The package boilers market is expected to maintain a positive growth rate over the next decade. Several factors are driving the growing demand for package boilers. The food and beverage industry are the most significant factor that will drive the growth of the package boiler market. Across different areas worldwide, the demand for package boilers is rising. A driving factor for this is the inherent benefits that package boilers offer. Package boilers are easier to install and simpler to maintain than large industrial boilers. Hence, this will be a prime factor behind the increasing demand for the package boilers market. Much research and development are underway to improve the functionality of package boilers.
Global Package Boilers market is expected to witness CAGR of 8.94% during the forecast period. The revenue generated by the global Package Boilers market in 2021 was over USD 10.03 billion and expected to generate revenue worth USD 19.73 million in 2028. The incremental growth opportunity offered by the global Package Boilers is estimated to be USD 109.15 billion between 2022 and 2028.
Interesting Facts about Package Boilers Industry
D-Type Package Boilers Held the Largest Share
D-Type Package Boilers, A-Type Package Boilers, O-Type Package Boiler are major types of package boilers based on design. D-type package boilers are expected to register the fastest growth rate based on the design. They have reduced installation times, and lower the cost of generating steam. As a result, these kinds of boilers find applications in hospitals, process and manufacturing facilities, pulp and paper industry, power plants, sawmills, ethanol plants and the petrochemical industry, among several others.
Fire-tube package boilers to Lead the Market
Fire-Tube Package Boilers, Water-Tube Package Boilers, Electric Boilers and Others are major types of package boilers. Fire-tube package boilers are expected to have the biggest percentage in the package boilers market over the next few years. This trend can be explained by the rising applications of fire-tube package boilers across various industries. They find use in marine applications since they can be transported easily and are simpler to manage.
Food & Beverage to Rule the Demand for Package Boilers
Key end-users of package boilers include Food & Beverage, Chemical, Oil & Gas, Paper & Pulp, Others. The food and beverage industry will have the greatest demand for package boilers and is thus expected to be the most influential factor in fueling the package boiler market. The food and beverage industry is becoming more advanced and sophisticated due to stringent regulations and quality standards. Also, the food and beverage industry has been steadily increasing its production capacity over the years.
Package boilers find use in generating steam for a wide range of processes in the food and drinks sector. The increasing use of this kind of equipment in food and beverage is contributing most to the growth of the package boiler market.
The oil and gas industry is also one of the factors behind the increasing market growth. Package boilers that burn oil are finding use in areas where natural gas is not plentiful. Fuel for such equipment is being sourced locally to less reliance on imported oil. Also, biodiesel is driving the growth of the package boiler market.
Over the next five years, the package boiler market will expand fastest in the Asia Pacific region. Package boiler manufacturers will like to target the numerous opportunities available in the region, thanks to infrastructure development and rapid industrialization.
However, stringent emissions standards will hamper the growth of the package boiler market.
Research and Development is Major Focus Area
Research and development work is underway to improve the performance and efficiencies of package boilers. Package boilers are finding more and more applications because they are relatively cost-effective methods of producing steam at high pressures and temperatures. Cleaver-Brooks, Inc, Mitsubishi Hitachi Power Systems, Ltd., Babcock & Wilcox Enterprises, Inc., John Wood Group PLC., Thermax Global, Hurst Boiler & Welding Co, Inc., Powermaster, Johnston Boiler Company, IHI Corporation, Forbes Marshall., PARKER BOILER, Microtech Boilers Private Limited., ACTOM, Rentech Boiler., Miura America Co., LTD., Kawasaki Thermal Engineering Co.,Ltd, Williams & Davis Boilers., English Boiler, LLC, Superior Boiler, Mackenzie Industries Sdn Bhd are most prominent players in global package boiler market.
Frequently asked questions about global Package Boilers industry
Likewise other industries, COVID 19 also taken a toll on Package Boilers market with around 14.21% decline in its revenue in 2020 as compare to 2019
Asia Pacific is the largest regional market with highest share in the total volume of Package Boilers consumed in 2021 followed by Europe
Strong demand from Food & Beverage industry in Asia Pacific is major factor fuelling the demand for package boilers
Food & Beverage dominated the Package Boilers market in 2021 with over 30% share
Fire-Tube Package Boilers was the largest type of Package Boilers in 2021 with over 45% share
