Abstract
Summary
The global market size of industrial boilers is projected to grow from USD 15.3 billion in 2022 to USD 19.8 billion by 2030, at a CAGR of 3.3% during the forecast period. The stringent government regulations designed to minimize carbon emissions and maximize the use of renewable energy drives increased demand for power and food industries, as well as the use of clean technology in the chemical industry. This market is predicted to grow rapidly in the coming years.
In terms of value,water-tube accounts for the fastest-growing segment in industrial boilers market, by boiler type, during the forecast period.
The water-tube boiler segment is the fastest-growing application type of industrial boiler. In terms of value, it is projected to register a CAGR of 3.7% between 2022 and 2030. Water-tube boilers are particularly attractive in applications that require dry, high-pressure, high-energy steam, including steam turbine power generation. Water-tube industrial boilers are preferred in various industrial applications, such as chemical processing, pulp & paper, and refining units. They can be easily replaced or repaired.
In terms of value, coal is estimated to be account for sluggish growing segment in industrial boilers market, by fuel type, during the forecast period.
Coal is estimated to witness sluggish growth in the market during 2022-2030. This is attributed to the increasing demand for renewables. However, coal is widely available for industrial boilers and is more economical than other fuel types, such as nuclear energy and biomass.
In terms of value, 10-150 BHP is estimated to be third fastest-growing segment in industrial boilers market, by boiler horsepower type, during the forecast period.
The 10-150 BHP boilers segment is the third fastest-growing boiler horsepower type of industrial boiler. In terms of value, it is projected to register a CAGR of 2.9% between 2022 and 2030. Small-sized industrial boilers range from 10–150 BHP in terms of capacity and are used for steam and hot water applications in various industries like food processing & paper & pulp. They are available in standard designs based on their sizes with low customizations. These boilers are easy to install and are the highest manufactured industrial boilers worldwide. They are used in factories, schools, hospitals, and other large buildings requiring efficient heating.
In terms of value, hot-water is estimated to fastest growing segment in industrial boilers market, by function type, during the forecast period.
The hot water boilers segment is the fastest-growing function type of industrial boiler. In terms of value, it is projected to register a CAGR of 3.8% between 2022 and 2030. Hot water boilers are used in residential, commercial, and institutional buildings. These boilers are designed to operate on various fuel types such as heavy oil, light oil, gas, dual fuel, coal, husk, and other agro-waste fuels. They offer high efficiency, low maintenance, and good durability.
In terms of value, paper & pulp is estimated to be third fastest-growing segment in industrial boilers market, by end use, during the forecast period.
Paper & pulp is the third fastest growing segment by end-use during the forecast period 2022-2030. Industrial boilers generate steam for power and process systems in the paper industry. The high-pressure steam is used in steam turbines to generate electricity for the paper mill. The pulp & paper industry requires medium and low-pressure steam for various process applications, such as heating and cooking the wood chips to make wood pulp. In paper mills, steam is used in other applications such as heating chemicals, dryer drums, and other processes.
North America region accounted for the third-fastest growing segment in the industrial boilers market by value.
North America is the third-largest industrial boilers market in terms of value, in 2022. The countries in the region have already started implementing new regulations that promote the wide use of renewable fuels based boilers. North America houses many industrial boilers manufacturers. The region relies heavily on coal and gas for electricity generation. However, with the new regulations in compliance with the US Environmental Protection Agency’s Mercury and Air Toxics Standards, net coal production capacity decreased by nearly 60 gigawatts (GW). It is further estimated that between 2017 and 2030, an additional 65 GW of coal-fired generating capacity would shut down due to competitively priced natural gas and increasing energy generation from renewable sources.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the industrial boilers market, and information was gathered from secondary research to determine and verify the market size of several segments. The break-up of the primaries is as follows:
• By Company Type: Tier 1 – 30%, Tier 2 – 35%, and Tier 3 – 35%
• By Designation: C Level Executives– 20%, Directors – 40%, and Others – 40%
• By Region: Asia Pacific – 50%, Europe – 20%, North America – 10%, the Middle East & Africa – 10%, and South America- 10%
Babcock & Wilcox Enterprises INC (US), Siemens AG (Germany), John Wood Group PLC (UK), Dongfang Electric Corporation Limited (DEC LTD) (China), Mitsubishi Power (Japan), Thermax Limited (India), Sofinter Group (Italy), Bharat Heavy Electricals Limited (BHEL) (India), Harbin Electric Company Limited (China), IHI Corporation (Japan), Alfa Laval AB (Sweden), Andritz AG (Austria), Robert Bosch GMBH (Germany), Cleaver Brooks Inc. (US), and Byworth Boilers Limited (UK) are the key players in the industrial boilers market
Research Coverage:
This research report categorizes the industrial boilers market based on fuel type, boiler type, function type, boiler horse type, end use, and region. Based on fuel type, the market has been segmented into coal, natural gas, oil & others. Based on boiler type, the market has been segmented into fire-tube boilers & water-tube boilers. Based on the function type, industrial boilers have been segmented into steam & hot-water boilers. Based on the boiler horsepower type, industrial boilers are segmented into 10-150 BHP, 151-300 BHP, 301-600 BHP & Above 600 BHP. Based on end-use industry, the market has been segmented into chemicals & petrochemicals, food, metals &mining, power generation and others. Based on region, the industrial boilers market has been segmented into Asia Pacific, North America, Europe, the Middle East & Africa, and South America. A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; new product launches, investment & expansions, mergers & collaborations; and recent developments associated with the industrial boilers market.
