Industrial Boilers Market by Type (Fire-tube, Water-tube), Fuel Type (Natural Gas & Biomass, Oil, Coal), End-Use Industry (Chemical, Food, Refineries, Metals & Mining), Boiler Horsepower, and Region - Global Forecast to 2023

The industrial boilers market was valued at USD 12.38 Billion in 2017 and is projected to reach USD 17.18 Billion by 2023, at a CAGR of 5.6% during the forecast period.

Objectives of the market study:

• To define and segment the industrial boilers market on the basis of boiler horsepower, type, fuel type, end-use industry, and region
• To estimate and forecast the industrial boilers market in terms of value
• To estimate and forecast the demand for industrial boilers at country-level in each region
• To identify and analyze key drivers, restraints, challenges, and opportunities that impact the growth of the industrial boilers market
• To analyze significant region-specific trends in Asia Pacific (APAC), Europe, North America, the Middle East & Africa (MEA), and South America
• To identify and profile key market players and analyze their core competencies
• To analyze recent developments and competitive growth strategies, such as alliances, joint ventures, and mergers & acquisitions to draw a competitive landscape of the industrial boilers market
• To estimate the market share of key players in the industrial boilers market

Years considered for the study:

• Base Year – 2017
• Estimated Year – 2018
• Projected Year –2023
• Forecast Period – 2018 to 2023

Research Methodology:

This study aims to estimate the industrial boilers market size for 2018 and projects its demand till 2023. It also provides a detailed qualitative and quantitative analysis of the industrial boilers market. Various secondary sources, including directories, industry journals, various associations, and databases (such as American Boiler Manufacturers Association, Canadian Boiler Society, Council of Industrial Boiler Owners) have been used to identify and collect information useful for this extensive commercial study of the industrial boilers market. Primary sources, such as experts from related industries and suppliers have been interviewed to obtain and verify critical information as well as to assess future prospects of the industrial boilers market. The breakdown of profiles of primaries is shown in the figure below:

To know about the assumptions considered for the study, download the pdf brochure

Key Target Audience

• Manufacturers of Industrial Boilers
• Traders, Distributors, and Suppliers of Industrial Boilers
• End-Use Industries operating in the Industrial Boilers Supply Chain
• Government and Research Organizations
• Associations and Industrial Bodies
• Research and Consulting Firms
• R&D Institutions
• Environment Support Agencies
• Investment Banks and Private Equity Firms

Scope of the report:

This research report categorizes the industrial boilers market on the basis of type, fuel type, boiler horsepower, end-use industry, and region. The report forecasts revenues as well as analyze the trends in each of these submarkets.

On the basis of Boiler Horsepower:

• 10-150 BHP
• 151-300 BHP
• 301-600 BHP

On the basis of Fuel Type:

• Natural Gas & Biomass
• Oil
• Coal
• Others

On the basis of End-use Industry:

• Food
• Chemical
• Refineries
• Metals & Mining
• Others

 On the basis of Type:

• Water-tube
• Fire-tube

On the basis of Region:

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to a company’s specific needs. The following customization options are available for the report:

• New Product Analysis

Product matrix, which gives a detailed comparison of new products and market trends in each industry

• Geographic Analysis

  Further breakdown of a region with respect to a particular country and application

• Company Information

  Detailed analysis and profiling of additional market players (up to five)

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 16)
    2.1 Research Data
           2.1.1 Key Data From Secondary Sources
           2.1.2 Key Data From Primary Sources
    2.2 Market Size Estimation
    2.3 Market Breakdown and Data Triangulation
           2.3.1 Key Industry Insights
    2.4 Assumptions

3 Executive Summary (Page No. - 24)

4 Premium Insights (Page No. - 29)
    4.1 Attractive Opportunities in the Industrial Boilers Market
    4.2 Global Industrial Boilers Market, By Region
    4.3 Industrial Boilers Market, By Type
    4.4 Industrial Boilers Market, By Fuel Type and End-Use Industry
    4.5 Industrial Boilers Market: Emerging vs Developed Countries

