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

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.