Global Industrial Boiler Market Size By Technology [Condensing and Non-Condensing], By Product [Water-Tube and Fire-Tube], By Application [Pulp & Paper, Refinery, Food Processing, Primary Metal, Chemical and Others], By Fuel [Oil, Natural Gas, Coal, and Others], By Capacity [< 10 MMBtu/hr, 10 - 25 MMBtu/hr, 25 - 50 MMBtu/hr, 50 - 75 MMBtu/hr, 75 - 100 MMBtu/hr, 100 - 175 MMBtu/hr, 175 - 250 MMBtu/hr, > 250 MMBtu/hr], By Region [North America, Europe, Asia Pacific, Middle East & Africa and Latin America], Forecast & Opportunities, 2020-2027

Market Overview

Global Industrial Boiler Market is expected to grow over US$ 13 Billion by 2027 due to the increasing use of natural gas in industrial activities and government initiatives towards clean energy.

Industrial boilers are widely adopted in various industries in enhancing their industrial process involving steaming, heat exchanger, etc., With the rise in technological advancements, industrial boilers are now produced in compact customized designs to suit a specific industry.  

The rising demand from the food industry, increasing use of natural gas in industrial activities, the need for compact designs and lean operations, and government initiatives to promote clean energy are some of the key drivers influencing the growth of the market. Moreover, the ongoing global effort to lower fossil fuel uses is also driving the growth of the global industrial boilers market.

The high initial cost and complexity of the control system are the factors restraining the growth of the Industrial boiler market globally.

Market Segmentation

Global Industrial Boiler Market can be segmented into Technology, Product, Application, Fuel, Capacity, and Region.

By Technology, Global Industrial Boiler Market can be segmented into Condensing and Non-Condensing. The non-condensing segment is expected to grow significantly during the forecasted period of 2020-27 due to its easy installation process, ability to function in extreme weather conditions and competitive price structure.

By Product, Global Industrial Boiler Market can be segmented into Water-tube and Fire-tube. The water-tube segment holds the largest market share and it is expected to grow significantly during the forecasted period of 2020-27. Due to their high thermal efficiency and low carbon emission, the segment is expected to grow in the coming years.

By Application, Global Industrial Boiler Market can be segmented into Pulp & Paper, Refinery, Food Processing, Primary Metal, Chemical, and Others. The food processing sector holds the largest market share. The industrial boilers are highly demanded in the food processing sector to sterilize the packaged food and for other sanitation purposes. 

By Fuel, Global Industrial Boiler Market can be segmented into Oil, Natural Gas, Coal, and Others. The natural gas segment is expected to grow significantly during the forecasted period of 2020-27. The rising demand for alternative energy and the declining use of coal is expected to drive the growth of this segment.

By Capacity, Global Industrial Boiler Market can be segmented into < 10 MMBtu/hr, 10 - 25 MMBtu/hr, 25 - 50 MMBtu/hr, 50 - 75 MMBtu/hr, 75 - 100 MMBtu/hr, 100 - 175 MMBtu/hr, 175 - 250 MMBtu/hr, > 250 MMBtu/hr. The boiler greater than 250 MMBtu/hr is expected to grow significantly during the forecasted period of 2020-27 due to its high-pressure handling capacity. It is widely used in petrochemicals and paper plants industry to expedite their industry process.

By Region, Global Industrial Boiler Market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America

Regional Analysis

North America and European Industrial boilers market leads the world market with its largest market share. Due to the presence of large manufacturing units and the region is widely replacing its conventional boilers to achieve an emission-free economy.

Asia Pacific Industrial boilers market is expected to grow significantly during the forecasted period of 2020-27 due to its increasing urbanization and rapid industrialization. Many manufacturing units are emerging due to the efforts of significant investments. Countries like China are encouraging natural gas filled boilers for achieving a clean economy and environmental awareness is likely to drive the market to grow.  

Competitor Analysis

The key Market players in global industrial boilers market are Bharat Heavy Electricals Limited, Babcock and Wilcox Enterprises, Fulton Boiler Works, Cleaver-Brooks, IHI Corporation, Hurst Boiler, and Welding Co, Clayton Industries, AMEC Foster Wheeler Ltd., John Cockerill, Cochran Ltd, Forbes Marshall Private Limited, Doosan Heavy Industries & Construction Co., Mitsubishi Hitachi Power Systems, General Electric, AC Boilers SpA, Siemens, Rentech Boilers, Miura America Co., Hoval, Thermax Limited, FonditalSpA, ViessmannWerke GmbH & Co., Ferroli S.p.A, FONDERIE SIME P, Groupe Atlantic, Bosch Thermotechnology, Walchandnagar Industries Limited (WIL), Victory Energy Operations, Macchi.