The industrial boilers market is estimated at USD 14.6 billion and is projected to reach USD 19.3 billion by 2025, at a CAGR of 5.7% from 2020 to 2025. The chemical end-use industry was the largest consumer of industrial boilers owing to demand for heat energy at high temperature and pressure for the production and processing of chemicals such as organic chemicals and bulk chemicals. Rising environmental concerns for CO2 emissions are expected to fuel the growth of the natural gas & biomass fuel type segment in the industrial boilers market.
Major companies such as Babcock & Wilcox Enterprises, Inc. (US), GE Power (US), Siemens AG (Germany), John Wood Group PLC (UK), Dongfang Electric Corporation Limited (DEC Ltd.) (China), Bharat Heavy Electricals Limited (BHEL) (India), Mitsubishi Hitachi Power Systems, Ltd. (Japan), Harbin Electric Company Limited (China), IHI Corporation (Japan), Alfa Laval AB (Sweden), ANDRITZ AG (Austria), Thermax Limited (India), Robert Bosch GmbH (Germany), Sofinter Group (Italy), Cleaver-Brooks, Inc. (US), Byworth Boilers Limited (UK), and others are key players in the industrial boilers market. These players have been focusing on developmental strategies, such as contracts, agreements, expansions, mergers & acquisitions, partnerships, and new product launches & developments, which have helped them expand their businesses in untapped and potential markets. They have also been adopting various organic and inorganic growth strategies, such as contracts, new product developments, acquisitions, and expansions, to enhance their current positions in the industrial boilers market.
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Babcock & Wilcox Enterprises, Inc. (US) is a global leader in energy and environmental technologies and services for the power and industrial markets. The company is a leading technology-based provider of advanced steam production for power generation and other industrial and municipal applications. The company has strong product offerings that are distributed across various regions such as North America, Europe, and Asia Pacific. It is primarily focused on inorganic growth strategies such as agreements & contracts to enhance its reach on a global scale, thereby helping it strengthen its product portfolio.
GE Power (GEP) provides power generation and water processing products and related services. GEP is one of the principal subsidiaries and a business division of the General Electric Company (GE). Operating in more than 700 locations in 180 countries, the company’s technology produces a third of the world’s electricity, equips 90% of power transmission utilities worldwide, and their software manages more than 40% of the world’s energy. GEP’s steam power business is an industry leader in developing supercritical steam generation technology. GEP’s installed base of utility boilers makes up about 30% of all boilers installed or under construction worldwide.
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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