Babcock & Wilcox Enterprises, Inc, Siemens AG and Mitsubishi Hitachi Power Systems Ltd. are Leading Players in the Industrial Boilers Market
The global market size of Industrial Boilers is projected to grow from USD 15.3 billion in 2022 to USD 19.8 billion by 2030, at a CAGR of 3.3% during the forecast period. Stringent government regulations to minimize carbon emissions and maximize renewable energy usage, increase power and food industry demand, and use clean technology in the chemical end-use industry drive the industrial boilers market. The rapid industrialization and stringent government regulations concerning carbon emissions from coal-fired boilers fuel the growth of the industrial biomass boilers market. The increasing demand for industrial boilers across various industry verticals and government initiatives to develop large-capacity industrial boilers are spurring market growth.
The industrial boilers market is dominated by major players such as Babcock & Wilcox Enterprises, Inc. (US), Siemens AG (Germany), and John Wood PLC (UK). The threat of new entrants is low due to the significant capital investment & high installation, maintenance cost, and technical expertise required. As the capital required for developing a new production facility and the investment for research & development for manufacturing industrial boilers is markedly high, it is difficult for new players to enter the market.
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Babcock & Wilcox Enterprises, Inc.
Babcock & Wilcox (B&W) Enterprises, Inc. offers renewable, thermal, and environmental technologies. The company’s diversified energy and emissions control solutions cater to various industrial, electrical utility, municipal, and other customers. Babcock & Wilcox operates through B&W Renewable, B&W Environmental, and B&W Thermal verticals. The company offers industrial boilers under the B&W Thermal segment. The B&W segment is further sub-segmented into retrofits, new build utility and environmental, aftermarket parts and field engineering services, and industrial steam generation. Babcock & Wilcox Enterprises, Inc. has a global presence with manufacturing facilities in Europe, North America, and Asia Pacific.
Siemens AG
Siemens AG is one of the largest industrial manufacturing companies in Europe. The company provides diversified technological solutions for energy, healthcare, industrial automation, infrastructure, and financial sectors. The company has strengthened its position due to its varied business segments, including digital industries, smart infrastructure, siemens, mobility, portfolio companies, and financial services. The company offers industrial boilers under the smart infrastructure segment. Siemens AG has production and manufacturing plants, office buildings, warehouses, research & development facilities, and sales offices in more than 200 countries worldwide.
Mitsubishi Hitachi Power Systems Ltd.
Mitsubishi Hitachi Power Systems Ltd. is a joint venture between the thermal power divisions of Mitsubishi Heavy Industries (Japan) and Hitachi Ltd. (Japan). The company is a global leader providing thermal power generation systems and environmental technology. It is involved in the production process, including developing, designing, manufacturing, construction, and after-sales services for thermal power plants. It offers various products, such as steam power plants, geothermal power plants, gas turbines, steam turbines, boilers, air quality control systems, generators, gas turbine combined cycle (GTCC) power plants, and fuel cells. Mitsubishi Hitachi Power Systems Ltd. is a part of the thermal power subsegment of the power systems segment business of Mitsubishi Heavy Industries Ltd.
The company has expanded its operation globally with manufacturing facilities in Asia Pacific, North America, and South America and sales offices in more than 30 countries worldwide.
Related Reports:
Industrial Boilers Market by Fuel Type (Natural Gas & Biomass, Oil, Coal), Boiler Type (Fire-Tube, Water-Tube), Boiler Horsepower, End-Use Industry (Chemical, Food, Refineries, Metals & Mining), and Region - Global Forecast to 2025
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