Boiler Market Share, Trend, Size, Business demand and Growth Strategies by 2030

Boiler Market size was valued at USD 17.33 Bn. in 2023 and the total Boiler revenue is expected to grow at a CAGR of 5.9 % from 2024 to 2030, reaching nearly USD 25.89 Bn.

Boiler Market Overview

Maximize Market Research is a Business Consultancy Firm that has published a detailed analysis of the "Boiler Market". The report includes key business insights, demand analysis, pricing analysis, and competitive landscape. The analysis in the report provides an in-depth aspect at the current status of the Boiler market, with forecasts outspreading to the year 2030.

Boilers are critical components in industrial processes, functioning as vessels where fluids like steam are heated to generate condensation or vaporization. These systems are integral to the operation of various process equipment, including turbines, reactors, distillation columns, and heat exchangers. Boilers utilize various fuels, such as fossil fuels, coal, gas, and biomass, to produce the necessary steam.

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Market Dynamics

Drivers:

Rising Demand in Food and Beverage Industries: The food processing sector, one of the largest manufacturing industries globally, relies heavily on boilers for cooking, sanitizing, processing, and packaging. The need for food-grade steam and the constant operation of boilers to maintain efficiency drive market growth.

Urbanization and Industrial Growth: Increasing urbanization and the expansion of the food and beverage industry are significant growth drivers. Additionally, stringent environmental regulations are pushing industries to adopt more efficient boiler systems.

Restraints:

High Fuel Costs and Resource Scarcity: Fluctuations in fuel prices and the scarcity of natural resources present significant challenges. The rising cost of energy impacts overall production costs, reducing profitability and restraining market growth.

Opportunities:

Technological Advancements: Innovations in boiler technology, such as condensing boilers that offer high efficiency and low fuel consumption, are creating new market opportunities. The trend towards renewable energy and efficient designs also supports market expansion.

Minimizing Carbon Footprints: Growing environmental concerns and the push to reduce carbon emissions are driving demand for advanced, eco-friendly boiler systems.

Boiler Market Segmentation

by Fuel Type

Natural Gas & Biomass
Coal
Oil
Others

by Boiler Type

Fire-Tube
Water-Tube

by Boiler Horsepower

10-150 BHP
151-300 BHP
301-600 BHP

by End-Use

Industry Chemical
Food
Refineries
Metals & Mining
Others

In terms of End-Use Industry, the Chemicals industry segment dominated the Boiler market in 2023 with the greatest market share of over 38.45%.With the highest CAGR of 5.4%, it is anticipated to continue to dominate at the conclusion of the projected period. The dominance (of fertilizers and pesticides) has been attributed to the growing need for high-quality steam for the production of chemicals such as petrochemicals, industrial gases, alkali and chlorine, synthetic rubber, synthetic organic fibers, and agricultural chemicals. The chemical industry's industrial boiler market is expanding thanks to emerging economies like China and India, which have high energy consumption.

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Boiler Market Key Players

1. A.O. Smith (US)
2. Parker Boiler (US)
3. Cleaver-Brooks, Inc. (US)
4. Thermax Inc (US)
5. Weil-McLain (US)
6. Fulton Boiler Works, Inc. (US)
7. General Electric (US)
8. Babcock & Wilcox Enterprises, Inc. (US)
9. BURNHAM COMMERCIAL BOILERS (US)
10. Hurst Boiler & Welding Co, Inc. (US)
11. Bryan Steam LLC (US)
12. Superior Boiler (US)
13. Vapor Power International LLC (US)
14. Siemens AG (Germany)
15. Cochran Ltd (UK)
16. John Wood Group plc (UK)
17. Vattenfall AB (Sweden)
18. Alfa Laval AB (Sweden)
19. Sofinter S.p.a (Iatly)
20. ANDRITZ AG (Austria)
21. ABB Ltd (Switzerland)
22. Bharat Heavy Electricals (India)
23. Forbes Marshall (India)
24. IHI Corporation (Japan)
25. Mitsubishi Hitachi Power Systems, Ltd. (Japan)
26. Kawasaki Heavy Industries Ltd (Japan)
27. Wuxi Zozen Boilers Co., Ltd (China)
28. Shanghai Electric (China)

Boiler Market Regional Insights

Asia-Pacific: Dominated the market in 2023 and is expected to continue its dominance throughout the forecast period. The region's growth is driven by increasing industrialization, government initiatives to attract foreign direct investments (FDIs), and rising demand for thermal energy in countries like China, India, and Japan. The growing population and urban lifestyles are also boosting demand for industrial boilers.

Europe: Accounted for around 31% of the market share in 2023, with growth driven by the region's strong industrial base and increasing environmental awareness. European industries are focusing on sustainability and energy efficiency, further supporting market expansion.

Table of content for the Boiler Market includes:

Part 01: Executive Summary

Part 02: Scope of the Boiler Market Report

Part 03: Global Boiler Market Landscape

Part 04: Global Boiler Market Sizing

Part 05: Global Boiler Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Key questions answered in the Boiler Market are:

What is Boiler?
What was the Boiler market size in 2023?
What is the growth rate of the Boiler Market?
Which are the factors expected to drive the Boiler market growth?
What is the CAGR at which the Boiler market will grow during the forecast period?
What are the different segments of the Boiler Market?
Which is the fastest-growing region in the Boiler Market?
What segments are covered in the Boiler Market?
Who are the key players in the Boiler Market?
What growth strategies are the players considering to increase their presence in Boiler?
What are the upcoming opportunities and trends for the Boiler Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Boiler Market?
Who are the leading companies and what are their portfolios in Boiler Market?
Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by Different Segment | 2024-2030
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation - A detailed analysis by segment with their sub-segments and Region
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of Business by Region
Lucrative business opportunities with SWOT analysis
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