Industrial Boilers Market: By Fuel (Natural Gas, Coal, Oil, Others), By Boiler (Fire-Tube, Water Tube, Others), Technology (Condensing, Non-Condensing), By Function (Hot Water, Steam), By End-Use Industry (Chemicals & Petrochemicals, Metal & Mining, Food, Paper & Pulp, Power Generation, Others) and Geography

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Industrial Boilers Market was valued at USD 16,986.9 million in 2023 and is poised to grow at a CAGR of 3.1% over 2024-2030. Industrial Boilers are large, enclosed vessels used to produce steam or heat water for electricity generation, power production, and industrial activities. The increased industrialization for heat and power generation across various sectors such as manufacturing, chemicals, food processing, and power generation is expected to drive the industrial boilers market. According to the International Energy Agency (IEA) in 2019, the world's total electricity final consumption reached 22,848 TWh, up 1.7% from 2018 which increases the utilization of industrial boilers by several industries to satisfy its electricity demand. Furthermore, the rising awareness among individuals for renewable energy sources has also led to an opportunity for the integration of biomass boilers, which use organic materials as fuel, into industrial processes along with the efficient burning of waste materials to generate heat and steam.

Recently the use of IoT sensors and smart monitoring systems in industrial boilers to provide real-time data collection, remote monitoring, predictive maintenance, and general operational optimization are key trends of the market. But, the installation of industrial boilers especially high-efficiency and environmentally friendly models requires a significant investment that hinders the market growth. Additionally, in industries where boilers are well-maintained and can survive for several decades, industrial boilers often have lengthy replacement cycles that can slow down the market’s growth rate. However, the increased power and food industry demand, the use of clean technology in the chemical end-use industry, and stringent government policies to minimize carbon emission and maximize renewable energy usage is anticipated to burgeon the market growth.

Industrial Boilers Market Key Developments:
  • In June 2023, Navien launched a 100% hydrogen boiler alongside its first heat pump at the InstallerSHOW.
  • In August 2022, Babcock Wanson launched two new high-efficiency industrial electric boilers: the VAP EL 400V three-phase, 50Hz electric steam boiler, and the e-Pack industrial electric boiler.
  • In August 2021, Thermax Group announced that Thermax Babcock and Wilcox Energy Solutions (TBWES), a wholly-owned subsidiary, has completed an order for a boiler package on an EPC basis for a refinery and petroleum complex in western India for Rs 293 crore.

Industrial Boilers Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

3.10%

Largest Market

Asia-Pacific

Fastest Growing Market

Asia-Pacific

Industrial Boilers Market Dynamics

The market is expected to rise as the usage of water tube boilers in industries is increased owing to their ability to handle high-pressure and high-temperature applications, making them suitable for power generation and industries requiring large amounts of steam. Water-tube boilers are a type of industrial boiler where water circulates within tubes that are heated externally by hot gases from the combustion process. The demand for water tube boilers has grown as a result of factors such the development of the power generation industry, the expansion of the manufacturing sector, and the requirement for safe and dependable steam generation. Additionally, the use of water-tube boilers for biomass co-firing in coal-fired power plants helps in reducing greenhouse gas emissions and transitioning towards cleaner energy that further contributes to market growth and is anticipated to burgeon over the forecasted years.

Industrial Boilers Market Segmentation

By Fuel Type

  • Natural gas
  • Oil
  • Coal
  • Others (biomass, nuclear)

By Boiler Type

  • Fire-tube
  • Water-tube
  • Others

By Technology

  • Condensing
  • Non-Condensing

By Function

  • Hot water
  • Steam

By End User

  • Chemicals & Petrochemicals
  • Metal & mining
  • Food
  • Paper & pulp
  • Power generation
  • Others

Frequently Asked Questions

The Industrial boiler market valued at USD 16,986.9 Million in 2023 and is expected to grow at 3.1% CAGR over the forecast period 2024 – 2030.

The increased industrialization for heat and power generation across various sectors such as manufacturing, chemicals, food processing, and power generation drives the industrial boilers market.

