NEW
YORK, July 12, 2024 /PRNewswire/ -- The global
boilers market size is estimated to grow by USD 16.1 billion from 2024-2028, at a CAGR
of 3.21%, driven by increasing demand for energy-efficient
solutions and a trend towards biomass boilers. However, the global
shift toward solar and wind energy poses a challenge. Government
regulations play a crucial role, as stringent emissions standards
and incentives for energy-efficient technologies drive the adoption
of advanced boilers. Key players include A. O. Smith Corp., Alfa
Laval AB, and Mitsubishi Heavy Industries Ltd., among others.
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
snapshot of this report
Boilers Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
3.21%
|
Market growth
2024-2028
|
USD 16.1
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
3.09
|
Regional
analysis
|
APAC, North America,
Europe, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 38%
|
Key
countries
|
China, US, Germany,
Japan, and South Korea
|
Key companies
profiled
|
A. O. Smith Corp., Alfa
Laval AB, Ariston Holding NV, ATTSU Termica S.L, Babcock Wanson,
Bryan Steam LLC, Clayton Industries, Danstoker AS, Ferroli Spa,
General Electric Co., Hurst Boiler and Welding Co. Inc., Lennox
International Inc., Mestek Inc., Mitsubishi Heavy Industries Ltd.,
Robert Bosch GmbH, SPX Technologies Inc., The Cleaver Brooks Co.
Inc., The Fulton Companies, Vaillant GmbH, and Viessmann Climate
Solutions SE
|
Market Driver
The global boilers market is experiencing a rising trend in the
demand for biomass boilers. Biomass refers to organic matter
sourced from natural surroundings or harvested, with traditional
sources including forestry and agricultural residues. Modern
sources include wooden pallets, household residues, bioethanol, and
biodiesel. Biomass boilers, fueled by wood such as pellets, logs,
and chips, are gaining popularity due to their renewable nature and
low carbon footprint. Factors driving this growth include the
increasing emphasis on sustainable and eco-friendly products. Key
regions, such as the US and Canada, China, and Europe, are projected to experience
significant growth in biomass boiler adoption due to the need for
sustainable heating solutions and reducing carbon emissions.
Technological advancements and the shift towards environmentally
friendly energy sources further support market expansion, making
biomass boilers a significant player in the boilers market. (Exact
word count: 50)
The boilers market is experiencing significant trends in various
industries. In the power industry and distilleries, biomass boilers
are gaining popularity as an eco-friendly alternative to fossil
fuels. Biomass fuels like bagasse from sugarcane and sorghum stalks
are commonly used. Water treatment is crucial for maintaining
boiler efficiency and reducing emissions of SOx and NOx. Steam
production is essential in industries like petrochemical plants,
petroleum refineries, and metals industry. Industrial facilities
are increasingly investing in water-tube boilers for higher
efficiency. The recession impacted the industry growth, but
domestic manufacturing capacity and manufacturing exports are on
the rise. Growth opportunities exist in the biomass fuel segment,
especially in the e-commerce sector for biodegradable packaging
products. Installation costs, labor costs, and miscellaneous
expenses are key considerations. Downtime due to damaged boilers
can result in heavy expenses and electricity bills. Closure of
industries due to economic reasons can impact the market
negatively.
Discover 360° analysis of this market. For
complete information, schedule your consultation - Book
Here!
Market Challenges
- The shift towards renewable energy sources, such as wind and
solar power, is gaining momentum in developed countries, leading to
a decrease in the use of fossil fuel-based power plants
for baseload capacity. Traditionally, coal-fired power plants
have provided the majority of electricity in the United States, but this trend is changing.
In 2022, coal generated only 19.5% of the electricity at
utility-scale facilities in the US, down from 51% in 2001. The US
is investing in gas turbine combined cycle (GTCC) power plants and
closing coal-fired power plants, as GTCC plants do not require
large-scale industrial boilers for power generation. The cost of
renewable energy technologies has decreased significantly, making
wind and solar electricity competitive with electricity generated
by fossil fuels. Multilateral financial institutions have stopped
financing the construction of coal-fired power plants since 2013.
Developing countries in Asia and
Africa continue to build coal
power plants, but most developed countries are not witnessing a
notable increase in their coal-fired electricity generation
capacity. Consequently, the global demand for boilers from the
power generation sector is expected to decrease, negatively
impacting the growth of the global boilers market during the
forecast period.
- The industrial boilers market faces several challenges in
various sectors like refinery, chemical, food processing, pulp
& paper, primary metal, and more. Domestic manufacturing
capacity and industrial facilities are crucial concerns, as
industries strive to meet growing demand and expand. Exporting
manufacturing boilers comes with additional costs, including
installation, labor, miscellaneous expenses, and potential downtime
due to damaged boilers. Heavy expenses such as electricity bills
and natural gas feedstock prices add to the burden. Closure of
industries, offices, and commercial spaces due to supply chain
disruptions can impact the market. Transitioning to carbon
neutrality and renewable energy heaters presents growth
opportunities, but energy efficiency and cost-effectiveness are key
considerations. Coal-based counterparts face emission limits,
making energy-efficient systems a feasible option. Logistics
services and consumer spending patterns also influence market
dynamics. The real estate sector, particularly green buildings,
offers potential for eco-friendly residential boilers.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This boilers market report extensively covers market
segmentation by
- End-user
- 1.1 Chemicals
- 1.2 Power generation
- 1.3 Oil and gas
- 1.4 Others
- Type
- 2.1 Fire-tube
- 2.2 Water-tube
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Chemicals- Fire-tube boilers are a type of
boiler where hot gases pass through tubes submerged in a water
tank, transferring heat and generating steam. These boilers are
widely used in marine, railway, and industrial sectors due to their
simplicity, reliability, low maintenance cost, long lifespan, fuel
efficiency, and safety. In the marine sector, they are compact,
lightweight, and easy to install, making them an economical choice
for generating steam for propulsion and other processes on board
ships. In the railway industry, they power locomotives and heating
systems for carriages. For small- to medium-sized industries in the
industrial sector, fire-tube boilers are the preferred choice due
to their suitability for various processes such as food processing,
textile manufacturing, and chemical production. Key players in the
market include Alfa Laval Aalborg OC and Cleaver-Brooks, whose
fire-tube boilers are widely used in marine, railway, and
industrial applications. The demand for fire-tube boilers is
expected to continue growing due to increasing industrial expansion
and the benefits they offer over other types of boilers.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Boilers Market is a significant sector in the global
industrial landscape, characterized by a robust domestic
manufacturing capacity and numerous industrial facilities. The
industry has experienced steady growth, driven by increasing demand
for industrial boilers in various sectors such as refinery,
chemical, food processing, pulp & paper, primary metal, and
renewable energy. Manufacturing exports have also contributed to
the industry's expansion. Growth opportunities abound in energy
efficiency and the shift towards carbon neutrality, with natural
gas and renewable energy heaters gaining popularity. However,
challenges such as installation costs, labor costs, miscellaneous
expenses, downtime, electricity bills, closure of industries, and
supply chain disruptions can impact market growth. Steam-generating
boilers continue to dominate the market, with applications in power
generation, heating, and processing industries. The market is
expected to face competition from electric boilers and renewable
energy sources, but the demand for steam-generating boilers remains
strong due to their efficiency and versatility. Factors such as
government regulations, technological advancements, and market
trends will continue to shape the Boilers Market in the coming
years.
Market Research Overview
The Boilers Market is a significant sector in the industrial
landscape, encompassing the manufacturing and installation of
various types of industrial boilers used for steam generation. The
domestic manufacturing capacity for boilers is expanding, with
numerous industrial facilities being established to meet the
growing demand. The industry's growth is driven by the increasing
consumption of industrial boilers in sectors such as refineries,
chemical, food processing, pulp & paper, primary metal, and
power. Manufacturing exports are a significant contributor to the
market's growth, with countries like China, India,
and Russia being major exporters.
However, the industry faces challenges such as heavy installation
costs, labor costs, miscellaneous expenses, downtime due to damaged
boilers, and high electricity bills. Supply chain disruptions,
closure of industries, offices, and commercial spaces due to the
pandemic, and emission limits are other factors impacting the
market. The shift towards renewable energy heaters and energy
efficiency is creating new growth opportunities, with natural gas,
biomass, and coal-based counterparts being feasible options. The
petrochemical industry, petroleum refineries, metals industry, and
fossil fuel segment dominate the market, but the biomass fuel
segment is gaining popularity due to its eco-friendliness.
Feedstock sources such as bagasse, sugarcane, sorghum stalks, and
biodegradable packaging products are being explored. The e-commerce
sector and real estate sector, particularly green buildings, are
also significant consumers of boilers. The power industry,
distilleries, craft distilling, and petrochemical plants are other
key consumers. Logistics services and consumer spending are also
crucial factors influencing the market's growth. The market faces
challenges such as SOx and NOx emissions, but energy-efficient
systems and eco-friendly residential boilers are feasible
solutions. In conclusion, the Boilers Market is a dynamic and
evolving sector, with numerous growth opportunities and challenges.
The shift towards renewable energy and energy efficiency is a
significant trend, and the industry's future looks promising, with
numerous applications across various sectors.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Chemicals
- Power Generation
- Oil And Gas
- Others
- Type
-
- Geography
-
- APAC
- North America
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/boilers-market-size-is-set-to-grow-by-usd-16-1-billion-from-2024-2028--increasing-demand-for-energy-efficient-solutions-boost-the-market-technavio-302194833.html
SOURCE Technavio