Industrial Boiler Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Industrial Boiler Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : August, 2020 | Energy & Mining | PPT format

Report Digest


Industrial Boiler Market: Overview

The global industrial boiler market is driven by the presence and development of various projects of ultra-mega power in the developing economies, especially in countries such as China and India, where the population is extremely high, resulting in an increased demand for power consumption. Ultra mega power projects are also increasing across countries on account of the regulations imposed by various environmental bodies, which encourage industries, especially in the power generation sector to take strict measures so as to save energy and help in reducing harmful emissions.

During the forecast period of 2017 to 2025, the global industrial boiler market will be driven by the growing need to improvise the combustion efficiency of biomass, making use of new materials. The reduction of cost of biomass boilers as well as enhanced efficiency of the waste are some of the benefits of using new materials in biomass. This in turn will boost the growth prospects of the industrial boilers market. In addition to this, oxygen distribution in boiler bed improves the efficiency and uniformity of combustion, thereby widening the dependence of various economies on industrial boilers.

Players within the industrial boilers market are competing with each other on the basis of cost. Key vendors are concentrating their efforts on giving customers reliability, ease of operation, safety, and sustainability.

Global Industrial Boiler Market: Snapshot 

Industrial boilers are closed vessels, basically used for burning fuels such as natural gas and coal for the purpose of providing steam to a stationary engine. The material that the pressure vessel of an industrial boiler is mainly made of is steel or alloy steel or wrought iron in the past. Owing to the risk of corrosion cracking, stainless steel is not employed in the wetted boiler parts. Nevertheless, ferritic stainless steel is employed in the section of superheater that is not exposed to heating water. Growing demand for energy efficient devices along with government regulations and norms are the prime factors influencing the demand for industrial boiler during the forecast period. Moreover, the burgeoning demand for clean energy fuel is further expected to trigger the need for industrial boilers over the coming years. 

According to the United States Environmental Protection Agency, over 21% of the global greenhouse gas emissions is from industries. Greenhouse gas emissions from industries include mineral transformation, metallurgical, and chemical processes which are not linked with energy consumption and waste management activities. 

Global Industrial Boiler Market: Key Trends

The growth of the industrial boiler market is likely to be supplemented by the positive outlook of food processing and chemical industries towards emission reduction. Government measures taken up to decrease the level of carbon emissions is expected to boost the growth of the market in the coming years. The EPA has further implemented several regulations and rules such as national emission standard for hazardous air contaminants in order to mitigate the impact of toxic gas emissions which is released during furnace operations. It is aimed at protecting the environment from the adverse impacts of air pollutants by implementing maximum allowable concentration if contaminants in the ambience. Degrading performance coupled with a gradual rise in the operation and maintenance cost is leading to the replacement of installed boilers with advanced industrial boilers. Rising fuel prices is expected to further augment the demand for high-end heating furnaces. In order to minimize the incurring expenses and optimizing the resources that are available, the deployment of industrial boilers is anticipated to take a leap. 

Global Industrial Boiler Market: Market Potential

Leading companies in the market are focusing on leveraging on the upcoming opportunities from the demand for low-cost, energy-efficient, and reliable products. For instance, a prime company, Cleaver-Brooks Inc. developed a completely integrated set of boilers that received cUL and UL certification after meeting the safety standards defined by Underwriters Laboratories. Cleaver-Brooks Inc. also acquired leading boiler providing companies, Holman Boiler Works and Affiliated Power Services, LP and focused on an aggressive inorganic growth strategy which has been recently gaining traction in the global industrial boiler market. Another leading company, Vapor Power International, LLC acquired all the assets of Tennessee based Precision Boilers, LLC in order to expand its production units. 

Global Industrial Boiler Market: Regional Outlook

Region-wise, the global industrial boiler market can be segmented into North America, Asia Pacific, Europe, and the Rest of the World. North America is expected to emerge as a prominent region owing to growing demand for efficient energy and robust installation of numerous power plants. Asia Pacific is also likely to present lucrative growth opportunities with growing demand for boilers from metal, refining, chemical, and food industries. Demand for boilers from Indonesia, India, China, and Japan is likely to bode well for the market growth in the near future. 

Global Industrial Boiler Market: Vendor Landscape

Some of the leading companies in the market are Thermax Limited, Mitsubishi Hitachi Power Systems, Ltd., IHI Corporation, Harbin Electric Group, Bharat Heavy Electricals Limited, General Electric, Siemens AG, Babcock & Wilcox Enterprises, Inc., Cleaver-Brooks Inc., and Vapor Power International, LLC.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.