Industrial Boiler Market Size to grow by USD 3000.7 million between 2024-2028
The Industrial Boiler Market is segmented by Source (Gas fired boiler, Coal fired boiler, Oil fired boiler, and Others), End-user (Chemicals and petrochemicals, Food processing, Paper and pulp, Power generation, and Metal and mining and others), and Geography (APAC, Europe, North America, Middle East and Africa, and South America). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 3000.7 million, at a CAGR of 3.46% during the forecast period. There are several companies that are contributing to the market as per this report. Increasing popularity of electric boilers .
By Source, the Gas fired boiler segment is projected to dominate the market size in 2024
In the industrial sector, natural gas has emerged as a preferred fuel choice for water heating applications due to its affordability and efficiency. According to the US Energy Information Administration (EIA), natural gas-fired combined-cycle plants achieved the highest capacity utilization percentage among fossil fuels in 2022, indicating its economic viability. With an expected capacity utilization percentage of around 80% by 2030, the demand for natural gas in commercial boilers is poised to increase. Furthermore, natural gas-based boilers offer environmental advantages, producing fewer emissions compared to diesel boilers, making them a cleaner and more sustainable option for industrial water heating applications.
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By End-user, Chemicals and petrochemicals segment is expected to hold the largest market size for the year 2024
In the chemicals and petrochemicals sector, steam plays a pivotal role in various applications, including steam chemical processes for reactors and storage tanks, and steam cracking of natural gas for petrochemical production. The ensuing output products, such as specialty chemicals, petrochemicals, and agrochemicals, are integral to numerous industries. These products find extensive use in the manufacturing of automotive and consumer durables components, construction materials, textiles, healthcare equipment and devices, packaging materials, and fertilizers. The burgeoning demand for these products is driven by increasing sales of automobiles, consumer durables, clothing, and fertilizers, as well as spending on construction and healthcare sectors.
Why is APAC forecasted to hold the largest regional market size in 2024?
The industrial boiler market is experiencing significant growth, driven by increasing demand for steam-generated power and process heat in various industries. Key players are focusing on technological advancements to enhance efficiency and reduce emissions, while also expanding their product portfolios to cater to diverse customer needs. The market is expected to continue its upward trajectory, fueled by global industrialization and infrastructure development.
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Research Analysis Overview
The Industrial Boiler Market is witnessing significant growth due to the increasing demand for power and steam from various industries, particularly in the oil and gas, petrochemical, and food and beverage sectors. These industries rely heavily on fuels such as oil and natural gas to power their boilers, which generate steam for various processes. However, the use of these fuels results in harmful emissions, leading to stringent laws and regulations. The high expenses associated with labor costs, installation, and maintenance of industrial boilers, coupled with the impact of damaged boilers leading to downtime, add to the challenges. The volatile oil prices and inflation further increase the financial burden. Renewable energy sources, such as solar and wind, are gaining popularity as alternatives to traditional fuels due to their environmental benefits and cost-effectiveness in the long run. Despite these challenges, the industrial boiler market continues to grow, driven by the need for reliable and efficient steam generation. The market is expected to witness significant growth in the coming years, particularly in regions with a high demand for power and steam, such as Asia Pacific and the Middle East. However, the shift towards renewable energy sources and the need to reduce carbon emissions may pose challenges to the market in the long run.
Market Research Overview
The industrial machinery and supplies and components market, a significant segment of the larger industrial machinery industry, encompasses businesses specializing in the manufacturing of machinery and components. This sector includes providers of presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio's market analysis, the global industrial machinery and supplies and components market size is determined by the combined revenue generated by these manufacturers supplying equipment for industrial applications. Factors driving growth in this market include the expanding industrial output in process and discrete industries, primarily due to increasing demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in developing economies. - The Industrial Boiler Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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