Key market players in Industrial Boilers Market include Babcock & Wilcox Enterprises, Inc. (US), Siemens AG (Germany), GE Power (US), John Wood Group PLC (UK), Dongfang Electric Corporation Limited (DEC Ltd.) (China), Bharat Heavy Electricals Limited (BHEL) (India), Mitsubishi Hitachi Power Systems, Ltd. (Japan), Harbin Electric Company Limited (China), IHI Corporation (Japan), Alfa Laval AB (Sweden) and others.
Northbrook, IL -- (SBWIRE) -- 11/24/2021 -- The report "Industrial Boilers Market by Fuel Type (Natural Gas & Biomass, Oil, Coal), Boiler Type (Fire-Tube, Water-Tube), Boiler Horsepower, End-Use Industry (Chemical, Food, Refineries, Metals & Mining), and Region - Global Forecast to 2025", in 2020 is estimated at USD 14.6 billion and is projected to reach USD 19.3 billion by 2025, at a CAGR of 5.7% from 2020 to 2025. Aging power generation infrastructure across the world and increasing use of natural gas as fuel for combustion are expected to fuel the growth of the industrial boilers market in order to provide high-quality steam.
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Chemical segment is estimated to account for the largest share of the industrial boilers market
The chemical segment is estimated to lead the industrial boilers market in 2020, due to the rising demand for chemicals from emerging countries. The chemical segment is the largest end-use industry, owing to a large number of installations across the industry. Industrial boilers in the chemical industry are primarily used to provide large quantities of high-quality, high-temperature steam for production. The high level of efficiency, operational safety, and low capital outlay along with low and one-time capital investments have made industrial boilers an important component in chemical production processes.
Natural gas & biomass segment is estimated to witness the fastest growth in the industrial boilers market during the forecast period
Based on fuel type, the natural gas & biomass segment is expected to lead the industrial boilers market during the forecast period. Increasingly stringent environmental guidelines across developed and emerging economies, as well as the need to reduce dependence on coal, has accelerated the adoption and growth of the natural gas & biomass fuel type for combustion in industrial boilers.
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Fire-tube segment is estimated to account for the largest share of the industrial boilers market
The fire-tube segment is estimated to account for the largest share of the industrial boilers market in 2020, due to the rising demand for large boilers to provide high pressure and temperature steam for industrial activities. Fire-tube industrial boilers are compact in construction and meet the fluctuating demand for steam more efficiently. Different types of fire-tube boilers such as Cornish boiler, Lancashire boiler, locomotive boiler, Scotch marine boiler, admiralty-type direct tube boiler, horizontal return tubular boiler, immersion fired boiler, and vertical fire-tube boiler are widely used for steam generation.
Asia Pacific is expected to witness the fastest growth in the industrial boilers market during the forecast period
The industrial boilers market in the Asia Pacific region is projected to grow at the highest CAGR between 2020 and 2025. China, India, and Japan together accounted for the major share of the Asia Pacific industrial boilers market in 2019. This growth can be attributed to the increasing demand for industrial boilers from the region's chemical, food, refineries, metals & mining industries, particularly in China and India.
Key market players covered in this report include Babcock & Wilcox Enterprises, Inc. (US), Siemens AG (Germany), GE Power (US), John Wood Group PLC (UK), Dongfang Electric Corporation Limited (DEC Ltd.) (China), Bharat Heavy Electricals Limited (BHEL) (India), Mitsubishi Hitachi Power Systems, Ltd. (Japan), Harbin Electric Company Limited (China), IHI Corporation (Japan), Alfa Laval AB (Sweden), ANDRITZ AG (Austria), Thermax Limited (India), Robert Bosch GmbH (Germany), Sofinter Group (Italy), Cleaver-Brooks, Inc. (US), and Byworth Boilers Limited (UK), among others.
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