Key Benefits of Buying the Report:
From an insight perspective, this research report focuses on various levels of analyses — industry analysis (industry trends), market ranking of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the industrial boilers Insulation market; high growth regions; and market drivers, restraints, opportunities, and challenges.
Table of Contents
1 INTRODUCTION 35
1.1 STUDY OBJECTIVES 35
1.2 MARKET DEFINITION 35
1.2.1 INCLUSIONS AND EXCLUSIONS 36
1.3 STUDY SCOPE 36
1.3.1 MARKETS COVERED 36
1.3.2 REGIONS COVERED 37
1.3.3 YEARS CONSIDERED 37
1.4 CURRENCY CONSIDERED 38
1.5 UNITS CONSIDERED 38
1.6 STAKEHOLDERS 38
1.7 SUMMARY OF CHANGES 39
2 RESEARCH METHODOLOGY 40
2.1 RESEARCH DATA 40
2.1.1 SECONDARY DATA 41
- 2.1.1.1 Key data from secondary sources 41
2.1.2 PRIMARY DATA 41
- 2.1.2.1 Key data from primary sources 42
2.1.3 PRIMARY INTERVIEWS 42
- 2.1.3.1 Primary interviews-demand and supply sides 42
- 2.1.3.2 Key industry insights 43
- 2.1.3.3 Breakdown of primary interviews 43
2.2 MARKET SIZE ESTIMATION 44
2.2.1 TOP-DOWN APPROACH 44
- 2.2.1.1 Arriving at market size using bottom-up approach 44
2.2.2 TOP-DOWN APPROACH 46
- 2.2.2.1 Arriving at market size using top-down approach 46
2.3 DATA TRIANGULATION 47
2.4 FACTOR ANALYSIS 48
2.5 RESEARCH ASSUMPTIONS 48
2.6 LIMITATIONS AND RISKS 49
3 EXECUTIVE SUMMARY 50
4 PREMIUM INSIGHTS 54
4.1 EMERGING ECONOMIES TO WITNESS HIGH GROWTH IN INDUSTRIAL BOILERS MARKET 54
4.2 INDUSTRIAL BOILERS MARKET, BY FUNCTION TYPE 54
4.3 INDUSTRIAL BOILERS MARKET, BY BOILER TYPE 55
4.4 INDUSTRIAL BOILERS MARKET, BY FUEL TYPE 55
4.5 INDUSTRIAL BOILERS MARKET, BY BOILER HORSEPOWER 56
4.6 INDUSTRIAL BOILERS MARKET, BY END-USE INDUSTRY 56
4.7 ASIA PACIFIC: INDUSTRIAL BOILERS MARKET, BY END-USE INDUSTRY AND COUNTRY 57
5 MARKET OVERVIEW 58
5.1 INTRODUCTION 58
5.2 MARKET DYNAMICS 58
5.2.1 DRIVERS 59
- 5.2.1.1 Government policies to increase requirements for industrial boilers 59
- 5.2.1.2 Increasing demand from power and food & beverage industries 59
- 5.2.1.3 High demand for clean technology from chemical industries 59
5.2.2 RESTRAINTS 60
- 5.2.2.1 Significant capital investment and high installation and
5.2.3 OPPORTUNITIES 60
- 5.2.3.1 Adoption of biomass boilers to achieve low carbon emission targets 60
- 5.2.3.2 Replacement of aging boilers and adoption of supercritical and
- 5.2.3.3 Increasing demand for compact designs and lean operations 61
5.2.4 CHALLENGES 61
- 5.2.4.1 Stringent regulations and emission control 61
- 5.2.4.2 Increasing energy prices 61
5.3 PATENT ANALYSIS 62
