Press release
Steady Expansion Forecast for Industrial Boilers Market, Projected to Reach $21.39 Billion by 2029
Industrial Boilers
Industrial Boilers Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
There has been notable expansion in the industrial boilers market size in the past few years. The market is predicted to increase from $15.26 billion in 2024 to $16.27 billion in 2025, with a compound annual growth rate (CAGR) of 6.6%. The historic growth is due to factors such as swift industrialization, regulations concerning energy efficiency, global financial tendencies, environmental issues, government incentives, and the cost of raw materials.
Industrial Boilers Market Size Forecast: What's the Projected Valuation by 2029?
In the coming years, the industrial boilers market size is projected to experience robust growth. The market value is anticipated to reach $21.39 billion in 2029 with a compound annual growth rate (CAGR) of 7.1%. The estimated growth during the forecast period is due to the rising demand for power generation, strict emission standards, integration of renewable energy, industrial globalization, and infrastructural investments. Key trends for the forecast period encompass the incorporation of IoT and automation, prioritizing energy efficiency, adherence to strict emission laws, transition to biomass and renewable fuels, and the rise of customization and modular designs.
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What Are the Drivers Transforming the Industrial Boilers Market?
The industrial boilers market is anticipated to expand, propelled by an increase in power production. The market's growth is largely due to the surge in electricity production and power creation from large-scale power plant installations of industrial burners in boilers. For example, the World Energy & Climate Statistics report for 2022 indicated that BRICS countries, with a notable surge in electricity usage particularly in China (up by 9.7%), India (up by 4.8%), Russia (up by 6.4%), and Brazil (up by 9.5%), significantly contributed to the global power production growth, which rose by 8.5% in 2021. In China, the growth in power production was predominantly fueled by coal, wind, and solar energy. Hence, the boost in power production is predicted to spur the advancement of the industrial boilers market within the forecast period.
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What Long-Term Trends Will Define the Future of the Industrial Boilers Market?
Key players in the industrial boilers market, are actively working on producing innovative, high efficiency industrial electric boilers to promote energy conservation, lower carbon emissions, and boost operational adaptability. These high-efficiency, industrial electric boilers function by converting electrical energy into thermal energy and commonly boast an energy efficiency rating over 98%. A case in point is Babcock Wanson, a British firm that manufactures industrial boilers. In August 2022, they rolled out a new range of highly efficient industrial electric boilers that target enhancing energy usage and minimizing environmental damage in industrial settings. These newly launched electric boilers are engineered to operate at a higher efficiency than their traditional counterparts, thereby notably diminishing energy expenses for the operators.
Which Segments in the Industrial Boilers Market Offer the Most Profit Potential?
The industrial boilers market covered in this report is segmented -
1) By Boiler Type: Fire-Tube, Water-Tube
2) By Fuel: Natural Gas And Biomass, Coal, Oil, Other Fuels
3) By Boiler Horsepower: 10-150 BHP, 51-300 BHP, 301-600 BHP
4) By Applications: Chemicals And Petrochemicals, Paper And Pulp, Food And Beverages, Metals And Mining, Other Applications
Subsegments:
1) By Fire-Tube: Horizontal Fire-Tube Boilers, Vertical Fire-Tube Boilers, Packaged Fire-Tube Boilers
2) By Water-Tube: Industrial Water-Tube Boilers, Supercritical Water-Tube Boilers, High-Pressure Water-Tube Boilers
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Which Firms Dominate the Industrial Boilers Market by Market Share and Revenue in 2025?
Major companies operating in the industrial boilers market include 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, Fulton, Worcester Bosch, IBurnham Commercial
Which Regions Offer the Highest Growth Potential in the Industrial Boilers Market?
North America was the largest region in the industrial boilers market in 2024. The regions covered in the industrial boilers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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