Authored By: Sarah
11 Jul 2024

 Boilers Market to grow by USD 16.1 billion between 2024-2028

According to a research report “ Boilers Market” by End-user (Chemicals, Power generation, Oil and gas, Others) Type (Fire-tube, Water-tube) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 16.1 billion at a CAGR of  3.21% during the forecast period. In today's business environment, the importance of energy efficiency cannot be overstated. The global boilers market is experiencing significant growth due to the increasing demand for energy-efficient solutions. This trend is driven by the need for businesses and households to reduce energy consumption, lower emissions, and cut costs. Energy-efficient boilers, with their high thermal efficiency, offer substantial fuel savings and reduced emissions. Advanced technologies, such as condensing boilers, are making energy-efficient boilers more accessible and cost-effective. The future looks bright for this market, with rising concerns over environmental sustainability, stringent government regulations, and the continuous quest for cost savings..

Browse market data tables, figures, and in-depth TOC on “Boilers Market” by End-user (Chemicals, Power generation, Oil and gas, Others) Type (Fire-tube, Water-tube) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2028.

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By End-user, the Chemicals segment is projected to dominate the market size in 2024.

In the boilers market, fire-tube boilers represent a significant segment due to their widespread application in steam generation. These boilers operate by passing hot gases through tubes submerged in a water tank, transferring heat and converting water into steam. Historically used in steam locomotives, their design includes a cylindrical barrel with a fire chamber extension, featuring an open bottom for optimal grate area and often extending beyond the cylindrical shape to form a rectangular or conical structure.

By Type, Fire-tube  segment is expected to hold the largest market size for the year 2024.

In the chemical industry, boilers serve as essential energy sources, generating high-temperature steam for production processes and distillation. Their ability to maintain precise temperature controls and steam conditions is crucial for manufacturing success and sustainability. Boilers' performance is a key business driver, providing energy for chemical reactions and powering pressurized steam applications.

APAC is forecasted to hold the largest market size by region in 2024.

The global boilers market is experiencing significant growth, driven by increasing industrialization and rising energy demands. Key players are focusing on advanced technologies, such as high-efficiency condensing boilers and combined heat and power systems, to meet these demands and reduce emissions. Additionally, government initiatives to promote renewable energy and energy efficiency are fueling market expansion. Overall, the boilers market is poised for continued growth in the coming years.

The Boilers Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • A. O. Smith Corp.
  • Alfa Laval AB
  • Ariston Holding NV
  • ATTSU Termica S.L
  • Babcock Wanson
  • Bryan Steam LLC
  • Clayton Industries
  • Danstoker AS
  • Ferroli Spa
  • General Electric Co.
  • Hurst Boiler and Welding Co. Inc.
  • Lennox International Inc.
  • Mestek Inc.
  • Mitsubishi Heavy Industries Ltd.
  • Robert Bosch GmbH
  • SPX Technologies Inc.
  • The Cleaver Brooks Co. Inc.
  • The Fulton Companies
  • Vaillant GmbH
  • Viessmann Climate Solutions SE
.

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Research Analysis Overview

In the industrial sector, the Boilers Market plays a significant role in ensuring energy efficiency and reducing carbon emissions through the utilization of renewable energy heaters. Primary metal, pulp & paper, food processing, chemical, refinery, and steam-generating industries heavily rely on industrial boilers for their operations. The transition towards carbon neutrality necessitates the adoption of natural gas-fueled boilers and the integration of renewable energy sources. However, supply chain disruptions and the closure of industries due to downtime and miscellaneous expenses, including labor costs and installation costs, pose challenges to market growth. Despite these hurdles, the Boilers Market presents numerous opportunities for expansion, particularly in the manufacturing exports sector, as industrial facilities seek to increase their domestic manufacturing capacity and contribute to industry growth. Electricity bills and the need for industrial boilers to generate steam for various processes further underscore the importance of this market. As industries continue to prioritize energy efficiency and sustainability, the demand for advanced and efficient boiler systems is expected to remain strong.

Market Research Overview

The Boilers Market encompasses various types of boilers, including NOx and SOx emission compliant water-tube boilers and eco-friendly residential biomass boilers. The market is influenced by several factors, such as the recession impact on the e-commerce sector and real estate sector, emission limits, and consumer spending. The biomass fuel segment, derived from sources like sorghum stalks, sugarcane, bagasse, and natural gas, is a feasible option for industries seeking carbon neutrality. The metals industry, petroleum refineries, petrochemical plants, craft distilling, and power industry rely heavily on boilers for steam generation. Industrial facilities in the primary metal, pulp & paper, food processing, and chemical sectors also utilize boilers for heating and energy-efficient systems. The petrochemical industry, particularly steam-generating boilers, serves as a significant feedstock for various manufacturing activities. The boilers market faces challenges such as supply chain disruptions, heavy expenses like labor costs, installation costs, and miscellaneous expenses, and potential downtime due to damaged boilers. Despite these challenges, growth opportunities exist in the form of manufacturing exports and industry growth, making it an essential sector for various commercial spaces, offices, and closures of industries.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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