5.3.1 METHODOLOGY 62
5.3.2 GLOBAL PATENT ANALYSIS 62
5.3.3 PUBLICATION TRENDS 63
5.3.4 INSIGHTS 63
5.3.5 LEGAL STATUS 63
5.3.6 JURISDICTION-WISE PATENT ANALYSIS 64
5.3.7 TOP COMPANIES/APPLICANTS 64
5.3.8 LEADING PATENT OWNERS (US) 65
5.4 ECOSYSTEM MAPPING 65
5.5 VALUE CHAIN ANALYSIS 66
5.5.1 RAW MATERIAL SUPPLIERS 67
5.5.2 MANUFACTURERS 67
5.5.3 DISTRIBUTORS 67
5.5.4 END USERS 67
5.6 TECHNOLOGY ANALYSIS 68
5.6.1 LOW NOX BOILERS 68
5.6.2 INDUSTRIAL INTERNET OF THINGS 68
5.6.3 REMOTE MONITORING 68
5.7 PRICING ANALYSIS 68
5.7.1 AVERAGE SELLING PRICE BY REGION 68
5.7.2 AVERAGE SELLING PRICE BY KEY PLAYERS 69
5.8 PORTER’S FIVE FORCES ANALYSIS 70
5.8.1 THREAT OF SUBSTITUTES 70
5.8.2 BARGAINING POWER OF SUPPLIERS 71
5.8.3 THREAT OF NEW ENTRANTS 71
5.8.4 BARGAINING POWER OF BUYERS 71
5.8.5 INTENSITY OF COMPETITIVE RIVALRY 72
5.9 TRADE ANALYSIS 73
5.9.1 IMPORT-EXPORT SCENARIO OF INDUSTRIAL BOILERS MARKET 73
5.10 MACROECONOMIC INDICATORS 75
5.10.1 GDP TRENDS AND FORECASTS 75
5.11 TRENDS AND DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 76
5.12 KEY CONFERENCES AND EVENTS, 2023-2024 76
5.13 RECESSION IMPACT 78
5.14 TARIFF AND REGULATIONS 79
5.14.1 NORTH AMERICA 79
5.14.2 EUROPE 79
5.14.3 ASIA 80
5.15 CASE STUDY ANALYSIS 80
5.15.1 BYWORTH’S FELLSMAN HOT WATER BOILER FOR SHEFFIELD WEDNESDAY FOOTBALL CLUB 80
5.15.2 THERMAX’S CPFD FOR GOVIND DAIRY PHALTAN 80
6 INDUSTRIAL BOILERS MARKET, BY FUEL TYPE 81
6.1 INTRODUCTION 82
6.2 NATURAL GAS 84
6.2.1 REGULATORY GUIDELINES CONCERNING CO2 EMISSIONS TO DRIVE MARKET 84
6.3 COAL 84
6.3.1 ASIA PACIFIC TO DOMINATE COAL-FIRED INDUSTRIAL BOILERS MARKET 84
6.4 OIL 85
6.4.1 HIGH AVAILABILITY OF CRUDE OIL EXPECTED TO FUEL MARKET GROWTH 85
6.5 OTHERS 85
7 INDUSTRIAL BOILERS MARKET, BY BOILER TYPE 86
7.1 INTRODUCTION 87
7.2 FIRE-TUBE 88
7.2.1 FUEL-EFFICIENT FIRE-TUBE BOILERS EASIER TO OPERATE 88
7.3 WATER-TUBE 89
7.3.1 WATER-TUBE BOILERS TO BE HIGHLY EFFICACIOUS 89
7.4 OTHERS 89
8 INDUSTRIAL BOILERS MARKET, BY FUNCTION 90
8.1 INTRODUCTION 91
8.2 HOT WATER 92
8.2.1 HIGH-TEMPERATURE HOT WATER BOILERS IDEAL FOR LARGER SYSTEMS 92
8.3 STEAM 92
8.3.1 STEAM BOILERS PREFERRED IN TURBINE AND POWER INDUSTRIES 92
9 INDUSTRIAL BOILERS MARKET, BY BOILER HORSEPOWER 93
9.1 INTRODUCTION 94
9.2 10-150 BHP 96
9.2.1 ASIA PACIFIC TO HOLD LARGEST MARKET SHARE FOR 10-150 BHP INDUSTRIAL BOILERS 96
9.3 151-300 BHP 96
9.3.1 PRECISE PRESSURE AND TEMPERATURE REQUIREMENT ACROSS END-USE INDUSTRIES TO FUEL MARKET GROWTH 96
9.4 301-600 BHP 96
9.4.1 INCREASING DEMAND FOR HIGH-PRESSURE STEAM OUTPUT TO PROPEL SEGMENT GROWTH 96
