Industrial Boilers Market Growth Is Attributed To The Increased Use In Power Generation

According to Precision Business Insights (PBI), the latest report industrial boilers market size was valued at USD 15,261.8 million in 2022 and is poised to grow at a 3.1% CAGR during the forecast period 2023 to 2029. The adoption of stringent environmental regulations to maintain emission standards and carbon reduction in several countries drives the industrial boilers market. Furthermore, the advancement in boiler technology, such as better combustion systems, greater insulation, and increased control and monitoring capabilities has also propelled the market growth. Moreover, the adoption of energy storage capabilities and diverse heat sources, such as biomass, natural gas, and solar, combined with hybrid boiler systems to maximize energy efficiency and lower greenhouse gas emissions has provided opportunities for manufacturers and service providers to expand their presence in the market. Additionally, Industrial boilers are on the rise in demand to support economic growth and satisfy the escalating energy demands of enterprises due to the fast industrialization and urbanization in developing economies.

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The industrial boiler market is segmented based on fuel, boiler, technology, function, end-user industry, and geography.
Based on the fuel type, the market is segmented into the following:
• Natural gas
• Oil
• Coal
• Others (biomass, nuclear)

Based on the boiler type, the market is segmented into the following:
• Fire-tube
• Water-tube
• Others

Based on the technology, the market is segmented into the following:
• Condensing
• Non-Condensing

Based on the function, the market is segmented into the following:
• Hot water
• Steam

Based on the end-user industry, the market is segmented into the following:
• Chemicals & Petrochemicals
• Metal & mining
• Food
• Paper & pulp
• Power generation
• Others

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Power Generation Dominates the Industrial Boilers Market
Based on the end-user industry, the power generation industry is anticipated to show a significant growth rate over the forecasting period. Power plants employ industrial boilers to produce steam, which powers turbines linked to electricity generators. Fossil fuels including coal, natural gas, and oil make up the majority of the energy produced by industrial boilers. Industrial boilers are a dependable and effective way to generate power, which helps to support the world's energy supply. The energy environment is always changing, and adopting cleaner, more sustainable means of electricity generation is becoming more and more important. As a result, trends and policies that support renewable energy sources and low-carbon technology have an impact on the usage of industrial boilers in the production of electricity. For instance, in July 2022, Bosch introduced an electric steam boiler for sustainable steam and heat supply. It is 100% electric and fully carbon neutral. The output ranges from 350 to 7500 kilograms of steam per hour

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Asia Pacific Leads Industrial Boilers Market:
Industrial Boilers market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific accounted for a significant share of the Industrial boilers market. The market is expected to grow at 4.1% CAGR over the forecast years owing to China and India undergoing rapid urbanization, industrialization, and rising demand for power and process heat in numerous sectors. Significant factors in this region included China's extensive manufacturing sector and India's growing emphasis on electricity production and industrial development. North America region is anticipated to grow in the forecasting period owing to the region's emphasis on clean energy projects, energy-saving measures, and the replacement of outdated infrastructure with cutting-edge industrial boilers. Additionally, the region's interest in exploring renewable energy sources, such as solar power, influenced the market.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
Industrial boilers market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

Key player's profiles in the industrial boilers market report are Thermax Ltd., General Electric, Babcock & Wilcox Enterprises, Inc., Andritz AG, Siemens AG, Bharat Heavy Electricals Ltd., Forbes Marshall, Hitachi Ltd., Mitsubishi Heavy Industries, Ltd., Harbin Electric Corporation, Cheema Boilers Limited, IHI Corporation, AC Boilers, and Dongfang Electric Corporation Ltd.

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