Market Research Future Insights
According to MRFR analysis, the global Industrial Boilers market is expected to register a CAGR of ~4.98% from 2022 to 2031 and hold a value of over USD 16.97 Billion by 2023 to USD 25.04 billion by 2031.
Industrial boilers are pressure vessels that generate steam or hot water for various industrial processes. These boilers are widely used in industries such as food processing, chemical, pharmaceuticals, and manufacturing.
The COVID-19 pandemic has had a mixed impact on the industrial boilers market. While there has been a decline in demand due to the slowdown in the global economy, the market has also witnessed an increase in demand for boilers used in healthcare facilities and pharmaceutical manufacturing. Additionally, the need for boilers for remote working arrangements has also driven demand.
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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