The use of IoT sensors and smart monitoring systems in industrial boilers to provide real-time data collection, remote monitoring, predictive maintenance, and general operational optimization are in trend in the market.

Thermax Ltd., General Electric, Babcock & Wilcox Enterprises, Inc., Andritz AG, Siemens AG, Bharat Heavy Electricals Ltd., Forbes Marshall, Hitachi Ltd., Mitsubishi Heavy Industries, Ltd., Harbin Electric Corporation, Cheema Boilers Limited, IHI Corporation, AC Boilers, and Dongfang Electric Corporation Ltd. are a few companies operating in the Industrial boilers market.

Key Features of the Report

  • The report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
1.Executive Summary
2.Global Industrial Boilers Market Introduction 
2.1.Global Industrial Boilers Market  - Taxonomy
2.2.Global Industrial Boilers Market  - Definitions
2.2.1.Fuel Type
2.2.2.Boiler Type
2.2.3.Technology
2.2.4.End User
2.2.5.Region
3.Global Industrial Boilers Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Product Landscape
3.6. New Product Launches
3.7. Impact of COVID 19 on Market
4.Global Industrial Boilers Market Analysis, 2019 - 2023 and Forecast 2024 - 2030
4.1.  Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
4.2.  Year-Over-Year (Y-o-Y) Growth Analysis (%) 
4.3.  Market Opportunity Analysis 
5.Global Industrial Boilers Market  By Fuel Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
5.1. Natural gas
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.1.3. Market Opportunity Analysis 
5.2. Oil
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.2.3. Market Opportunity Analysis 
5.3. Coal
5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.3.3. Market Opportunity Analysis 
5.4. Others (biomass, nuclear)
5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.4.3. Market Opportunity Analysis 
6.Global Industrial Boilers Market  By Boiler Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
6.1. Fire-tube
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.1.3. Market Opportunity Analysis 
6.2. Water-tube
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.2.3. Market Opportunity Analysis 
6.3. Others
6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.3.3. Market Opportunity Analysis 
7.Global Industrial Boilers Market  By Technology, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
7.1. Condensing
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.1.3. Market Opportunity Analysis 
7.2. Non-Condensing
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.2.3. Market Opportunity Analysis 
8.Global Industrial Boilers Market  By End User, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
8.1. Chemicals & Petrochemicals
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.1.3. Market Opportunity Analysis 
8.2. Metal & mining
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.2.3. Market Opportunity Analysis 
8.3. Food
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.3.3. Market Opportunity Analysis 
8.4. Paper & pulp
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.4.3. Market Opportunity Analysis 
8.5. Power generation
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.5.3. Market Opportunity Analysis 
8.6. Others
8.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.6.3. Market Opportunity Analysis 
9.Global Industrial Boilers Market  By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
9.1. North America
9.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.1.3. Market Opportunity Analysis 
9.2. Europe
9.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.2.3. Market Opportunity Analysis 
9.3. Asia Pacific (APAC)
9.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.3.3. Market Opportunity Analysis 
9.4. Middle East and Africa (MEA)
9.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.4.3. Market Opportunity Analysis 
9.5. Latin America
9.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
9.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
9.5.3. Market Opportunity Analysis 
10.North America Industrial Boilers Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
10.1. Fuel Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.1.1.Natural gas
10.1.2.Oil
10.1.3.Coal
10.1.4.Others (biomass, nuclear)
10.2.  Boiler Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.2.1.Fire-tube
10.2.2.Water-tube
