The latest market report published by Credence Research, Inc. “Global Industrial Boilers Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The Global Industrial Boilers Market generated revenue of around USD 13.13 billion in 2020 and is anticipated to grow at a CAGR of over 5.74% during the forecast period from 2021 to 2027 to reach around USD 21.11 billion in 2027. While, cumulative growth opportunity presented by the global Industrial Boilers is around USD 128 billion during 2021 to 2027.
Global Industrial Boilers Market, 2020 – 2027 (USD Million)
Rapid industrialization and increased investments in manufacturing facilities are driving the global industrial boiler market. Increased industrialization and a positive projection of the food processing industry are some key reasons why the industrial boiler market is growing. Industrial Boilers
Food & Beverages to Grow at Rapid Pace
Chemicals & Petrochemicals, Paper & Pulp, Food & Beverages, Metals & Mining and Others are some of the important application markets for the global Industrial Boilers Market. Strong and consistent growth of food & beverage industry around the world is one of the primary growth drivers for the global Industrial Boilers market. Food & beverage industry accounted for over 20% share and anticipated to grow at a rapid CAGR of over 6.5% among all applications. However, chemical and petrochemical was the largest revenue generating vertical for the Industrial Boilers.
However, stringent environmental regulations by REACH and USEPA is likely to mapper the growth of this industry. Another factor affecting the growth of Industrial Boilers is huge installation cost.
Biomass Fueled Industrial Boilers to Gain Traction
Oil & Gas, Fossil, Non-Fossil and Biomass are some of the important types of Industrial Boilers based on fuel. Although oil & gas fueled Industrial Boilers are commonly and widely used around the world, the demand for biomass fueled Industrial Boilers is on the rise. Increasing awareness among end-users and increasingly stringent environmental regulation have been resulted into growing demand for biomass fueled Industrial Boilers. It also helps to manage the bio-waste. Biomass fueled Industrial Boilers are increasingly being used in Europe, where emission regulations are very strict.
Europe to Rule the Industry
Although Asia Pacific is advancing at an attractive growth rate, the demand for Industrial Boilers is still dominated by the Europe backed by strong demand from Germany, UK, France and Italy. Presence of large number of manufacturing companies and industrialization, the demand for Industrial Boilers in the region will continue to dominate the industry over the forecast period. While, China, India, South Korea and Japan will contribute towards future growth of Industrial Boilers in Asia Pacific.
Key Players to Focus on Innovation
AC Boilers, Dongfang Electric Corporation Ltd., Bharat Heavy Electricals Ltd., Cheema Boilers Limited, IHI Corporation, Forbes Marshall, Industrial Boilers, Thermax Ltd., Siemens AG, Mitsubishi Heavy Industries, Ltd. and Harbin Electric Corporation are some of the prominent players in the global Industrial Boilers market. Major players are focusing on consolidation of their market share. Key strategy followed by the manufacturers is development and launch of innovative Industrial Boilers that offers maximum efficiency with minimum emission and thus to gain edge over competitors.
Global Industrial Boilers Market by Application, 2015 – 2027
- Chemicals & Petrochemicals
- Paper & Pulp
- Food & Beverages
- Metals & Mining
Global Industrial Boilers Market by Fuel, 2015 – 2027
- Oil & Gas
Global Industrial Boilers Market by Company, 2015 – 2027
- AC Boilers
- Dongfang Electric Corporation Ltd.
- Bharat Heavy Electricals Ltd.
- Cheema Boilers Limited
- IHI Corporation
- Forbes Marshall
- Industrial Boilers
- Thermax Ltd.
- Siemens AG
- Mitsubishi Heavy Industries, Ltd.
- Harbin Electric Corporation