Authored By: Sarah
11 Jul 2024

 Industrial Boiler Market Size to grow by USD 3000.7 million between 2024-2028

According to a research report “ Industrial Boiler Market” by Source (Gas fired boiler, Coal fired boiler, Oil fired boiler, Others) End-user (Chemicals and petrochemicals, Food processing, Paper and pulp, Power generation, Metal and mining and others) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 3000.7 million, at a CAGR of almost 3.46% during the forecast period. Hybrid industrial boilers represent a cutting-edge solution for energy-efficient and cost-effective heating in industries. These advanced systems integrate conventional fuel sources with renewable energy, enabling businesses to reduce their carbon emissions and adopt environmentally friendly practices. The growing trend towards the replacement of coal-fired power plants further boosts the demand for hybrid boilers. For instance, Japan Thermal Engineering Company's hybrid boilers offer the flexibility to switch between gas and biomass fuel based on resource availability. Moreover, the higher efficiency rate of hybrid boilers compared to traditional models translates into substantial cost savings for end-users. By adopting hybrid boilers, industries can optimize their energy usage, minimize their carbon footprint, and enhance their overall sustainability.

Browse market data tables, figures, and in-depth TOC on “Industrial Boiler Market” by Source (Gas fired boiler, Coal fired boiler, Oil fired boiler, Others) End-user (Chemicals and petrochemicals, Food processing, Paper and pulp, Power generation, Metal and mining and others) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Source, the Gas fired boiler segment is projected to dominate the market size in 2024

In the chemicals and petrochemicals sector, steam plays a pivotal role in various applications, including chemical reactions and the production process of reactors and storage tanks. Notably, steam cracking of natural gas is utilized to generate petrochemicals, which are essential inputs for numerous industries. The output products of the chemicals and petrochemicals industry, such as specialty chemicals, petrochemicals, and agrochemicals, are integral components in the manufacturing of automobiles, consumer durables, construction materials, textiles, healthcare equipment and devices, packaging materials, and fertilizers. The burgeoning demand for these products, driven by the increasing sales of automobiles, consumer durables, clothing, and fertilizers, as well as spending on construction and healthcare, is expected to significantly boost the market for chemicals and petrochemicals.

By End-user, Chemicals and petrochemicals  segment is expected to hold the largest market size for the year 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. This trend is expected to continue, with natural gas capacity utilization projected to reach approximately 80% by 2030. Natural gas not only offers lower operating costs but also generates fewer emissions compared to other fossil fuels. Consequently, natural gas-based industrial boilers are increasingly being adopted for their cleaner and more sustainable energy profile. These boilers produce fewer air-polluting emissions, making them an attractive option for businesses seeking to minimize their carbon footprint.

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

ai_geographic_landscape

The Industrial Boiler 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:

  • Alfa Laval AB
  • Andritz AG
  • Babcock and Wilcox Enterprises Inc.
  • Bharat Heavy Electricals Ltd.
  • Byworth Boilers Ltd.
  • Cheema Boilers Ltd.
  • Cochran Ltd.
  • Dongfang Electric Corp. Ltd.
  • Forbes Marshall Pvt. Ltd.
  • Gammon Engineers and Contractors Pvt. Ltd.
  • Harbin Electric Corp.
  • IHI Corp.
  • John Wood Group PLC
  • Mitsubishi Heavy Industries Ltd.
  • Parker Boiler Co.
  • Rentech Boilers Systems Inc.
  • Robert Bosch GmbH
  • Siemens AG
  • The Cleaver Brooks Co. Inc.
  • Thermax Ltd.
.

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Research Analysis Overview

The Industrial Boiler Market is a significant sector in the oil and gas industry, supplying steam and power to various industries such as power, petrochemical, food and beverage, and others. The market relies heavily on fuels like oil and natural gas to operate boilers, which can lead to harmful emissions and contribute to carbon footprints. With stringent laws and regulations in place to reduce emissions, the market is under pressure to adopt cleaner fuels or technologies. The cost of operating an industrial boiler can be heavy, with labor costs, installation expenses, and maintenance being major factors. Damaged boilers can result in significant downtime, leading to lost productivity and revenue. The price of oil and inflation can also impact the market, making it essential for industrial facilities to explore alternative energy sources like renewable energy to reduce costs and carbon emissions. The petrochemical industry is a significant consumer of steam produced by industrial boilers. However, the industry is also under pressure to reduce its carbon footprint, making the transition to cleaner fuels and technologies a priority. The food and beverage industry also relies on steam generated by boilers for various processes, and the cost of energy can significantly impact their bottom line. In conclusion, the Industrial Boiler Market plays a crucial role in powering various industries, but it faces challenges such as high operating costs, regulatory pressures, and the need to reduce carbon emissions. The market is expected to grow, but the adoption of cleaner fuels and technologies will be a key driver for sustainable growth.

Market Research Overview

The Industrial Boiler Market is witnessing significant growth due to the increasing demand for energy and the shift towards non-fossil fuels in various industries. Brokers and equipment dealers play a crucial role in facilitating the sale and purchase of industrial boilers used in sectors like agribusiness, automotive, sugarcane, and bagasse-based industries. These industries rely on biomass fuel, including wood and biofuels, as a renewable alternative to fossil fuels like petroleum, natural gas, and coal. Industrial boilers find extensive applications in sectors like steel mills, petroleum refineries, petrochemical plants, craft distilling, and distilleries. However, the use of industrial boilers comes with challenges such as hydrogen embrittlement, welding issues, stress corrosion, and deformation, which require the use of specific materials. Environmental emissions and boiler rules are becoming increasingly stringent, leading to the adoption of emission control technologies and the production of boilers that run on clean fuels like hydrogen and biomass. The food and beverage industry, FMCG, textile, and pulp & paper sectors are also adopting industrial boilers for energy efficiency and cost savings. The operating cost of industrial boilers depends on factors like fuel type, boiler horsepower, and the efficiency of the boiler. Developing nations are investing in industrial boilers to meet their heavy energy demands, despite the high initial costs, including labor, installation, and commercial spaces. The shift towards renewable energy and the availability of subsidies and incentives are expected to drive the growth of the industrial boiler market in the coming years. The industrial boiler market caters to various industries, including primary metal, chemicals, food processing, power, and commercial spaces. The market is driven by the need for steam, energy efficiency, and the production of clean fuels like hydrogen and biomass. The use of oil-fired boilers, hot water boilers, and water-tube boilers is common in developed countries, while coal-fired boilers continue to dominate in some developing nations. The market is also influenced by factors like oil prices, inflation, and emission control regulations.

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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