- Natural gas
- Others (biomass, nuclear)
Industrial Boilers Market was valued at USD 15,261.8 million in 2022 and is poised to grow at a CAGR of 3.1% over 2023-2029. 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.
Fastest Growing Market
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.
The Industrial boiler market valued at USD 15,261.8 Million in 2022 and is expected to grow at 3.1% CAGR over the forecast period 2023 – 2029.
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.