Global World Boiler Market Size By Type, By Fuel Type, By Application, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
World Boiler Market size was valued at USD 17.33 Billion in 2023 and is projected to reach USD 25.89 Billion by 2030, growing at a CAGR of 5.9% during the forecast period 2024-2030.
Global World Boiler Market Drivers
The market drivers for the World Boiler Market can be influenced by various factors. These may include
Urbanization and Industrialization As cities become more densely populated and industrialized, there is an increasing need for boilers in a variety of sectors, including manufacturing, power generation, chemicals, and food processing. For the production of steam and hot water required for industrial activities as well as urban heating, boilers are indispensable.
Energy Efficiency Regulations The adoption of innovative boiler technology is being driven by strict laws and regulations that aim to improve energy efficiency and reduce carbon emissions. In order to comply with these rules and provide energy-efficient boilers, manufacturers are innovating, which is driving market growth.
Requirements for Replacement and Retrofitting Modern, more energy-efficient boilers must be installed to replace or retrofit the aging boiler infrastructure in commercial buildings and businesses. The desire to improve energy efficiency, save operating costs, and adhere to environmental regulations is what drives this need.
Growing Demand for Clean Energy The boiler industry is being impacted by the move toward cleaner energy sources and a greater understanding of environmental stewardship. Initiatives to lessen carbon footprint and reliance on non-renewable resources are driving up demand for boilers fueled by biomass, solar, and other renewable energy sources as alternatives to conventional fossil fuel boilers.
Technological Developments The industry is expanding due to ongoing developments in boiler technology, which include the creation of modular and compact boilers, the incorporation of IoT (Internet of Things) for remote monitoring and control, and the application of advanced materials for increased durability and efficiency. By improving performance, dependability, and safety, these improvements draw customers to more recent boiler solutions.
Infrastructure Development The need for heating systems like boilers is fueled by infrastructure initiatives, which include building operations in the institutional, commercial, and residential domains. The demand for effective heating solutions is increased by the growth of healthcare facilities, educational institutions, hotels, and office spaces, which in turn drives the boiler industry.
Emerging markets The boiler industry is significantly influenced by the rapid industrialization and urbanization occurring in emerging markets, especially in Asia-Pacific and Latin America. The need for boilers is fueled in these regions by increased investments in the manufacturing, power generation, and infrastructure sectors.
Demand for domestic Heating In areas with cold climates, specifically, boilers are essential components of domestic heating systems. Residential boiler demand is influenced by a number of factors, including home expansion, population increase, and the replacement of outdated heating systems with more energy-efficient models.
Global World Boiler Market Restraints
Several factors can act as restraints or challenges for the World Boiler Market. These may include
Regulatory Compliance Tight rules pertaining to energy efficiency, safety requirements, and emissions can raise production costs and restrict boiler manufacturers’ alternatives.
Expensive Initial Costs Potential purchasers may be put off by the high upfront costs associated with installing boilers, particularly those with cutting-edge technologies or high efficiency models.
Fuel price volatility can have an effect on boiler users’ operating expenses and influence their decision-making process. Examples of these fuels are coal, oil, and natural gas.
Competition from Alternative Technologies Boilers face competition from alternative heating technologies such as geothermal systems, heat pumps, and solar heaters, especially in areas where these technologies are encouraged or desired.
Limited Raw Material Availability Production can be limited and expenses raised by supply chain interruptions or shortages of materials like steel, copper, and other metals needed in boiler manufacturing.
Technological Obsolescence As boiler technology develops quickly, older models may become outdated. As a result, producers must constantly innovate to remain competitive.
Environmental Concerns Stricter emission standards may result from increased awareness of environmental issues and the need to reduce carbon footprint, which could present difficulties for conventional boiler designs.
Geopolitical Factors Supply chains can be disrupted and the availability and pricing of boiler components and materials can be affected by geopolitical tensions, trade disputes, and political instability.
Infrastructure Restrictions The installation and operation of boilers may be hampered in areas with poor infrastructure or unstable power supplies, which would restrict market expansion.
Sluggish Adoption Rate In established markets in particular, resistance to change or a lack of willingness to invest in new technology may impede the adoption of improved boiler systems.
Global World Boiler Market Segmentation Analysis
The Global World Boiler Market is Segmented on the basis of Type, Fuel Type, Application, and Geography.
World Boiler Market, By Type
Fire Tube Boiler These boilers have tubes filled with hot gases from a burner, passing through the inside of a tube which is submerged in water to heat it.
Water Tube Boiler Water flows inside the tubes, and the hot combustion gases surround them, heating the water to generate steam.
World Boiler Market, By Fuel Type
Natural Gas & Biomass Boilers designed to utilize natural gas or biomass (wood, agricultural residues, etc.) as fuel sources.
Oil & Coal Boilers that use oil or coal as primary fuel sources for combustion.
World Boiler Market, By Application
Industrial Boilers used in various industrial applications such as manufacturing, chemical processing, pulp & paper, refining, etc.
Commercial Boilers used in commercial buildings including hotels, hospitals, offices, educational institutions, and retail establishments for space heating and hot water supply.
Residential Boilers used for residential heating purposes, providing space heating and hot water for households.
World Boiler Market, By Geography
North AmericaMarket conditions and demand in the United States, Canada, and Mexico.
EuropeAnalysis of the WORLD BOILER MARKET in European countries.
Asia-PacificFocusing on countries like China, India, Japan, South Korea, and others.
Middle East and AfricaExamining market dynamics in the Middle East and African regions.
Latin AmericaCovering market trends and developments in countries across Latin America.
Key Players
The major players in the World Boiler Market are
Babcock & Wilcox (US)
Siemens (Germany)
Mitsubishi Heavy Industries (Japan)
Alfa Laval (Sweden)
Thermax (India)
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2030
BASE YEAR
2023
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2020-2022
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Babcock & Wilcox (US), Siemens (Germany), Mitsubishi Heavy Industries (Japan), Alfa Laval (Sweden), Thermax (India).
SEGMENTS COVERED
By Type, By Fuel Type, By Application, And By Geography.
CUSTOMIZATION SCOPE
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