10.2.3.Others
10.3.  Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.3.1.Condensing
10.3.2.Non-Condensing
10.4.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.4.1.Chemicals & Petrochemicals
10.4.2.Metal & mining
10.4.3.Food
10.4.4.Paper & pulp
10.4.5.Power generation
10.4.6.Others
10.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.5.1.United States of America (USA)
10.5.2.Canada
11.Europe Industrial Boilers Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
11.1. Fuel Type Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.1.1.Natural gas
11.1.2.Oil
11.1.3.Coal
11.1.4.Others (biomass, nuclear)
11.2.  Boiler Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.2.1.Fire-tube
11.2.2.Water-tube
11.2.3.Others
11.3.  Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.3.1.Condensing
11.3.2.Non-Condensing
11.4.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.4.1.Chemicals & Petrochemicals
11.4.2.Metal & mining
11.4.3.Food
11.4.4.Paper & pulp
11.4.5.Power generation
11.4.6.Others
11.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.5.1.Germany
11.5.2.France
11.5.3.Italy
11.5.4.United Kingdom (UK)
11.5.5.Spain
12.Asia Pacific (APAC) Industrial Boilers Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
12.1. Fuel Type Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.1.1.Natural gas
12.1.2.Oil
12.1.3.Coal
12.1.4.Others (biomass, nuclear)
12.2.  Boiler Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.2.1.Fire-tube
12.2.2.Water-tube
12.2.3.Others
12.3.  Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.3.1.Condensing
12.3.2.Non-Condensing
12.4.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.4.1.Chemicals & Petrochemicals
12.4.2.Metal & mining
12.4.3.Food
12.4.4.Paper & pulp
12.4.5.Power generation
12.4.6.Others
12.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.5.1.China
12.5.2.India
12.5.3.Australia and New Zealand (ANZ)
12.5.4.Japan
12.5.5.Rest of APAC
13.Middle East and Africa (MEA) Industrial Boilers Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
13.1. Fuel Type Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.1.1.Natural gas
13.1.2.Oil
13.1.3.Coal
13.1.4.Others (biomass, nuclear)
13.2.  Boiler Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.2.1.Fire-tube
13.2.2.Water-tube
13.2.3.Others
13.3.  Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.3.1.Condensing
13.3.2.Non-Condensing
13.4.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.4.1.Chemicals & Petrochemicals
13.4.2.Metal & mining
13.4.3.Food
13.4.4.Paper & pulp
13.4.5.Power generation
13.4.6.Others
13.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.5.1.GCC Countries
13.5.2.South Africa
13.5.3.Rest of MEA
14.Latin America Industrial Boilers Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
14.1. Fuel Type Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.1.1.Natural gas
14.1.2.Oil
14.1.3.Coal
14.1.4.Others (biomass, nuclear)
14.2.  Boiler Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.2.1.Fire-tube
14.2.2.Water-tube
14.2.3.Others
14.3.  Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.3.1.Condensing
14.3.2.Non-Condensing
14.4.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.4.1.Chemicals & Petrochemicals
14.4.2.Metal & mining
14.4.3.Food
14.4.4.Paper & pulp
14.4.5.Power generation
14.4.6.Others
14.5.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
14.5.1.Brazil
14.5.2.Mexico
14.5.3.Rest of LA
15. Competition Landscape
15.1.  Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) 
15.2.1.Thermax Ltd.
15.2.2.General Electric
15.2.3.Babcock & Wilcox Enterprises, Inc.
15.2.4.Andritz AG
15.2.5.Siemens AG
15.2.6.Bharat Heavy Electricals Ltd.
15.2.7.Forbes Marshall
15.2.8.Hitachi Ltd.
15.2.9.Mitsubishi Heavy Industries, Ltd.
15.2.10.Harbin Electric Corporation
15.2.11.Cheema Boilers Limited
15.2.12.IHI Corporation
15.2.13.AC Boilers
15.2.14.Dongfang Electric Corporation Ltd.
16. Research Methodology 
17. Appendix and Abbreviations 
  • Thermax Ltd.
  • General Electric
  • Babcock & Wilcox Enterprises, Inc.
  • Andritz AG
  • Siemens AG
  • Bharat Heavy Electricals Ltd.
  • Forbes Marshall
  • Hitachi Ltd.
  • Mitsubishi Heavy Industries, Ltd.
  • Harbin Electric Corporation
  • Cheema Boilers Limited
  • IHI Corporation
  • AC Boilers
  • Dongfang Electric Corporation Ltd.

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