10 INDUSTRIAL BOILERS MARKET, BY END-USE INDUSTRY 97
10.1 INTRODUCTION 98
10.2 CHEMICALS & PETROCHEMICALS 100
10.2.1 HIGH DEMAND FOR BULK CHEMICALS IN EMERGING ECONOMIES TO PROPEL SEGMENT GROWTH 100
10.3 FOOD 100
10.3.1 INCREASING DEMAND FOR PACKAGED FOODS TO FUEL SEGMENT GROWTH 100
10.4 PULP & PAPER 101
10.4.1 HIGH DEMAND FOR PAPER IN ASIA PACIFIC TO BOOST INDUSTRIAL GROWTH 101
10.5 METALS & MINING 101
10.5.1 INCREASING DEMAND FOR STEEL AND MINING INDUSTRIES TO DRIVE MARKET 101
10.6 POWER GENERATION 102
10.6.1 POWER GENERATION SEGMENT TO ENCOUNTER RAPID GROWTH DURING FORECAST PERIOD 102
10.7 OTHERS 102
11 REGIONAL ANALYSIS 103
11.1 INTRODUCTION 104
11.2 ASIA PACIFIC 106
11.2.1 CHINA 111
- 11.2.1.1 Replacing coal-fired boilers by gas-fired boilers to fuel segment growth 111
11.2.2 INDIA 113
- 11.2.2.1 Increased demand from chemical industry to drive market 113
11.2.3 JAPAN 115
- 11.2.3.1 Increasing use of boilers in food & chemical end-use industry to propel market 115
11.2.4 SOUTH KOREA 116
- 11.2.4.1 Replacing coal-fired plants with LNG-based plants to achieve carbon neutrality 116
11.2.5 MALAYSIA 118
- 11.2.5.1 Rising demand for food products to propel market 118
11.2.6 AUSTRALIA 120
- 11.2.6.1 Adoption of renewable resources to meet electricity requirement 120
11.2.7 REST OF ASIA PACIFIC 122
- 11.2.7.1 Growth in chemical industries to drive market 122
11.3 EUROPE 123
11.3.1 GERMANY 128
- 11.3.1.1 Advancements in high-value fine chemicals to propel market 128
11.3.2 UK 130
- 11.3.2.1 Reducing carbon emissions to boost demand for hydrogen-fired industrial boilers 130
11.3.3 FRANCE 132
- 11.3.3.1 Rising demand from chemical industry to drive market 132
11.3.4 ITALY 133
- 11.3.4.1 Growth of food industries to increase demand for industrial boilers 133
11.3.5 TURKEY 135
- 11.3.5.1 Demand for processed food products to drive market 135
11.3.6 EASTERN EUROPE 136
- 11.3.6.1 Growing demand for industrial boilers in food end-use industry to fuel market growth 136
11.3.7 REST OF EUROPE 138
- 11.3.7.1 Increasing demand for chemicals and food products to propel market 138
11.4 NORTH AMERICA 139
11.4.1 US 143
- 11.4.1.1 Adoption of natural gas-fired boilers to meet clean energy requirement 143
11.4.2 CANADA 145
- 11.4.2.1 Significant presence of food processing companies to drive market 145
11.4.3 MEXICO 147
- 11.4.3.1 Rising demand from chemical segment to propel market 147
11.5 MIDDLE EAST & AFRICA 148
11.5.1 SAUDI ARABIA 153
- 11.5.1.1 Thermal energy consumption in chemical industries to fuel market growth 153
