Global Industrial Boilers Market - Overview
According to a recent study report published by the Market Research Future, the global Industrial Boilers market is booming and expected to gain prominence over the forecast period. The Global Industrial Boiler market is projected to be worth USD 22.81 Billion by 2028, registering a CAGR of 6.28% during the forecast period, The market was valued at USD 15.11 Billion in 2020.
Boilers are pressure vessels that are used to supply heated waste or steam to an industrial process. They are the primary equipment used in industries to for steam generation and supply. The Global Industrial Boiler Market is growing with the rapid pace; mainly due to growing demand from food processing sector. One of the foremost concern of food processing firms is the elimination of microbiological threats. Heat is one of the most common methods utilized to reduce or eliminate any microbiological threats. Hence, there has been a rapid surge of integration of Industrial boilers into food processing industry, in recent times.
Recently, natural gas and biomass industrial boilers have been replacing traditional coal-based boilers in developed economies, owing to their significantly lower operational costs than other fuels. The steady rise in adoption of green fuels for industrial boilers, across the globe, is increasing the demand in industrial boiler market. However, high maintenance cost is the factor may hamper the growth of the market.
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Global Industrial Boiler Market - Competitive Analysis
Global Industrial Boiler Market appears to be highly fragmented and competitive owning to the presence of numerous large and medium players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/RD, brand building, and fostering strong relationships with customers to support their competitive position.
Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, Industrial Boiler manufacturers strive to develop products that can deliver optimal efficient, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product service quality. Manufacturers strive to develop their product portfolio with a wide range of Industrial Boiler for every application.
Industry News
Cleaver-Brooks, provider of boiler-room products and systems, has announced the acquisition of two Texas-based boiler sales and service companies: Holman Boiler Works Inc. and Affiliated Power Services (APS).
Mitsubishi Hitachi Power Systems, Ltd. (MHPS) has announced that it has signed a Technology License Agreement (TLA) for the Selective Catalyst Reduction System (SCR System) with LT-MHPS Boilers Private Ltd. (LMB), a joint venture company of Larsen Toubro Limited and MHPS.
Mitsubishi Hitachi Power Systems, Ltd. (MHPS) has received an order for a boiler, a steam turbine and a generator for the San Buenaventura Power Plant, a 500 megawatt (MW) ultra-supercritical-pressure (Note) coal-fired power generation plant to be built by San Buenaventura Power Ltd., a special purpose company (SPC), in the Philippines.
Segmentation:
On the basis of type, market is segmented into Pulverized Coal Fired, Fluidized Bed, Packaged, Heat Recovery Steam Generators, and others.
On the basis of fuel type, market is segmented into Oil, Coal, Gas, and other fuels.
On the basis of pressure range, market is segmented into High and Low.
On the basis of End-Users, market is segmented into oil gas, power, food beverage, textile, pulp and paper, and others.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.
Global Industrial Boiler Market - Regional Analysis
North America region dominates the global Industrial Boiler Market and is expected to witness the highest growth during the forecast period. Rapid installation of several power plants has led to the increased demand for industrial boilers in the region. The U.S. is the major contributor in North America region.
Asia Pacific is another major region for the industrial boiler. China, Japan, India, and Singapore are the major market in Asia Pacific region. The increase in number of investments in petrochemicals refinery projects such as ethylene steam cracker project will be one of the major factors fueling market growth in this region. Key players across the globe are gradually shifting their production facilities to cater to high potential markets in Asia Pacific mainly due to the availability of low-cost labor and ample raw material stocks. This has the positive influence on the growth of the market. Middle East regions is also expected to contribute significantly during the forecast period mainly due to growing demand from power plants refineries.
Key Players:
Babcock Wilcox Co. (U.S.), Thermax Ltd. (India), GE Alstom SA.(France), Doosan Heavy Industries Construction (South Korea), Siemens AG (Germany), IHI Corporation (Japan), Dongfang Electric Corporation Ltd. (China), Bharat Heavy Electricals Ltd.(India), Harbin Power Equipment Co. Ltd.(China), Mitsubishi Heavy Industries Ltd.(Japan), Hitachi Ltd.(Japan). are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Industrial Boiler Market.
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