The global industrial boiler market size was USD 11.15 Billion in 2022 and is expected to reach USD 17.6 Billion in 2032, and register a revenue CAGR of 5.2% during the forecast period. The need for energy-efficient industrial boilers is rising in a number of end-use industries, including the food and beverage, chemical, oil and gas, and power generation sectors. The strict government rules and policies aimed at lowering carbon emissions and boosting Renewable Energy sources are to blame for rising demand for energy-efficient boilers.
The market revenue growth is a result of the uptake of cutting-edge technologies such as smart boilers, the Internet of Things (IoT), and Artificial Intelligence (AI). The real-time monitoring and optimization of boiler operations by smart boilers' sophisticated sensors and control systems increases energy efficiency and lowers maintenance costs. Industrial boilers can be remotely monitored and controlled due to the integration of IoT and AI technology, which increases safety and decreases downtime.
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Further key findings from the report suggest
- Growth of the industries like textiles, food processing, electricity generation, across various developing economies, is the key development factor responsible for the industrial boilers market growth
- The industrial boilers involve various parts, which are sourced from different suppliers. At times these suppliers can even be from overseas locations, due to which procurement of these parts takes up a lot of time. This affects the overall delivery time of the boiler projects
- High emission levels of industrial boilers are a major hinderance in the market growth of the industrial boilers
- The natural gas fuel type of boiler segment is growing at a CAGR of 6.2%. The industry players are adapting cleaner fuel technologies for feeding the boilers. This has resulted in the development of the natural gas fed boiler segment. In the coming future, this segment is estimated to record an accelerating growth trajectory
- The installation of industrial boilers requires heavy investments initially. This poses a hinderance in the adaptation path of industrial boilers by small and medium industries involved in various manufacturing processes. Government grants and subsidies would help in the elimination of this problem in the market growth for industrial boilers
- Asia Pacific is expected to account for about 40% of the global industrial boilers market. Rapid industrialization in developing nations such China, and India are likely to witness high growth. The Asian market also holds the highest growth rate among various boiler markets
- Key participants include Bharat Heavy Electricals Limited, Thermax, Babcock Wilcox, IHI Corporation, Mitsubishi Hitachi Power Systems, Harbin Electric Group, General Electric, AC Boilers, Dongfang, Siemens, Doosan Heavy Industries
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For the purpose of this report, Reports and Data has segmented the Industrial Boilers market on the basis of boiler type, fuel type, end use, and region:
Boiler Type
- Water Tube
- Fire Tube
Fuel Type
- Coal
- Oil
- Natural Gas
- Others
End Use
- Power Generation
- Manufacturing
- Healthcare
- Food Industry
Regional Outlook
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East Africa
- Latin America
- Brazil
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