5 Market Overview (Page No. - 33)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Rising Demand for Industrial Boilers From the Food & Beverage Industry
           5.2.2 Restraints
                    5.2.2.1 High Cost of Installation
                    5.2.2.2 Boiler Efficiency and Steam Quality
           5.2.3 Opportunities
                    5.2.3.1 Increasing Demand for Compact Designs and Lean Operations
                    5.2.3.2 Increasing Use of Natural Gas
           5.2.4 Challenges
                    5.2.4.1 Strict Emission Standards
                    5.2.4.2 High R&D Investments
    5.3 Cost Structure Analysis

6 Industry Trends (Page No. - 38)
    6.1 Introduction
    6.2 Revenue Pocket Matrix
           6.2.1 Revenue Pocket Matrix for the Industrial Boilers Market, By End-Use Industry, 2018
           6.2.2 Revenue Pocket Matrix for the Industrial Boilers Market, By Type, 2017
           6.2.3 Revenue Pocket Matrix for the Industrial Boilers Market, By BHP, 2018
           6.2.4 Revenue Pocket Matrix for the Industrial Boilers Market, By Fuel Type, 2018
    6.3 Economic Indicators
           6.3.1 Industry Outlook
                    6.3.1.1 Chemical Industry
                    6.3.1.2 Refineries
                    6.3.1.3 Food Industry
                    6.3.1.4 Primary Metal Industry

7 Industrial Boilers Market, By Fuel Type (Page No. - 44)
    7.1 Introduction
    7.2 Natural Gas & Biomass
    7.3 Oil
    7.4 Coal
    7.5 Others

8 Industrial Boilers Market, By Type (Page No. - 50)
    8.1 Introduction
    8.2 Market Size and Projection
    8.3 Fire-Tube Boilers
    8.4 Water-Tube Boilers

9 Industrial Boilers Market, By Boiler Horsepower (Page No. - 54)
    9.1 Introduction
    9.2 10-150 BHP
    9.3 151 -300 BHP
    9.4 301 - 600 BHP

10 Industrial Boilers Market, By End-Use Industry (Page No. - 59)
     10.1 Introduction
     10.2 Chemical
     10.3 Food
     10.4 Metals & Mining
     10.5 Refineries
     10.6 Others

11 Regional Analysis (Page No. - 66)
     11.1 Introduction
     11.2 Asia Pacific
             11.2.1 China
             11.2.2 Japan
             11.2.3 New Zealand
             11.2.4 Malaysia
             11.2.5 India
             11.2.6 Australia
             11.2.7 Hong Kong
             11.2.8 Rest of Asia Pacific
     11.3 Europe
             11.3.1 Germany
             11.3.2 France
             11.3.3 UK
             11.3.4 Spain
             11.3.5 Italy
             11.3.6 Belgium
             11.3.7 Russia
             11.3.8 Rest of Europe
     11.4 North America
             11.4.1 Canada
             11.4.2 Mexico
             11.4.3 US
     11.5 Middle East & Africa (MEA)
             11.5.1 Iran
             11.5.2 Saudi Arabia
             11.5.3 UAE
             11.5.4 South Africa
             11.5.5 Rest of Middle East & Africa
     11.6 South America
             11.6.1 Brazil
             11.6.2 Argentina
             11.6.3 Colombia
             11.6.4 Peru
             11.6.5 Rest of South America

12 Competitive Landscape (Page No. - 97)
     12.1 Overview
             12.1.1 Contract and Agreements: the Most Popular Growth Strategy
     12.2 Competitive Scenario
             12.2.1 Contracts and Agreements
             12.2.2 Expansions
             12.2.3 Mergers & Acquisitions
             12.2.4 New Product Launches

13 Company Profiles (Page No. - 105)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
     13.1 AMEC Foster Wheeler PLC
     13.2 Babcock & Wilcox Enterprises, Inc.
     13.3 Dongfang Electric Corporation Ltd.
     13.4 General Electric Company
     13.5 Siemens AG
     13.6 AC Boilers S.P.A
     13.7 Bharat Heavy Electricals Limited
     13.8 Harbin Electric Corporation
     13.9 IHI Corporation
     13.10 Mitsubishi Hitachi Power Systems, Ltd.
     13.11 Thermax Limited
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.
     13.12 Other Key Players
             13.12.1 Ab&Co Group
             13.12.2 Alfa Laval Aalborg
             13.12.3 Andritz Energy & Environment
             13.12.4 Suzhou Hailu Heavy Industry
             13.12.5 Robey-Wellman Boilers & Furnaces Ltd.
             13.12.6 Taiyuan Boiler Group
             13.12.7 Vapor Power International, LLC
             13.12.8 Superior Boiler Works Inc.
             13.12.9 Bryan Steam, LLC
             13.12.10 Hurst Boiler & Welding Company, Inc.

14 Appendix (Page No. - 137)
     14.1 Discussion Guide
     14.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.3 Introducing RT: Real Time Market Intelligence
     14.4 Available Customizations
     14.5 Related Reports
     14.6 Author Details

List of Tables (84 Tables)

Table 1 Industrial Boilers Market Snapshot
Table 2 Top 10 Natural Gas Producers (2015)
Table 3 Global Air Pollutant Emission Limits
Table 4 China: Thermal Power Boiler Air Pollutant Limits
Table 5 Fuel Consumption By Us-Based Refineries, 2010-2015 (Thousand Barrels)
Table 6 Primary Metals Industry Indexes and Growth Rate, 2014
Table 7 Steel Demand Forecast, Finished Steel Products, 2016
Table 8 Industrial Boilers Market, By Fuel Type, 2016-2023 (USD Billion)
Table 9 Natural Gas & Biomass-Based Industrial Boilers Market, By Region, 2016-2023 (USD Billion)
Table 10 Oil-Based Industrial Boilers Market, By Region, 2016-2023 (USD Million)
Table 11 Coal-Based Industrial Boilers Market, By Region, 2016-2023 (USD Million)
Table 12 Other Fuel Types-Based Industrial Boilers Market, By Region, 2016-2023 (USD Million)
Table 13 Industrial Boilers Market, By Type, 2016-2023 (USD Billion)
Table 14 Fire-Tube Boilers Segment, By Region, 2016-2023 (USD Billion)
Table 15 Water-Tube Boilers Segment, By Region, 2016-2023 (USD Million)
Table 16 Industrial Boilers Market, By Boiler Horsepower, 2016–2023 (USD Billion)
Table 17 10-150 BHP Segment, By Region, 2016–2023 (USD Million)
Table 18 151 BHP-300 BHP Segment, By Region, 2016–2023 (USD Billion)
Table 19 301 BHP-600 BHP Segment, By Region, 2016–2023 (USD Billion)
Table 20 Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Billion)
Table 21 Industrial Boilers Market for Chemical Industry, By Region, 2016–2023 (USD Million)
Table 22 Industrial Boilers Market for Food Industry, By Region, 2016–2023 (USD Million)
Table 23 Industrial Boilers Market for Metals & Mining, By Region, 2016–2023 (USD Million)
Table 24 Industrial Boilers Market for Refineries Industry, By Region, 2016–2023 (USD Million)
Table 25 Industrial Boilers Market for Other End-Use Industries, By Region, 2016–2023 (USD Million)
Table 26 Industrial Boilers Market, By Region, 2016–2023 (USD Billion)
Table 27 Asia Pacific Industrial Boilers Market, By Country, 2016-2023 (USD Million)
Table 28 Asia Pacific Industrial Boilers Market, By Type, 2016-2023 (USD Million)
Table 29 Asia Pacific Industrial Boilers Market, By End-Use Industry, 2016-2023 (USD Million)
Table 30 Asia Pacific Industrial Boilers Market, By Boiler Horsepower, 2016-2023 (USD Million)
Table 31 Asia Pacific Industrial Boilers Market, By Fuel Type, 2016-2023 (USD Million)
Table 32 China Industrial Boilers Market, By End-Use Industry, 2016-2023 (USD Million)
Table 33 Japan Industrial Boilers Market, By End-Use Industry, 2016-2023 (USD Million)
Table 34 New Zealand Industrial Boilers Market, By End-Use Industry, 2016-2023 (USD Million)
Table 35 Malaysia Industrial Boilers Market, By End-Use Industry, 2016-2023 (USD Million)
Table 36 India Industrial Boilers Market, By End-Use Industry, 2016-2023 (USD Million)
Table 37 Australia Industrial Boilers Market, By End-Use Industry, 2016-2023 (USD Million)
Table 38 Hong Kong Industrial Boilers Market, By End-Use Industry, 2016-2023 (USD Million)
Table 39 Rest of Asia Pacific Industrial Boilers Market, By End-Use Industry, 2016-2023 (USD Million)
Table 40 Europe Industrial Boilers Market, By Country, 2016-2023 (USD Million)
Table 41 Europe Industrial Boilers Market, By Type, 2016-2023 (USD Million)
Table 42 Europe Industrial Boilers Market, By End-Use Industry, 2016-2023 (USD Million)
Table 43 Europe Industrial Boilers Market, By Boiler Horsepower, 2016-2023 (USD Million)
Table 44 Europe Industrial Boilers Market, By Fuel Type, 2016-2023 (USD Million)
Table 45 Germany Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 46 France Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 47 UK Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 48 Spain Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 49 Italy Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 50 Belgium Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 51 Russia Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 52 Rest of Europe Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 53 North America Industrial Boilers Market, By Country, 2016-2023 (USD Million)
Table 54 North America Industrial Boilers Market, By Type, 2016-2023 (USD Million)
Table 55 North America Industrial Boilers Market, By End-Use Industry, 2016-2023 (USD Million)
Table 56 North America Industrial Boilers Market, By Boiler Horsepower, 2016-2023 (USD Million)
Table 57 North America Industrial Boilers Market, By Fuel Type, 2016-2023 (USD Million)
Table 58 Canada Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 59 Mexico Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 60 US Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 61 Middle East & Africa Industrial Boilers Market, By Country, 2016-2023 (USD Million)
Table 62 Middle East & Africa Industrial Boilers Market, By Type, 2016-2023 (USD Million)
Table 63 Middle East & Africa Industrial Boilers Market, By End-Use Industry, 2016-2023 (USD Million)
Table 64 Middle East & Africa Industrial Boilers Market, By Boiler Horsepower, 2016-2023 (USD Million)
Table 65 Middle East & Africa Industrial Boilers Market, By Fuel Type, 2016-2023 (USD Million)
Table 66 Iran Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 67 Saudi Arabia Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 68 UAE Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 69 South Africa Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 70 Rest of Middle East & Africa Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 71 South America Industrial Boilers Market, By Country, 2016-2023 (USD Million)
Table 72 South America Industrial Boilers Market, By Type, 2016-2023 (USD Million)
Table 73 South America Industrial Boilers Market, By End-Use Industry, 2016-2023 (USD Million)
Table 74 South America Industrial Boilers Market, By Boiler Horsepower, 2016-2023 (USD Million)
Table 75 South America Industrial Boilers Market, By Fuel Type, 2016-2023 (USD Million)
Table 76 Brazil Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 77 Argentina Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 78 Colombia Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 79 Peru Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 80 Rest of South America Industrial Boilers Market, By End-Use Industry, 2016–2023 (USD Million)
Table 81 Contracts and Agreements, 2013–2016
Table 82 Expansions, 2015
Table 83 Mergers & Acquisitions, 2014–2017
Table 84 New Product Launches, 2015

List of Figures (57 Figures)

Figure 1 Industrial Boilers Market Segmentation
Figure 2 Industrial Boilers Market: Research Design
Figure 3 Bottom-Up Approach
Figure 4 Top-Down Approach
Figure 5 Data Triangulation
Figure 6 Breakdown of Primary Interviews: By Company Type, Designation, and Region
Figure 7 The Chemical End-Use Industry Segment Projected to Lead the Industrial Boilers Market From 2018 to 2023
Figure 8 The 10-150 BHP Segment Estimated to Lead the Industrial Boilers Market in 2018
Figure 9 The Natural Gas & Biomass Fuel Type Segment Expected to Lead the Industrial Boilers Market From 2018 to 2023
Figure 10 The Fire-Tube Boilers Type Segment Projected to Lead the Industrial Boilers Market From 2018 to 2023
Figure 11 Regional Snapshot
Figure 12 The Demand for Clean Energy Sources Projected to Drive the Growth of the Industrial Boilers Market During the Forecast Period
Figure 13 The Industrial Boilers Market in Asia Pacific Projected to Grow at the Highest CAGR From 2018 to 2023
Figure 14 The Fire-Tube Boilers Type Segment Estimated to Lead the Industrial Boilers Market Across All Regions in 2018
Figure 15 The Natural Gas & Biomass Fuel Type Segment Estimated to Account for the Largest Share of the Industrial Boilers Market in 2018
Figure 16 The Industrial Boilers Market in India Projected to Grow at the Highest CAGR During the Forecast Period
Figure 17 Drivers, Restraints, Opportunities, and Challenges in the Industrial Boilers Market
Figure 18 Industrial Boilers Market – Cost Structure Analysis
Figure 19 CAGR of the Global Chemical Industry, 2015-2018
Figure 20 The Natural Gas & Biomass Fuel Type Segment Projected to Grow at the Highest CAGR From 2018 to 2023
Figure 21 Europe Expected to Lead the Natural Gas & Biomass-Based Industrial Boilers Market From 2018 to 2023
Figure 22 Middle East & Africa Projected to Lead Oil-Based Industrial Boilers Market From 2018 to 2023
Figure 23 Asia Pacific Expected to Lead the Coal-Based Industrial Boilers Market From 2018 to 2023
Figure 24 Asia Pacific Projected to Lead the Other Fuel Types-Based Industrial Boilers Market From 2018 to 2023
Figure 25 Fire-Tube Boilers Segment to Grow at Highest CAGR in the Global Industrial Boilers Market, By Type, 2018-2023
Figure 26 Fire-Tube Boilers Segment of the North America Industrial Boilers Market to Grow at the Highest CAGR, 2018-2023
Figure 27 Water-Tube Boilers Segment of North American and Asia Pacific Industrial Boilers Markets Projected to Grow at the Highest CAGR, 2018-2023
Figure 28 10-150 BHP Segment to Grow at the Highest CAGR in the Global Industrial Boilers Market, By BHP, 2018-2023
Figure 29 10-150 BHP Segment to Grow at the Highest CAGR in the Global Industrial Boilers Market, By BHP, 2018-2023
Figure 30 151-300 BHP Segment to Grow at the Highest CAGR in the North America Industrial Boilers Market During the Forecast Period, 2018-2023
Figure 31 301-600 BHP Segment to Grow at the Highest CAGR in the Middle East & Africa During the Forecast Period, 2018-2023
Figure 32 The Chemical End-Use Industry Segment Projected to Lead the Industrial Boilers Market From 2018 to 2023
Figure 33 Asia Pacific Projected to Lead the Industrial Boilers Market for Chemical Industry From 2018 to 2023
Figure 34 Asia Pacific Expected to Lead the Industrial Boilers Market for Food Industry From 2018 to 2023
Figure 35 Asia Pacific Projected to Lead the Industrial Boilers Market for Metals & Mining Industry From 2018 to 2023
Figure 36 Asia Pacific Projected to Lead the Industrial Boilers Market for Refineries Industry From 2018 to 2023
Figure 37 Asia Pacific Projected to Lead the Industrial Boilers Market for Other End-Use Industries From 2018 to 2023
Figure 38 Industrial Boilers Market, By Region, 2018
Figure 39 Asia Pacific Industrial Boilers Market Snapshot
Figure 40 Europe Industrial Boilers Market Snapshot
Figure 41 North America Industrial Boilers Market Snapshot
Figure 42 Contracts and Agreements are Key Growth Strategies Adopted By Leading Companies
Figure 43 Key Growth Strategies Adopted By Leading Players in the Industrial Boilers Market, 2013–2017
Figure 44 AMEC Foster Wheeler PLC.: Company Snapshot
Figure 45 AMEC Foster Wheeler PLC: SWOT Analysis
Figure 46 Babcock & Wilcox Enterprises, Inc.: Company Snapshot
Figure 47 Babcock & Wilcox Enterprises, Inc.: SWOT Analysis
Figure 48 Dongfang Electric Corporation Ltd.: Company Snapshot
Figure 49 Dongfang Electric Corporation, Ltd.: SWOT Analysis
Figure 50 General Electric Company: Company Snapshot
Figure 51 General Electric Company: SWOT Analysis
Figure 52 Siemens AG: Company Snapshot
Figure 53 Siemens AG: SWOT Analysis
Figure 54 Bharat Heavy Electricals Limited: Company Snapshot
Figure 55 Harbin Electric Corporation: Company Snapshot
Figure 56 IHI Corporation: Company Snapshot
Figure 57 Thermax Limited: Company Snapshot

