Market Research Future Insights
The global industrial boilers market is expected to reach USD 25.04 billion by 2031, growing at a CAGR of 4.98% from 2023 to 2031. The market growth is attributed to the following factors:
· Rising demand from end-user industries: Industrial boilers are used in a wide range of industries, including food and beverage, chemical, petrochemical, power generation, and textile. The growth of these industries is expected to drive the demand for industrial boilers in the coming years.
· Stringent government regulations: Governments around the world are implementing stringent regulations to reduce greenhouse gas emissions. This is driving the demand for more efficient and eco-friendly industrial boilers.
· Growing awareness of energy efficiency: Industrial boiler manufacturers are focusing on developing more energy-efficient boilers. This is making industrial boilers more attractive to end-users.
Key players
· Siemens AG (Germany)
· Thermax Limited (India)
· Harbin Electric Corporation (China)
· Bharat Heavy Electricals Limited (India)
· General Electric (U.S.)
· Dongfang Electric Corporation Ltd. (China)
· Babcock & Wilcox Enterprises, Inc. (U.S.)
· IHI Corporation (Japan)
· Andritz AG (Austria)
· Mitsubishi Heavy Industries Ltd. (Japan)
· Hitachi Ltd. (Japan)
· Among others.
Regional Analysis
North America, Europe, Asia-Pacific, and the rest of the world are the major regions considered in the industrial boilers market analysis. Asia-Pacific region holds the largest market share, followed by North America and Europe.
The region's rapid industrialization, the growth of the chemical and food processing industries, and government initiatives to reduce carbon emissions are some of the factors driving market growth in the Asia-Pacific region. North America and Europe are also significant markets, with demand driven by the replacement of aging boilers and the adoption of energy-efficient systems.
Market Segmentation
The Global Boiler systems market has been segmented into fuel type, boiler type and applications.
Based on fuel type: the industrial boilers market is divided into fire-tube and water-tube segments.
Types of Industrial Boiler Fuel: Information
Based on boiler type: The industrial boilers market is divided into oil and gas, fossil, non-fossil, and biomass fuel segments
Based on Applications: for industrial boilers include manufacturing, metals & mining, food & beverage, chemicals & petrochemicals, and others.
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