Rapid industrialization and increased investments in manufacturing facilities are driving the global industrial boiler market. In addition, increased industrialization and an optimistic projection of the food processing industry are key reasons the industrial boiler market is growing.
The global Industrial Boilers market was valued at around USD 13.13 billion in 2020, with a decline of over 5.74% owing to COVID 19 pandemic and its subsequences. However, the demand has been recovering at a rapid pace, and in the light of rapid vaccination around the world, it's expected to restore to per COVID 19 level soon. The Global Industrial Boilers market is projected to become a USD 21 billion-dollar industry in 2027. Whereas cumulative growth opportunity catered by the global Industrial Boilers market between 2021 and 2027 will be around USD 128 billion.
Interesting Facts about Industrial Boilers Industry
Safety valves are the most important device for Industrial Boilers
The average life span of Industrial Boilers ranges from 15 to 20 years
Based on the fuel to be used, an Industrial Boilers can offer maximum efficiency of around 85%
While annual availability of Industrial Boilers could be 86% to 94%, including planned outage
Large Industrial Boilers can cost up to USD 250 to USD 350 per HP
Strong Demand from the Asia Pacific to Propel Future Growth
Sustained industrial growth in Asian countries like China, the Philippines, Indonesia, and Vietnam increases the demand for industrial boilers. The rise in demand for energy-efficient systems is further boosting the market.
Due to escalating demand in various industries, the industrial boiler market will see a strong rise in the coming years. Strong industrialization and increased investments in manufacturing facilities contribute to the growth of the industrial boiler market. Also, initiatives taken by financial institutions and governments will accelerate the development of industrial centers. This will result in further growth for the industrial boiler market.
Biomass-fuelled Industrial Boilers to Dominate
The rising demand for biomass-fuelled boilers is expected to boost the growth of the industrial boiler market. Biomass-fuelled boilers have a substantial share in the industrial boiler market in the US due to the stringent regulations that seek to reduce carbon emissions. Biomass is a better choice than fossil fuels since its combustion releases less carbon into the environment. Hence, the demand for biomass-fuelled boilers is rising across various sectors. The oil and gas sector will experience steady growth during the next decade. This is mainly due to relatively lower oil and gas prices.
Small Industrial Boilers to Lead Chemical ad Food Applications
Small boilers comprise a substantial percentage of the industrial boiler market when accounted for in terms of capacity. Small boilers will see increased demand during the next decade. These boilers are seeing increased demand since maintaining them is easier. Over the next decade, the escalating demand for small boilers in mining, metals, and the food and beverage industry will contribute to market growth.
On the other hand, higher capacity boilers will also experience significant demand growth due to the petroleum industry's increasing production capacity. High-capacity steam boilers are used in the petroleum industry since they have several applications like pressure control, dilution, quenching, stripping, fractionation, and heating.
Strong Demand from Food Processing to Fuel the Growth
The rapid rise of the food processing industry worldwide will result in an increased demand for industrial boilers. Sustained growth in the food processing sector is due to various factors like a higher standard of living, advanced technology, and higher disposable income across the globe. There will be a higher demand for packaged and convenience foods, which means that the food processing industry will have greater demand for industrial boilers. The market for industrial boilers will be further boosted by the increasing product applications in the paper and pulp sector. Boilers have applications in several industries for a steam generation like chemicals, textiles, manufacturing, food, beverages, etc.
Environmental Concerns to Remain Major Concern
Some factors will hinder the growth of the industrial boiler market. These include stringent emissions regulations and the high capital investment required. Increasingly strict regulations on emissions, especially in Europe and North America, can confine the growth of Industrial Boilers.
Frequently asked questions about global Industrial Boilers industry
Likewise other industries, COVID 19 also taken a toll on Industrial Boilers market with around 9.42% decline in 2020 in its revenue as compare to 2019
Europe is the largest regional market with highest share in the total volume of Industrial Boilers consumed in 2020
Strong demand from chemical and food industry to drive the demand for Industrial Boilers
Chemicals & Petrochemicals segment dominated the Industrial Boilers market in 2020
Oil & Gas was the largest segment of Industrial Boilers in 2020 based on fuel
