Industrial Boilers Market Size, Share & Trends Report

Industrial Boilers Market Size, Share & Trends Analysis Report By Application (Paper & Pulp, Chemicals & Petrochemicals, Food & Beverages), By Fuel, By Region, And Segment Forecasts, 2019 - 2025

  • Published Date: Sep, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-3-68038-819-0
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2017
  • Number of Pages: 160

Industry Insights

The global industrial boilers market size was valued at USD 13.4 billion in 2018 and is estimated to grow at a CAGR of 4.5% from 2019 to 2025. Rapid industrialization and growing food & beverage industry are expected to drive the market growth over the forecast period. Moreover, stringent laws to regulate harmful emissions in the environment are likely to boost the adoption rate of industrial boilers, in turn, triggering the demand for the product.

Industrial boilers are used by multiple industries including food & beverage, petrochemical, power, and chemical. Boilers produce steam, which is used to carry out industrial heating processes. The steam that is produced is transferred to the area of operation through pipes. In order to produce steam, boilers use different types of fuels including oil & gas, fossil, non-fossil, and biomass.

U.S. Industrial Boilers Market

The U.S. accounted for the largest share in the North America market in 2018. High disposable income and increasing population have boosted the growth of numerous industries including food & beverages, textile, and FMCG. In order to fulfill the increased demand, companies are not only expanding their existing manufacturing units but also setting up new industrial plants, which, in turn, is boosting the product demand.

Growing food & beverages, FMCG, and petrochemical industries are further expected to boost industry growth over the forecast period. Industries including food & beverages and FMCG are expected to grow owing to the rising population and increasing disposable incomes, especially in developed regions including North America and Europe.

Rapidly growing petrochemical industries in developing economies including China and India are likely to boost the demand for industrial boilers. The demand is expected to rise further owing to growing investments to develop mega power projects, especially in developing countries. Industrial boilers are widely used in chemical & petrochemical industries, which account for the largest share in the overall market.

The Environmental Protection Agency (EPA) has set national emission standards pertaining to air pollutants released by industrial boilers. Strict standards imposed to regulate harmful emissions in the air will result in the enhancement of existing products, which is further expected to boost the market. New and improved products are also expected to boost the adoption rate of industrial boilers over the forecast period.

Application Insights

Based on application, industrial boilers market has been segmented into chemicals & petrochemicals, paper & pulp, food & beverages, metals & mining, and others. Chemicals & petrochemicals application segment dominated the market in 2018 and accounted for a share of 34.8%. Rapidly growing chemicals & petrochemicals industry in developing countries, especially in China and India, is expected to have a positive impact on market growth over the forecast period.

Paper & pulp application segment is anticipated to grow at the fastest CAGR of 6.1% over the forecast period. It is expected to be one of the fastest-growing application segments on account of growing pollution and rapid industrialization in developing countries including India and China. In addition, implementation of stringent regulations concerning harmful emissions in the environment is likely to fuel the product demand.

Global Industrial Boilers Market

Chemicals & petrochemicals application segment dominated the market in 2018 and is expected to retain its top position over the forecast period. Food & beverages segment grabbed the second-largest share of the market in 2018. The segment is expected to retain its position over the forecast period owing to increasing demand for food products.

Industrial boilers are widely used by numerous industries for heating processes. The technology used in industrial boilers has been constantly evolving as per the requirements. These boilers are designed to comply with the emission standards set by EPA. Industrial boilers consume different types of fuel as per their operations across industries.

Fuel Insights

Based on fuel, the market has been segmented into oil & gas, fossil, non-fossil, and biomass. Different types of fuels are used by industrial boilers to produce steam to carry out industrial processes. Fossil fuel includes natural fuels such as coal, bitumen, and tar sands, whereas non-fossil fuel includes fuels that are not naturally available including solar and wind.

Fossil fuel segment was the dominant fuel segment and accounted for 34.9% of the market share, in terms of revenue, in 2018. Fossil fuels are widely used in industrial boilers. These fuels produce high amount of harmful gases including carbon monoxide. Industrial boiler manufacturers constantly modify their products to meet national emission standards, which, in turn, is, boosting the demand for industrial boilers.

