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Industrial Boilers Market Size, Growth & Forecast Analysis 2024-2033
Industrial Boilers Market Size
According to The Business Research Company's, The industrial boilers market size has grown strongly in recent years. It will grow from $14.38 billion in 2023 to $15.37 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to rapid industrialization, energy efficiency regulations, global economic trends, environmental concerns, government incentives, raw material prices.
The industrial boilers market size is expected to see strong growth in the next few years. It will grow to $20 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increasing demand for power generation, stringent emission standards, renewable energy integration, globalization of industries, investments in infrastructure. Major trends in the forecast period include adoption of iot and automation, focus on energy efficiency, stringent emission regulations, shift towards biomass and renewable fuels, customization and modular designs.
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Market Drivers and Trends:
Increasing power generation is expected to drive the Industrial boilers market going forward. The market for industrial boilers is expanding primarily because of increased power generation and electricity for large-scale power plant installations of industrial burners in boilers. According to the report by world energy & climate statistics, an application that delivers data by region with updated statistics and related information, in 2022, in The BRICS countries, where electricity consumption increased noticeably, especially in China (+9.7%), India (+4.8%), Russia (+6.4%), and Brazil (+9.5%) were the driving force behind the growth in global power generation (+8.5% in 2021). In China, most of the increase in power generation came from coal, wind, and solar energy. Therefore, increasing power generation will stimulate the growth of the industrial boilers market in the forecasting period.
Technological advancements are a key trend in gaining popularity in the industrial boiler market. Major companies operating in the industrial boiler market are focused on developing innovative solutions to strengthen their position in the market. For instance, in December 2021, Babcock Wanson Ltd., a UK-based producer of industrial boilers and burners, thermal oxidizers, and air treatment, developed the GOOD LOOP Concept - Nox Abatement technology to minimize Nox emissions in industrial boilers. The GOOD LOOP concept's innovative technology is the direct injection of recycled exhaust gases into the combustion chamber by an extra, specialized fan. GOOD LOOP technology would allow it to cut Nox emissions from its two distinct gas boilers by 20 to 30 mg/Nm3.
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Major Key Players of the Market:
Siemens AG; Thermax Limited; Harbin Electric Corporation; Bharat Heavy Electricals Limited; General Electric Company; Dongfang Electric Corporation Ltd.; Babcock & Wilcox Enterprises Inc.; IHI Corporation; Mitsubishi Heavy Industries Ltd.; Cleaver-Brooks Inc.; John Wood Group Plc.; Doosan Heavy Industries & Construction Co. Ltd.; Forbes Marshall Pvt. Ltd.; Sofinter SPA; AC Boilers S.P.A; Alfa Laval AB; Bosch Industriekessel GmbH; Hurst Boiler & Welding Company Inc.; Miura Co. Ltd.; Zhengzhou Boiler (Group) Co. Ltd.; Mitsui & Co Ltd; ABB Ltd; Viessmann Boilers; Harbin Electric Co. Ltd; Lennox; Baxi; Fulton; Worcester Bosch; Ideal Boilers; IBurnham Commercial
Industrial Boilers Market 2024 Key Insights:
• The industrial boilers market will grow to $20 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Increasing Power Generation Is Driving The Industrial Burner Market
• Technological Advancements In The Industrial Boiler Market
• North America was the largest region in the industrial boilers market in 2023
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