(EnergyIndustry.Net, June 08, 2022 ) The report "Industrial Boilers Market by Fuel Type (Natural Gas & Biomass, Oil, Coal), Boiler Type (Fire-Tube, Water-Tube), Boiler Horsepower, End-Use Industry (Chemical, Food, Refineries, Metals & Mining), and Region - Global Forecast to 2025", in 2020 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. Aging power generation infrastructure across the world and increasing use of natural gas as fuel for combustion are expected to fuel the growth of the industrial boilers market in order to provide high-quality steam.
The food industry is expected to be the fastest-growing end-use industry segment of the industrial boilers market during the forecast period. Increasing demand for processed food, beverages, and related products across emerging regions is fueling the growth of this segment. Industrial boilers are widely used in the food industry for various processing activities.
Based on type, the fire-tube segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the compact designs of fire-tube boilers and increased demand for clean energy sources.
Based on fuel type, the natural gas & biomass segment is expected to lead the market for industrial boilers owing to the growing demand for clean energy sources. Based on boiler horsepower, the 10-150 BHP segment is expected to dominate the market due to increasing demand from the food and chemical industries.
Browse in-depth TOC on "Industrial Boilers Market”
77 - Market Data Tables
46 - Figures
173 - Pages
The Asia Pacific industrial boilers market is expected to grow at the highest CAGR during the forecast period, due to increasing demand for industrial boilers from end-use industries, which are witnessing capacity expansions, particularly in China and India. The rise in demand for gasoline and LNG in these countries has led to the growth of the oil & gas industry, which, in turn, is expected to fuel the growth of the industrial boilers market in the region during the forecast period.
Key market players covered in this report include 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.
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