Industrial Boiler Market to grow by USD 2.95 billion during 2022-2027 | Rising popularity of hybrid boilers to drive the growth - Technavio

NEW YORK, Oct. 9, 2023 /PRNewswire/ -- The industrial boiler market size is expected to grow by USD 2.95 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 3.51% during the forecast period. The 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). The report also covers information on market driver, trends and challenges. Explore detailed information by purchasing a report

The rising popularity of hybrid boilers drives the industrial boiler market. Conventional fuel sources are combined with renewable energy sources through hybrid industrial boilers. This provides a more energy-efficient and cost-effective heating solution. Additionally, the implementation of government energy-saving initiatives and policies is driving the demand for hybrid boilers. Hence, such factors fuel the growth of the industrial boiler market during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the industrial boiler market: 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., 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., and IHI Aerospace Co. Ltd.
• Industrial Boiler Market is fragmented in nature.
• Market to observe 3.23% YOY growth in 2023.

Market Dynamics:

Trend

• The growing demand for multi-fuel boilers is an emerging industrial boiler market trend.
• There is a new trend in industrial boiler system design that can support multi-fuel operations.
• Such systems are growing in demand as the power generation and processing industries want to maximize the use of locally produced renewable biomass and recycled fuels. Such fuels are less expensive than conventional fuels.
• Hence, such trends fuel the growth of the industrial boiler market during the forecast period.

Challenge

• The growth of the boiler rental market challenges the growth of the industrial boiler market. 
• Industries are increasingly using rentals in order to meet the seasonal peak demand or resume production while in-house boilers are under maintenance.
• This helps them reduce capital expenditure needs and periodic maintenance costs for industries.
• Hence, such challenges impede the growth of the industrial boiler market during the forecast period.

Keg Segments:

The gas-fired boiler segment will be significant during the forecast period. Natural gas is an efficient and affordable fuel among all non-renewable resources in hot water applications and thus is used in industrial boilers. Furthermore, it is not only more efficient but also has lower operating costs than other fossil fuels. Get a glance at the market contribution of the segments, Request Free Sample

Related Reports:

The boiler control market share is expected to increase by USD 820.03 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.02%. Furthermore, this report extensively covers boiler control market segmentation by type (water tube and fire tube) and geography (APAC, North America, Europe, Middle East and Africa, and South America). The integration of a burner management system (BMS) for optimization of the boiler process is notably driving the boiler control market growth.

The fuel flexible boiler market share is expected to increase by USD 1.26 billion from 2021 to 2026, at a CAGR of 4.47%. This market research report also extensively covers market segmentation by end-user (food and beverages, chemicals and petrochemicals, pulp and paper, oil and gas, and others) and geography (APAC, Europe, North America, Middle East and Africa, and South America). One of the key factors driving the global market growth is the increasing need for natural gas thermal power generation.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Source

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio