The global industrial boilers market size is anticipated to value USD 18.3 billion until 2025. It is also expected to register a CAGR of 4.5% over the forecasted years, 2019 to 2025. Rapid industrialization coupled with development across the food and beverage industry is projected to drive the market growth for industrial boilers in the upcoming years.
The application segment of chemicals and petrochemicals dominated the global market in 2018 due to the increasing number of chemical and petrochemical industries. On the other hand, the application segment of paper and pulp held the highest CAGR of 6.1% owing to rapid industrialization and rising demand for paper.
In 2018, the fossil fuel segment accounted for the largest share exceeding 34.9% across the market owing to its ease of availability and low-cost price. While the biomass segment is projected to register the highest CAGR from 2019 to 2025 due to the low emission of harmful gases on its combustion in the boilers.
Europe dominated the global market in 2018 owing to the rising number of industries like food & beverages and power across this region. On the other hand, Central & South America is projected to register the highest growth with 7.3% CAGR from 2019 to 2025 due to the emergence of food and industry across Brazil.
The Industrial boiler market includes key players such as Siemens AG, Babcock & Wilcox Enterprises, Inc., Thermax Ltd.; Forbes Marshall and Mitsubishi Heavy Industries Ltd. They are engaged in many R&D activities like product development and innovation for widening their global reach and product portfolio.
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Further key findings from the report suggest:
• In 2018, the chemicals and petrochemicals segment dominated the global market.
• The fossil fuel segment accounted for the largest share of 34.9% across the global market in 2018.
• In 2018, Europe dominated the market with share of around 34.1%.
• The key players in this market are Siemens AG, Babcock & Wilcox Enterprises, Inc., Thermax Ltd.; Forbes Marshall and Mitsubishi Heavy Industries Ltd.
Million Insights has segmented the global industrial boiler market based on application, fuel and region:
Industrial Boilers Application Outlook (Revenue, USD Million, 2014 - 2025)
• Chemicals & Petrochemicals
• Paper & Pulp
• Food & Beverages
• Metals & Mining
Industrial Boilers Fuel Outlook (Revenue, USD Million, 2014 - 2025)
• Oil & Gas
Industrial Boilers Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• South Korea
• Middle East & Africa
• Saudi Arabia
• Central & South America