Industrial Boiler Market Size - By Product (Fire-Tube, Water-Tube), By Capacity, By Application (Food Processing, Pulp & Paper, Chemical, Refinery, Primary Metal), By Technology, By Fuel, By Regional Outlook & Forecast, 2024 – 2032

Industrial Boiler Market Size - By Product (Fire-Tube, Water-Tube), By Capacity, By Application (Food Processing, Pulp & Paper, Chemical, Refinery, Primary Metal), By Technology, By Fuel, By Regional Outlook & Forecast, 2024 – 2032

Industrial Boiler Market Size

Industrial Boiler Market was valued at USD 10.5 billion in 2023 and is estimated to grow at a CAGR of 4.7% from 2024 to 2032. Strict government mandates to reduce Greenhouse Gas Emissions (GHGs) and extreme climatic conditions along with ongoing investments in economic growth will boost the industry trend.
 

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Industrial boilers are vessels designed to generate steam or heat water for heating purposes in various industrial processes. The shift from traditional heating systems to high-performance units, combined with stringent government regulations aimed at reducing carbon emissions, will drive industry growth. Furthermore, the increasing demand for heat and steam across various industries, along with advancements in energy-efficient boilers, will enhance the industry prospects.
 

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Industrial Boiler Market Trends

A positive outlook toward industrial establishments in line with rising demand for heating units will accelerate the industry dynamics. In addition, rising industrialization along with the adoption of efficient steam generation systems will positively stimulate the business outlook. Furthermore, the ongoing industrial sector investments that aim to propel excellent heating facilities along with increasing replacements of conventional boilers with higher capacity units will fuel the boiler market.
 

Industrial Boiler Market Analysis

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The 75 - 100 MMBtu/hr industrial boiler industry will exceed over USD 2 billion by 2032. Growing installation of boilers across industrial applications including the pulp & paper industry and refineries will favor the business scenario. Continuous industrial sector investments along with rising manufacturing facilities have positively impacted the expansion of energy-efficient boiler systems. In addition, government shift toward innovations in new facilities across various industries in line with the rapid integration of renewable energy will stimulate the industry dynamics.

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The fire tube industrial boiler market size will witness growth rate of over 4% through 2032. Rapid industrialization coupled with stringent government mandates on energy conservation will fuel the product penetration. The escalating demand for heat or steam at various stages of refinery operations along with the growing deployment of high-capacity heating systems will sway the industry outlook. Additionally, increasing investments toward the development in the manufacturing sector in line with the continuous replacement of traditional boilers will accelerate the industry scenario.

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Asia Pacific industrial boiler market is set to surpass USD 8 billion by 2032. Ongoing investment toward expansion of refining capacity along with rising demand for processed food has created a favorable business scenario. Rising foreign investment toward industrialization along with robust macroeconomic indicators will fuel the industry scenario. The ongoing replacement of traditional heating coupled with surging requirements for heat & steam across industrial operations will propel the industry outlook.

The increasing demand for efficient heating units in line with low-cost product installations will fuel the U.S. industrial boiler market. Growing shift toward optimal heating facilities coupled with high-capacity power generation will foster the product demand. In addition, an extensive replacement of conventional boilers with highly efficient boilers followed by advanced designs will further stimulate the business landscape.

Industrial Boiler Market Share

Groupe Atlantic is one of the leading manufacturer and provider of industrial boilers and heating solutions. The company has grown into a significant player in the HVAC (heating, ventilation, and air conditioning) market, offering a wide range of products including condensing boilers, low-temperature boilers, and water heaters. With a strong emphasis on innovation and energy efficiency, it focuses on developing sustainable solutions that meet the stringent environmental regulations and high-performance standards of industry. Their products are widely used across various industries for heating and steam generation, contributing to improved energy management and reduced carbon emissions.

Industrial Boiler Market Companies

The key industry players include

• Babcock and Wilcox Enterprises, Inc.
• Bharat Heavy Electricals Limited
• Bosch Industriekessel GmbH
• Clayton Industries
• Cleaver-Brooks
• Cochran
• Doosan Heavy Industries & Construction
• FERROLI S.p.A
• Fonderie Sime S.p.A.
• FONDITAL S.p.A.
• Forbes Marshall
• General Electric
• Groupe Atlantic
• Hoval
• Hurst Boiler and Welding Co, Inc.
• IHI Corporation
• John Cockerill
• John Wood Group PLC
• Mitsubishi Heavy Industries, Ltd.
• Miura America Co., LTD.
• Rentech Boilers
• Siemens
• Sofinter S.p.a
• The Fulton Companies
• Thermax Limited
• Victory Energy Operations, LLC
• Viessmann Climate Solutions SE
• Walchandnagar Industries Ltd. (WIL)

Industrial Boiler Industry News

• In July 2024, Babcock & Wilcox has secured a contract to enhance renewable energy boilers in Asia. The company will deliver new pressure components, water-cooled wear zones, a secondary air system, water soot cleaning systems, and additional equipment to boost the plant's steam production capacity and efficiency while reducing emissions. Additionally, it will provide advisory services to the customer throughout the construction and commissioning phases. This strategic move will enhance the company’s product across the world.
   
