Industrial Boilers Market worth $19.8 billion by 2030 | Key players Siemens AG, John Wood Group PLC, Mitsubishi Power, Thermax Limited, Sofinter Group.

According to recent market research the "Industrial Boilers Market by Fuel (Natural Gas, Coal, Oil), Boiler (Fire-Tube, Water Tube), Function (Hot Water, Steam), Boiler Horsepower (10-150 BHP, 151-300 BHP, 301-600 BHP), End-Use Industry, And Region - Global Forecast to 2030 ", The global industrial boilers market size is projected to grow from USD 15.3 billion in 2022 to USD 19.8 billion by 2030, at a CAGR of 3.3% from 2022 to 2030. Stringent government regulations to minimize carbon emissions and maximize renewable energy usage, increase power and food industry demand, and use clean technology in the chemical end-use industry drive the industrial boilers market. The food and beverage industry requires a large amount of steam and hot water for various processes such as steam generation, heating & drying, and sanitation. Boilers are used in this industry to generate steam for various applications, such as cooking, cleaning, and sterilization. Moreover, the increasing population, rising disposable income, and changing dietary habits fuel the demand for processed food and beverages, leading to the expansion of food and beverage facilities in different regions. This expansion of the facilities increases the demand for heat and power in the food and beverage industry, resulting in high demand for industrial boilers.

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Fire-tube boilers are also referred to as shell & tube boilers or smoke tube boilers. Fire-tube boilers are usually preferred for industrial purpose as these boilers are fuel-efficient & and easy to operate. However, other boilers such as Fluidized bed combustion boilers are gaining traction in the market. It has emerged as a viable alternative and has significant advantages over conventional firing systems and offers multiple benefits, including compact boiler design, fuel flexibility, higher combustion efficiency and reduced emission of toxic pollutants such as SOx and NOx.

Natural gas is the best fuel choice for industrial boiler production and accounted for more than quarter of the total market in 2022. Natural gas can be piped directly into the natural gas-fired boilers. These boilers require a relatively small boiler space with a compact and simple design. Natural gas-fired boilers are widely used in western countries due to their easy availability and regulatory guidelines concerning CO2 emissions.

The steam boilers segment accounted for more than half of the total market, in terms of value, and is projected to register a CAGR of 3.1%during the forecast period. Steam boilers can be used in power turbines that generate electricity. However, due to the vertical design of the steam boiler, less steam is emitted. Steam boilers are used in various industries, including power, food, and cement.

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Food processing is one of the fastest-growing global industries. According to data published in the economic times, the food & grocery market in India ranks sixth globally, and food processing contributes about 32% to the food industry. Boilers are crucial in the food industry due to the heat generation (direct or from hot water) required in various food processes. The food industry uses coal, natural gas, liquid fuel, and biomass as fuels in boilers. Steam provides precise temperature control through relatively simple, inexpensive pressure control to deliver consistent heat across the largest vessels and offers the precision to ensure that the highest quality food is produced for the manufacturers' end-user consumers.

Europe accounts for a significant share in terms of consumption in the industrial boilers market. Numerous manufacturers, particularly in the chemical and food end-use industries, influence the demand for industrial boilers. Major sales of chemicals in Europe are in terms of petrochemicals and polymers. Germany is the largest producer of chemicals in Europe. The region has witnessed a rise in government initiatives for implementing clean energy in the industrial sector. Industrial boilers are an efficient and clean energy alternative to help address the energy challenges faced by the region.
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.

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Babcock & Wilcox (B&W) Enterprises, Inc. offers renewable, thermal, and environmental technologies. The company's diversified energy and emissions control solutions cater to various industrial, electrical utility, municipal, and other customers. Babcock & Wilcox operates through B&W Renewable, B&W Environmental, and B&W Thermal verticals. The company offers industrial boilers under the B&W Thermal segment. The B&W segment is further sub-segmented into retrofits, new build utility and environmental, aftermarket parts and field engineering services, and industrial steam generation. Babcock & Wilcox Enterprises, Inc. has a global presence with manufacturing facilities in Europe, North America, and Asia Pacific.

Siemens AG is one of the largest industrial manufacturing companies in Europe. The company provides diversified technological solutions for energy, healthcare, industrial automation, infrastructure, and financial sectors. The company has strengthened its position due to its varied business segments, including digital industries, smart infrastructure, siemens, mobility, portfolio companies, and financial services. The company offers industrial boilers under the smart infrastructure segment. Siemens AG has production and manufacturing plants, office buildings, warehouses, research & development facilities, and sales offices in more than 200 countries worldwide.

Mitsubishi Hitachi Power Systems Ltd. is a joint venture between the thermal power divisions of Mitsubishi Heavy Industries (Japan) and Hitachi Ltd. (Japan). The company is a global leader providing thermal power generation systems and environmental technology. It is involved in the production process, including developing, designing, manufacturing, construction, and after-sales services for thermal power plants. It offers various products, such as steam power plants, geothermal power plants, gas turbines, steam turbines, boilers, air quality control systems, generators, gas turbine combined cycle (GTCC) power plants, and fuel cells. Mitsubishi Hitachi Power Systems Ltd. is a part of the thermal power subsegment of the power systems segment business of Mitsubishi Heavy Industries Ltd.

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