According to the new market research report “Industrial Boilers Market by Type (Fire-tube, Water-tube), Fuel Type (Natural Gas & Biomass, Oil, Coal), End-Use Industry (Chemical, Food, Refineries, Metals & Mining), Boiler Horsepower, and Region – Global Forecast to 2027″, The industrial boilers market is estimated to be USD 13.1 billion in 2018 and is projected to reach USD 19.9 billion by 2027, at a CAGR of 4.8% between 2018 and 2027. Factors such as increasing demand from the food industry and growing demand for compact designs and lean operations influence the industrial boilers market. The shift toward high-performance boilers based on natural gas will have a positive impact on the industrial boilers market.
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High demand for clean technology in the chemical end-use industry is the major reason for the growth of the industrial boilers market. Rising demand for industrial boilers from the food end-use industry is expected to drive the industrial boilers market.
Based on end-use industry, the industrial boilers market has been segmented into chemical, food, refineries, metals & mining, and others. The food segment is expected to be the fastest-growing end-use industry segment of the industrial boilers market during the forecast period. Steam and hot water generated from industrial boilers are widely used in processing, cooking, and sanitizing food products to extend their shelf-life and improve quality to meet regulatory standards. The food segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing demand for industrial boilers in the processing and production of food products.
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The industrial boilers market is projected to reach USD 17.18 billion by 2023, at a CAGR of 5.6% from 2018 to 2023. Rising demand from the food & beverage industry and use of natural gas for clean energy have led to the growth of the market for industrial boilers. The industrial boilers market has been segmented on the basis of end-use industry into chemical, food, refineries, metals & mining, and others, which include textile, pulp & paper, and pharmaceutical. Industrial boilers are widely used in upstream and downstream processes in the chemical industry.
Some of the major companies operating in the industrial boilers market include Siemens (Germany), Amec Foster Wheeler (UK), Babcock & Wilcox (US), General Electric (US), A.C. Boilers (Italy), IHI Corporation (Japan), and Mitsubishi Hitachi Power Systems (Japan). Global companies face tough competition from regional and local players. Regional players include companies such as Dongfang (China), Bharat Heavy Electrical Limited (India) and Harbin Electric Company (China), among others. Contracts and agreements, between end-user industries and boiler manufacturers, are the major growth strategies observed in this market.
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Babcock & Wilcox is one of the major manufacturers of water-tube boilers. The company focuses on contracts and agreement to expanding its business in new geographies. These strategies have helped the company tap critically advantageous geographic regions that are witnessing rapid growth in the industrial boilers market. In March 2016, the company signed a contract worth USD 80 million with POSCO Engineering and Construction Co. Ltd. (South Korea) for the supply of coal-fired boilers. In January 2016, the company was awarded a contract worth USD 90 million by a joint venture of Urbaser (UK) and Balfour Beatty (UK) for a waste-to-energy power plant in the UK.
Dongfang is another major player in the industrial boilers market. The company, under its subsidiary Dongfang Boiler Group (China), offers boilers and pressure vessels largely in the Chinese and Asian markets. The company focuses on contracts and agreements to strengthen its market position. It has signed several contracts with companies in Asia Pacific and Europe for the installation of power generation and industrial-purpose boilers. In July 2016, the company signed a contract with PT DSSP Power (DSSP) for the construction of Kalteng 2x100MW coal-fired power plant in Indonesia.
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