• In January 2022, Hoval has announced the launch of its UltraGas 2 series, the latest generation of gas condensing boilers. This new range is certified for use with up to 20% hydrogen blended into natural gas. This innovation has expanded Hoval's boiler product portfolio and increased its market share in the HVAC solutions sector.
   

This industrial boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units”, “MMBtu/hr” & “USD Million” from 2021 to 2032, for the following segments

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Market, By Product

• Fire-Tube
  • By Capacity
    • < 10 MMBtu/hr
    • 10 - 25 MMBtu/hr
    • 25 - 50 MMBtu/hr
    • 50 - 75 MMBtu/hr
    • 75 - 100 MMBtu/hr
    • 100 - 175 MMBtu/hr
    • 175 - 250 MMBtu/hr
    • > 250 MMBtu/hr
  • By Application
    • Food Processing
    • Pulp & Paper
    • Chemical
    • Refinery
    • Primary Metal
    • Others
  • By Technology
    • Condensing
    • Non-Condensing
  • By Fuel
    • Natural Gas
    • Oil
    • Coal
    • Others
• Water-Tube
  • By Capacity
    • < 10 MMBtu/hr
    • 10 - 25 MMBtu/hr
    • 25 - 50 MMBtu/hr
    • 50 - 75 MMBtu/hr
    • 75 - 100 MMBtu/hr
    • 100 - 175 MMBtu/hr
    • 175 - 250 MMBtu/hr
    • > 250 MMBtu/hr
  • By Application
    • Food Processing
    • Pulp & Paper
    • Chemical
    • Refinery
    • Primary Metal
    • Others
  • By Technology
    • Condensing
    • Non-Condensing
  • By Fuel
    • Natural Gas
    • Oil
    • Coal
    • Others

Market, By Capacity

• < 10 MMBtu/hr
• 10 - 25 MMBtu/hr
• 25 - 50 MMBtu/hr
• 50 - 75 MMBtu/hr
• 75 - 100 MMBtu/hr
• 100 - 175 MMBtu/hr
• 175 - 250 MMBtu/hr
• > 250 MMBtu/hr

Market, By Application

• Food Processing
• Pulp & Paper
• Chemical
• Refinery
• Primary Metal
• Others

Market, By Technology

• Condensing
• Non-Condensing

Market, By Fuel

• Natural Gas
• Oil
• Coal
• Others

The above information has been provided for the following regions and country

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Poland
  • Italy
  • Spain
  • Austria
  • Germany
  • Sweden
  • Russia
• Asia Pacific
  • China
  • India
  • Philippines
  • Japan
  • South Korea
  • Australia
  • Indonesia
• Middle East & Africa
  • Saudi Arabia
  • Iran
  • UAE
  • Nigeria
  • South Africa
• Latin America
  • Argentina
  • Chile
  • Brazil

Frequently Asked Questions (FAQ)

What is the size of the industrial boiler market?

The market size of industrial boiler was worth USD 10.5 billion in 2023 and is estimated to grow at 4.7% CAGR through 2032, owing to the surging upgradation & replacement of existing boilers.

Why is the demand for fire tube industrial boilers growing?

The fire tube segment in the industrial boiler market size will witness over 4% CAGR during 2024 to 2032, due to rapid industrialization coupled with stringent government mandates on energy conservation.

How big is the Asia Pacific industrial boiler industry?

Asia Pacific industrial boiler market is set to surpass USD 8 billion by 2032, driven by the ongoing investment towards expansion of refining capacity.

Mention the key players involved in the industrial boiler industry?

Babcock and Wilcox Enterprises, Inc., Bharat Heavy Electricals Limited, Bosch Industriekessel GmbH, Clayton Industries, Cleaver-Brooks, Cochran, Doosan Heavy Industries & Construction, FERROLI S.p.A, Fonderie Sime S.p.A., FONDITAL S.p.A., and Forbes Marshall