The industrial boilers market 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. Rising demand for industrial boilers from the food & beverage industry and high demand for clean technology in the chemical end-use industry have been the major drivers for the growth of the industrial boilers market.
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On the basis of end-use industry:
- Chemical
- Food
- Refineries
- Metals & Mining
- Others
Based on fuel type, the coal segment is projected to lead the industrial boilers market during the forecast period
Natural gas & biomass was the largest fuel type segment in the industrial boilers market, and it is estimated to lead the market during the forecast period as well. Natural gas-fired boilers are most widely used in western countries because of their easy availability and regulatory guidelines with respect to CO2 emissions. With increasingly stringent environmental regulations in developed countries, the natural gas & biomass segment is expected to grow at a rapid pace during the forecast period.
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Asia Pacific is expected to witness the highest 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. Growth can be attributed to the high demand for industrial boilers in countries such as China, India, and Japan to meet the rising demand for heat energy across end-use industries. The region being the largest consumer in the chemical industry, offers high-growth opportunities for industrial boilers for providing high pressure and temperature steam.
♦ Key Market Players –
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, are the major players in the industrial boilers market.
