Industrial boilers are heat generators used in various industries for power generation and heating applications. The key advantages of industrial boilers include high thermal efficiency, fuel flexibility, and compact size. These boiler systems can operate on fossil fuels as well as renewable sources, making them an efficient way to power industrial facilities. The growing industrialization worldwide along with stringent environmental regulations is propelling the demand for industrial boilers from various end-use industries like mining, manufacturing, and others.
The industrial boilers market is estimated to be valued at USD 17.46 Bn in 2024 and is expected to reach USD 24.15 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
Key Takeaways
Key players operating in the industrial boilers market are Siemens AG, General Electric, Thermax Ltd., Andritz AG, and Hurst Boiler & Welding Co Inc.
Increasing adoption of energy-efficient and environment-friendly boiler systems as well as rising investments in distributed power generation infrastructure are some of the key opportunities in the global industrial boilers market.
Asia Pacific dominated the global market in 2019 and is expected to grow at the fastest rate during the Industrial Boilers Market Forecast period owing to rapid industrial development in China and India. Other regions such as North America and Europe are also anticipated to offer lucrative growth opportunities for industrial boiler manufacturers.
Market Drivers
The growing demand for power from expanding industrial sector across developing regions is a major factor driving the industrial boilers market. Factors such as rising manufacturing output, strong economic growth, and industrialization are increasing the need for process steam and power generation globally. Furthermore, stringent regulations regarding carbon emissions from industries are encouraging the adoption of advanced industrial boiler systems with low emissions and high fuel efficiency. Government initiatives to boost manufacturing and strengthen grid infrastructure will further propel the demand for industrial boilers during the forecast period.
PEST Analysis
Political: Changes in environmental regulations are influencing the adoption of industrial boilers with advanced pollution control systems.
Economic: Fluctuations in the industrial production output impacts the demand for industrial boilers from end-use industries like chemicals, food processing, etc.
Social: Growing awareness about energy efficiency and carbon footprint is prompting industrial facilities to replace older boilers with modern high efficiency models.
Technological: Introduction of digital technologies like IoT and AI are enabling remote monitoring of boiler operations and predictive maintenance of industrial boilers. Advanced combustion and heat recovery systems are also improving the efficiency of new boiler models.
Geographical concentration
The industrial boilers market in terms of value is highly concentrated in Asia Pacific region. Countries like China, India, Japan have large manufacturing sectors for chemicals, automotive, machinery etc which demands a significant number of industrial boilers for steam and heat generation requirements in process plants. North America and Western Europe are other major regional markets.
Fastest growing region
The Asia Pacific region is poised to witness the fastest growth in the industrial boilers market during the forecast period. This is mainly attributed to ongoing capacity expansions and new plant constructions across sectors like pharmaceuticals, food processing, textiles etc in developing countries of the region. Also, replacement demand will rise as many small and medium boiler installations approach the end of their lifecycles in Asia Pacific industrial belt driving future sales.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)