11.5.2 UAE 154
- 11.5.2.1 Increasing demand for basic chemicals, polymers, and fertilizers to fuel segment growth 154
11.5.3 EGYPT 156
- 11.5.3.1 Production of domestic fossil gas to reduce carbon consumption 156
11.5.4 REST OF MIDDLE EAST & AFRICA 157
- 11.5.4.1 Increasing demand for industrial chemicals and fertilizers to fuel market growth 157
11.6 SOUTH AMERICA 159
11.6.1 BRAZIL 163
- 11.6.1.1 Extensive use of natural gas and biomass to drive market 163
11.6.2 ARGENTINA 164
- 11.6.2.1 Adoption of renewable energy to boost market 164
11.6.3 REST OF SOUTH AMERICA 166
- 11.6.3.1 Expansion of food end-use industries to fuel market growth 166
12 COMPETITIVE LANDSCAPE 168
12.1 OVERVIEW 168
12.2 RANKING ANALYSIS OF KEY MARKET PLAYERS, 2022 169
12.3 MARKET SHARE ANALYSIS 169
12.4 REVENUE ANALYSIS OF TOP PLAYERS 171
12.5 MARKET EVALUATION MATRIX 172
12.6 COMPANY EVALUATION MATRIX, 2022 (TIER 1) 173
12.6.1 STARS 173
12.6.2 EMERGING LEADERS 173
12.6.3 PERVASIVE PLAYERS 173
12.6.4 PARTICIPANTS 173
12.7 STARTUP AND SME EVALUATION MATRIX 175
12.7.1 RESPONSIVE COMPANIES 175
12.7.2 STARTING BLOCKS 175
12.7.3 PROGRESSIVE COMPANIES 175
12.7.4 DYNAMIC COMPANIES 175
12.8 COMPANY END-USE INDUSTRY FOOTPRINT 176
12.9 COMPANY REGION FOOTPRINT 178
12.10 STRENGTH OF PRODUCT PORTFOLIO 179
12.11 BUSINESS STRATEGY EXCELLENCE 180
12.12 COMPETITIVE SCENARIO 181
12.12.1 PRODUCT LAUNCHES 181
12.12.2 DEALS 182
12.12.3 OTHER DEVELOPMENTS 184
13 COMPANY PROFILES 185
13.1 MAJOR PLAYERS 185
13.1.1 BABCOCK & WILCOX ENTERPRISES, INC. 185
13.1.2 SIEMENS AG 190
13.1.3 JOHN WOOD PLC 193
13.1.4 DONGFANG ELECTRIC CORPORATION LIMITED 196
13.1.5 ROBERT BOSCH GMBH 199
13.1.6 MITSUBISHI POWER 203
13.1.7 THERMAX LIMITED 206
13.1.8 SOFINTER GROUP 210
13.1.9 BHARAT HEAVY ELECTRICALS LIMITED 212
13.1.10 CLEAVER-BROOKS, INC. 215
13.1.11 BYWORTH BOILERS LTD. 218
13.1.12 ANDRITZ AG 220
13.1.13 HARBIN ELECTRIC COMPANY LIMITED 223
13.1.14 ALFA LAVAL AB 224
13.1.15 IHI CORPORATION 227
13.2 OTHER PLAYERS 230
13.2.1 BRYAN STEAM, LLC 230
13.2.2 COCHRAN LTD. 230
13.2.3 FORBES MARSHALL PRIVATE LIMITED 230
13.2.4 THE FULTON COMPANIES 230
13.2.5 VAPOR POWER INTERNATIONAL, LLC 230
13.2.6 SUPERIOR BOILER WORKS, INC. 231
13.2.7 HURST BOILER & WELDING COMPANY, INC. 231
13.2.8 JOHNSTON BOILER COMPANY 231
13.2.9 PARKER BOILER COMPANY 231
13.2.10 RENTECH BOILER SYSTEMS, INC. 231
14 APPENDIX 232
14.1 DISCUSSION GUIDE 232
14.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 236
14.3 CUSTOMIZATION OPTIONS 238
14.4 RELATED REPORTS 238
14.5 AUTHOR DETAILS 239