, Fondital, Fonderie Sime, Victory Energy Operations, Walchandnagar Industries and Bosch Industriekessel. Ongoing regulatory mandates and policies along with inorganic growth ventures, mergers & acquisitions among major leaders will stimulate the industry outlook.

Authors: Ankit Gupta, Shubham Chaudhary

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