The Global Market for Industrial Boilers is Forecast to Exceed 1.1 Million TSPH by 2024in Terms of Annual Capacity Additions

Growing Prominence of Smart Industrial Boilers with Reduced Emissions, Decreased Maintenance Costs, and Improved Reliability to Drive Market Growth, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Industrial Boilers market. The global market for Industrial Boilers is forecast to exceed 1.1 million TSPH (Tons of Steam per Hour) by 2024 in terms of annual capacity additions, driven by growing adoption of smart boilers with connected controls, and replacement of aging boiler units with clean and energy efficient equipment.

Industrial units have been making use of industrial boilers for several decades to produce hot water or steam for meeting the heating and power requirements of the production process, with the boiler capacities in terms of thermal power units and evaporation rates in terms of tons per hour rising progressively over the years. While both industrial boilers and auxiliary boilers in utility/power plants are used for producing process heat/steam, or co-generating electricity, the majority of industrial boilers are required to function amid sudden load variations brought about by changes in steam demand, while auxiliary boilers are subject to cycling operations. Few of the many applications and processes that are driving steady market adoption over the years include Agriculture, Animal foods, Automotive, Bakeries, Ceramic, Cheese Dairies, Chemical, Dairies, Distilleries, Dyeing, Electrical, Food Packaging, Fruit Processing, Glass Fiber Production, Greenhouses, Hospitals, and Metal-Working. Other application sectors for industrial boilers include Paper, Pharmaceutical, Plastics, Printing, Refineries, Slaughterhouses, Spinning Mills, Steel Works, Tank Farms, Tobacco, Tire Manufacturing, Vulcanisation, Waste Disposal, Waste Incineration, Weaving Mills, Wood Processing, and Wood Products, among others.

Healthy growth is projected for the market in the coming years driven by growing significance of smart boilers as boiler breakdowns can be expensive to manage both in terms of money and time. Smart boilers continuously monitor all the heating equipment in real time to ensure systems are operating smoothly and efficiently with performance indicators and analytic results easily available. Predictive analytics of the smart boiler solutions take the guesswork out of the equation, increasing resolution speed and operational efficiency, improving uptime, lowering fuel consumption, and decreasing energy costs up to 25%. Industrial Internet of Things (IIoT), technological developments, stringent regulations, ever-changing customer preferences, and increasing awareness levels represent other factors influencing the global industrial boilers market. Increasing adoption of boiler units with connected controls and units with onboard diagnostic abilities, Wi-Fi, and automated controls are also expected to benefit market prospects in the near term. Future boiler designs would also be largely dictated by end-use application preferences for enhanced performance, quicker installation, better maintenance, and products compatible with different smart systems. 

As stated by the new market research report on Industrial Boilers, Asia-Pacific represents the largest and the fastest growing market worldwide with a projected CAGR of 5.6% over the analysis period. Rapid industrialization; massive infrastructure investments; and implementation of energy-efficiency standards are important factors benefiting boiler demand in the region. As the global manufacturing hub, increased manufacturing activity, large pool of low-cost and skilled labor and close proximity to lucrative markets are providing a major boost to demand, particularly in China and India.

Key players in the market include Babcock & Wilcox Enterprises, Inc., Bharat Heavy Electricals Limited (BHEL), Bosch Industriekessel GmbH, Doosan Power Systems Holdings Limited, GE Power, Wuhan Boiler Co., Ltd., Grundfos A/S, Hangzhou Boiler Group Co., Ltd., Harbin Boiler Company Limited, IHI Corporation, Kawasaki Heavy Industries, Ltd., LOINTEK, Mitsubishi Hitachi Power Systems, Ltd. (MHPS), Miura Co., Ltd., Shanghai Electric Group Company Limited, Sichuan Dongfang Boiler Group Co., Ltd., Sumitomo SHI FW, and Valmet Oyj, among others.

The research report titled “Industrial Boilers: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, drivers, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections in terms of Annual Capacity Additions in Tons of Steam per Hour (TSPH) for major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, and Rest of Asia-Pacific), the Middle East & Africa, and Latin America. Key end-use industries analyzed include Oil & Gas, Chemical, Food & Beverage, Building Materials, and Others.

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