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Jan 05, 2024

Industrial Boilers Market Projected to Reach USD 25.04 billion by 2031, at a 4.98% CAGR

Industrial Boilers Market Growth Boost by Rising Technology, Demand from

Industrial Boilers Market Growth Boost by Rising Technology, Demand from End-user Industries and Rapidly Expanding Industrialization

New York, US, May 31, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), "Industrial boilers Market Research Report Information by Fuel Type, Region, Type, and Application - Forecast Till 2031, the industrial boiler market is predicted to grow substantially over the assessment timeframe from 2023 to 2031 at a healthy CAGR of around 4.98%. The reports even share predictions regarding the market's growing revenue share, which is likely to attain a market of USD 25.04 billion by the end of 2031. As per the study documents, the market was worth around USD 16.21 billion in 2021.

Industrial Boilers Market Overview:

The global Industrial boilers industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the escalating demand from various End-user Industries across the globe.

Competitive Analysis

The catalog of the top leaders across the global Industrial boilers Market includes players such as:

Hitachi Ltd. (Japan)

Siemens AG (Germany)

Andritz AG (Austria)

Thermax Limited (India)

IHI Corporation (Japan)

Harbin Electric Corporation (China)

Babcock & Wilcox Enterprises, Inc. (U.S.)

Bharat Heavy Electricals Limited (India)

Dongfang Electric Corporation Ltd. (China)

General Electric (U.S.)

Mitsubishi Heavy Industries Ltd. (Japan)

Among others.

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Industrial Boilers Market USP Covered

Market Drivers

In recent years, the global Industrial boilers industry has displayed enormous advancement. The primary aspect causing a surge in the performance of the market is the escalating demand from various End-user Industries across the globe. Furthermore, factors such as rapidly expanding petrochemical & chemical sectors, increased investment in the construction of mega power plants, and rapidly expanding industrialization are also projected to boost the market performance over the projection timeframe.

Market Restraints

However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.

Report Scope:

Report Metrics

Details

Market Size 2031

2031: USD 25.04 billion

CAGR during 2023-2032

4.98% CAGR

Base Year

2022

Forecast

2023-2031

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Type, Fuel Type, Application, and Region

Key Market Opportunities

Rising use of natural gas to create lucrative opportunities for market

Key Market Dynamics

Rising demand from end-user industries to augment the market growth Growing industrialization across the world

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Industrial Boilers Market COVID-19 Impact

The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Industrial boilers industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era.

Industrial Boilers Market Segment Analysis

Among all the boiler types, the water-tube segment is predicted to ensure the leading position across the global Industrial boilers Market over the assessment period. The main aspect supporting the market segment expansion is the escalating demand for water tube boilers in the paper & pulp, food processing, and chemical & petrochemical industries around the world.

Among all the end-use sectors, the oil & gas segment is predicted to ensure the leading position across the global Industrial boilers Market over the assessment period. The growing demand for clean technology is the main aspect supporting the expansion of the market segment. Furthermore, the government of several countries is imposing various stringent regulations. They are heavily investing in increasing the consumption of natural gas fuel, which is also likely to boost the segment's performance over the coming years.

Among all the application areas, the chemical & petrochemical segment is predicted to ensure the leading position across the global Industrial boilers Market over the assessment period. The main aspect supporting the expansion of the market segment is the massive demand for the high-quality steam used in producing chemicals, including petrochemicals, pesticides, fertilizers, chlorine, and alkali.

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Industrial Boilers Market Regional Analysis

The global Industrial boilers Market is analyzed across five major parts of the world: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.

The research documents by MRFR indicate that the European Region carried the top position across the global Industrial boilers industry in 2021. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Industrial boilers Market held the largest market share, and the U.K. was the fastest-growing market in the European Region. The main aspect supporting regional market expansion is fast industrialization. Furthermore, the rapid growth of FMCG, power, and food and beverage industries is also believed to be one of the vital aspects causing a surge in the regional market performance. Moreover, the stringent regulations and rules regarding environmentally hazardous emissions across the region are also likely to positively influence the regional market's expansion over the review period.

The Asia-Pacific regional market for industrial boilers is predicted to experience significant development over the assessment era. The region has China and India as the leading development contributors. The main aspect supporting the regional market's development is the Growing investments in a range of industry sectors, such as the automobile, renewable energy, oil & gas, and agriculture, causing the region's quick industrialization. Furthermore, the escalating demand for packaging ecologically friendly and biodegradable materials is also believed to be one of the vital aspects causing a surge in the regional market performance. Moreover, the increasing e-commerce industry is also likely to catalyze the regional market's growth over the assessment period.

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The Latin American regional market for industrial boilers is anticipated to grow significantly over the review era. The main aspect supporting the regional market's development is the rising industrialization. Furthermore, the expanding food and beverage sector across the region is causing a rise in demand for industrial electric boilers in emerging markets, which in turn is also likely to boost the regional market's expansion over the coming years.

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