Industrial Boilers Market to Touch Valuation of US$ 20.10 Bn by 2030

SHARE THIS ARTICLE

The global Industrial Boilers market size is expected to be worth around US$ 20.10 billion by 2030, according to a new report by Vision Research Reports.

The global Industrial Boilers market size was valued at US$ 23.6 billion in 2020 and is anticipated to grow at a CAGR of 5.08% during forecast period 2021 to 2030.

Get Sample Copy of This Report (Including TOC, List of Tables & Figures, and Chart)@ https://www.visionresearchreports.com/report/sample/37625

Growth Factors

industrialization in developing economies is expected to boost the demand for the industry during the forecast period. In addition, the growing food and beverage industry is expected to positively impact product demand over the coming years.

Boilers are vessels that produce steam to fulfill heating requirements with the support of numerous energy sources including oil and gas, fossils, non-fossils, and biomass. These vessels are used by numerous industries including food and beverage, power, textiles, FMCG, and thermal power plants. Chemicals and petrochemical is the largest industry to use industrial boilers.

Growing industrialization including the expansion of existing plants and the establishment of new manufacturing plants are likely to drive the market over the forecast period. Growing population coupled with increasing disposable income is likely to boost the growth of the food and beverage industry. As a result, there is a constant expansion of manufacturing plants across the globe, which, in turn, will boost product demand, especially in developed economies.

One of the key challenges faced by the industry is the emission of harmful gases into the environment. However, strict regulations implemented by numerous regulatory bodies have driven manufacturers to modify their products accordingly. The modified products not only comply with the regulations but are also energy efficient. These changes are expected to further boost the adoption of these products, thus, driving the market.

Report Highlights

the chemicals and petrochemicals application segment dominated the market for industrial boilers and accounted for the largest revenue share of 34.2%. The segment is expected to continue its dominance over the forecast period. These vessels are widely used by numerous industries for heating processes. The technology used has been constantly evolving according to the requirements. These boilers are designed to comply with the emission standards set by EPA.

The steam supplied by industrial boilers in distilleries provides a consistent, mild temperature conducive for successful fermentation, maintenance, and vessel heating. Low-pressure boilers are used for craft distilling due to their ability to provide sufficient energy for the process; however, high-pressure aids in reducing heat loss caused due to the long distances between the boiler and distillery equipment.

Custom boilers with unfired and fired vessels are used in petrochemical plants and petroleum refineries. Large boilers are used in the chemical industry to ensure adequate electricity and heat supply during chemical processing. Chemical manufacturers usually prefer natural gas to fire the boilers, along with the use of other chemical byproducts as fuel such as vent gases and hydrogen.

Co-firing of biomass and coal boilers is frequently used in chemical plants. Furthermore, the boilers in the petroleum refining industry are fired with the help of byproduct fuel, including coke and refinery gas. The demand for large boilers in the metals industry is more focused on steel mills, where these boilers are used to produce steam for blast furnace fans, machine drives, and turbine-driven equipment.

The oil and gas segment dominated the market and accounted for the largest revenue share of 37.0% in 2020. The fossil fuel segment accounted for a significant market share in terms of revenue in 2020. Fossil fuels are widely used in these systems. These fuels produce a high amount of harmful gases including carbon monoxide. Industrial boiler manufacturers are constantly modifying their products to meet the national emission standards, thereby driving the market.

Based on fuel, the market for industrial boilers has been segmented into oil and gas, fossil, non-fossil, and biomass. Different types of fuels are used by these vessels in order to produce steam to carry out industrial processes. Fossil fuel includes natural fuels including coal, bitumen, tar sands among others whereas non-fossil fuels include fuels that are not naturally available including solar and wind.

Bagasse is also used as boiler fuel, which is a byproduct of processing sugarcane or sorghum stalks. It has a high heating value ranging from 8,000 to 9,000 Btu/lb. The biomass fuel segment is expected to witness a moderate growth rate during the forecast period owing to strict regulations regarding harmful emissions in the atmosphere. The biomass fuel releases low harmful gases in the environment, which is expected to boost its demand as fuel for these systems.

Increasing demand for biodegradable and environmentally friendly packaging products, higher demand for packaging, and the expanding e-commerce sector are expected to impact the growth of the pulp and paper industry positively. Thus, the growth in the industries mentioned above is likely to drive the demand for medium-capacity industrial boilers.

Europe dominated the market for industrial boilers and accounted for the largest revenue share of 34.1% in 2020. The region is expected to dominate the industry on account of several factors including rapid industrialization coupled with growing industries including FMCG, food and beverage, and power industry. Moreover, strict regulations by the European government about harmful emissions in the environment are expected to boost the demand for industrial boilers.

In Central and South America, the market is anticipated to witness a CAGR of 3.0% over the forecast period owing to increasing industrialization. In addition, the growing food and beverage industry is likely to boost the demand for industrial boilers in developing economies, especially Brazil. In Central and South America, the industrial boilers market is expected to account for a revenue share of 6.7% by 2028.

In India, the market is expected to grow fast during the forecast period. Rapid industrialization in the country has resulted in growing investments in numerous sectors including automotive, agribusiness, oil and gas, and renewable energy. Increasing demand for environmentally friendly and biodegradable packaging products and the expanding e-commerce sector is expected to boost the market growth in the country over the coming years.

Key Players

  • Thermax Ltd.
  • Siemens AG
  • Bharat Heavy Electricals Ltd.
  • Forbes Marshall
  • Mitsubishi Heavy Industries, Ltd.
  • Harbin Electric Corporation
  • Cheema Boilers Limited
  • IHI Corporation
  • AC Boilers
  • Dongfang Electric Corporation Ltd.

Market Segmentation

  • Application Outlook
    • Chemicals & Petrochemicals
    • Paper & Pulp
    • Food & Beverages
    • Metals & Mining
    • Others
  • Fuel Outlook 
    • Oil & Gas
    • Fossil
    • Non-Fossil
    • Biomass
  • Regional Outlook
    • North America
      • U.S
      • Canada
    • Europe
      • France
      • U.K.
      • Russia
      • Italy
      • Spain
    • Asia Pacific
      • China
      • India
      • South Korea
      • Japan
    • Middle East & Africa
      • Saudi Arabia
      • UAE
    • Central & South America
      • Brazil

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

Buy This Premium Research Report, click here@ https://www.visionresearchreports.com/report/cart/37625 or call: +1 9197 992 333

Daksh

Daksh is an SEO Analyst having 3 years of experienced. we can quickly understand and support initiatives that will contribute to the goals and success of client campaigns. and also Perform keyword research in coordination with client business objectives to optimize existing content and uncover new opportunities.

View all posts by Daksh →

Leave a Reply

Your email address will not be published.