Biomass fuel segment was the second-largest segment in 2018 and is expected to witness the highest growth rate over the forecast period owing to strict regulations regarding harmful emissions into the atmosphere. Biomass fuel releases low harmful gases into the environment, which is expected to boost the demand for the product, especially in developed economies. Biomass fuel includes numerous organic materials including wood, rice hulls, bagasse, and tobacco stems.

Oil & gas fuel segment includes different types of liquid and gaseous fuels. Oil includes crude oil, residual oil, and oil shales while gas includes natural gas and propane. The fuel is also widely used in industrial boilers. However, the segment is expected to lose its market share to biomass and non-fossil fuel segments over the forecast period.

Regional Insights

Europe was the leading regional market and accounted for 34.1% revenue share in 2018. The region is expected to dominate the industry on account of several factors including rapid industrialization and growing industries including FMCG, food & beverages, and power. Moreover, strict regulations established by the European government pertaining to harmful emissions in the environment are expected to boost the demand for the product.

Asia Pacific was the second-largest market in 2018 and is expected to reach USD 6.3 billion by 2025 owing to the development of mega power products and environmental protection laws and the increasing demand for food products. Mega power projects in developing countries, especially China and India, are likely to boost the demand for industrial boilers in Asia Pacific.

Central & South America market is anticipated to grow at the fastest CAGR of 7.3% over the forecast period owing to increasing industrialization. In addition, growing food & beverage industry is likely to boost the demand for industrial boilers in developing economies, especially Brazil. The Central & South America market is expected to account for 12.1% revenue share of the global market by 2025.

The Brazilian market is expected to be the fastest growing over the forecast period. Rapid industrialization in the country has resulted in growing investments in numerous sectors including automotive, agribusiness, oil & gas, and renewable energy. Brazil’s revenue is expected to increase over twofold from USD 384.0 million in 2018 to USD 907.5 million over the forecast period.

Industrial Boilers Market Share Insights

The industry is highly fragmented with the presence of a large number of participants across the value chain. However, industry giants such as Thermax Ltd., Siemens AG, Bharat Heavy Electricals Ltd., and Forbes Marshall account for a major share of the market.

Market players have been witnessing intense competition in terms of product offerings at a competitive price. The industry is expected to witness significant rivalry over the forecast period. Babcock & Wilcox Enterprises, Inc., Mitsubishi Heavy Industries, Ltd., Harbin Electric Corporation, Cheema Boilers Limited, IHI Corporation, AC Boilers, and Dongfang Electric Corporation Ltd. are the other prominent players operating in the market.

Report Scope

Attribute

Details

The base year for estimation

2018

Actual estimates/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million and CAGR from 2019 to 2025

Report coverage

Market revenue in USD Million, company share, competitive landscape, growth factors, and trends

Regional scope

North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America

Country Scope

U.S, Canada, France, U.K., Russia, Italy, Spain, China, India, South Korea, Japan, Saudi Arabia, UAE, Brazil

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Segments Covered in the Report

This report forecasts market share and revenue growth at the global, regional, and country levels and provides an analysis of industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global industrial boilers market report based on application, fuel, and region:

  • Applications Outlook (Revenue, USD Million, 2014 - 2025)

    • Chemicals & Petrochemicals

    • Paper & Pulp

    • Food & Beverages

    • Metals & Mining

    • Others

  • Fuel Outlook (Revenue, USD Million, 2014 - 2025)

    • Oil & Gas

    • Fossil

    • Non-Fossil

    • Biomass

  • Regional Outlook (Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S

      • Canada

    • Europe

      • France

      • U.K.

      • Russia

      • Italy

      • Spain

    • Asia Pacific

      • China

      • India

      • South Korea

      • Japan

    • Middle East & Africa

      • Saudi Arabia

      • UAE

    • Central & South America

      • Brazil

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