The industrial boilers market is estimated to be USD 13.07 Billion in 2018 and is projected to reach USD 17.18 Billion by 2023, at a CAGR of 5.6% between 2018 and 2023. One of the major growth drivers for the market includes increasing demand from the food industry in emerging regions, such as Asia Pacific. Factors such as increasing demand for natural gas-fired boilers and government initiatives to promote clean energy and reduce dependency on fossil fuel directly or indirectly influence the industrial boilers market.

The industrial boilers market has been segmented on the basis of end-use industry into food, chemical, refineries, metals & mining, and others. The chemical industry segment dominated the global industrial boilers market in 2017. The food segment is expected to grow at the highest CAGR from 2018 to 2023 with increasing expansions from processed food, dairy, and beverage companies.

On the basis of type, the industrial boilers market has been segmented into water-tube and fire-tube. The fire-tube segment dominated the market in 2017 and is also projected to grow at a higher rate than the water-tube segment owing to the compact design and efficient operation of fire-tube boilers.

Based on boiler horsepower, the industrial boilers market was dominated by the 10-150 BHP segment. Most of the end-use industries, such as chemical and food, prefer boilers in the 10-150 BHP range. Rising demand from the food & beverages industry, which is a major market for 10-150 BHP boilers, is expected to drive the 10-150 BHP segment of the industrial boilers market.

Based on fuel type, the industrial boilers market was dominated by the natural gas & biomass segment, as most of the end-use industries, such as chemical, metals & mining, and food are moving toward adopting natural gas as their primary fuel. Natural gas is slowly capturing the industrial boilers market as primary fuel and is amongst the first choices to replace coal in developed countries. This replacement has already been implemented and is also expected to be a success because natural gas is abundant in nature and cheaper than other fuels.

The industrial boilers market in the Asia Pacific region is anticipated to grow at the highest CAGR between 2018 and 2023. Asia Pacific is a leading market for industrial boilers mainly due to rising industrialization of the region’s emerging economies, such as China, India, and ASEAN countries. The region is a major consumer of boilers, which are used in the food, chemical, refining, and metals & mining industries.

High installation cost is one of the major restraints observed in the market. Some of the key companies operating in the industrial boilers market include Babcock & Wilcox (US), Dongfang (China), Siemens (Germany), General Electric (US), AC Boilers (Italy), Bharat Heavy Electricals Limited (India), Harbin Electric Group (China), IHI Corporation (Japan), Mitsubishi Hitachi Power Systems (Japan), and Thermax (India). These players, with global operation, established distribution network, and industry expertise, are investing more in research & development activities. They also have strong technical and market development capabilities, which enable them to upgrade their existing products for new applications.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst