The global industrial boilers market size was valued at USD 13.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.0% from 2022 to 2030.

Executive Summary

The global boiler market is expected to grow significantly over the forecast period, driven by increasing demand from various end-use industries such as power generation, chemical processing, and food processing. The market is also expected to be driven by growing adoption of renewable energy sources and increasing focus on energy efficiency. However, the market faces challenges such as strict government regulations and high installation and maintenance costs. The report recommends companies to focus on improving the efficiency of their products and offering advanced features to gain a competitive advantage. The boiler market is subject to a variety of regulatory and legal factors that are specific to market conditions. Here are some key considerations:

• Safety Regulations: Boilers are regulated by safety standards that are designed to protect workers and the general public from accidents and injuries. These regulations may include requirements for proper installation, maintenance, and operation of boilers, as well as safety features such as pressure relief valves, safety shut-off switches, and safety interlocks.
• Environmental Regulations: Boilers are also subject to environmental regulations that are designed to limit their emissions of pollutants such as carbon monoxide, nitrogen oxides, and particulate matter. These regulations may require the use of low-emission burners, flue gas recirculation, and other technologies to reduce emissions.
• Energy Efficiency Standards: Governments around the world have established energy efficiency standards for boilers to promote the use of more efficient and environmentally friendly heating systems. These standards may require the use of high-efficiency boilers or the installation of energy-saving equipment such as heat recovery systems or thermal insulation.
• Trade Regulations: The boiler market is subject to various trade regulations, including import/export restrictions, tariffs, and anti-dumping measures. These regulations may impact the availability and cost of boilers in certain regions, as well as the competitive landscape of the market.

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Recent Mergers and Acquisitions in the Boiler Market

There have been several recent mergers and acquisitions in the boiler industry. One of the notable ones was the acquisition of Amec Foster Wheeler's boiler business by Sumitomo Heavy Industries, Ltd (SHI) in 2017. The acquisition was aimed at expanding SHI's product portfolio in the energy sector.

Another significant acquisition was made by Babcock & Wilcox Enterprises (BW) in 2018 when they acquired the remaining 65% stake in a joint venture with MEGTEC Systems. This acquisition was aimed at expanding BW's presence in the industrial energy and environmental markets.

General Electric also acquired Alstom's power and grid business in 2015, which included its boiler business. This acquisition was aimed at expanding GE's product offerings in the power generation industry.

DONGFANG BOILER GROUP acquired Mitsui Babcock Energy (India) Pvt. Ltd in 2018, which was aimed at expanding its presence in the Indian market. Cethar also acquired the boiler business of BGR Energy Systems in 2018.

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Global Boiler Introduction and its Market Analysis

Boilers are essential for heating water and producing steam for a wide range of applications, including heating buildings, powering industrial processes, and generating electricity. The boiler market is expected to continue growing in the coming years due to the increasing demand for energy-efficient heating systems and the expanding industrial sector.

Currently, the global boiler market is expected to grow at a CAGR of 5.0% between 2022 and 2030. The market is segmented based on product type, fuel type, end-user, and geography.

In terms of product type, the market is segmented into water tube boilers, fire tube boilers, and others. Water tube boilers are widely used in the power generation and chemical industries, whereas fire tube boilers are commonly used in the residential and commercial sectors. Based on fuel type, the market is segmented into coal-fired, oil-fired, gas-fired, and biomass-fired boilers. Gas-fired boilers are the most popular due to their lower carbon emissions and higher efficiency compared to other fuel types.

In terms of end-user, the market is segmented into residential, commercial, and industrial sectors. The industrial sector is the largest end-user due to the high demand for boilers in various industries such as food and beverage, chemical, and pharmaceuticals. The Asia-Pacific region is the largest market for boilers, accounting for over 40% of the global market share. China, India, and Japan are the major contributors to the growth of the Asia-Pacific boiler market.

The boiler market is expected to continue growing in the coming years due to the increasing demand for energy-efficient heating systems and the expanding industrial sector. The following are some of the trends that are expected to shape the future of the boiler market:

• Increasing demand for clean energy: The shift towards clean energy sources such as solar, wind, and geothermal energy is expected to limit the growth of the coal-fired boiler market. However, the demand for biomass-fired boilers is expected to increase due to the availability of renewable biomass sources.
• Adoption of IoT and smart technologies: The adoption of IoT and smart technologies is expected to improve the efficiency of boilers and reduce downtime. These technologies can help monitor and control the performance of boilers in real-time and optimize their operations.
• Integration of heat pumps and boilers: The integration of heat pumps and boilers is expected to become more popular in the residential sector, as it can help reduce energy consumption and carbon emissions.
• Focus on energy efficiency: The increasing focus on energy efficiency is expected to drive the demand for high-efficiency boilers that can reduce energy consumption and operating costs.
• Expansion of the industrial sector: The expansion of the industrial sector in developing countries is expected to drive the demand for boilers in various industries such as food and beverage, chemical, and pharmaceuticals.

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Competitive Landscape

The global boiler market is highly competitive, with several key players operating in the industry. These companies offer various types of boilers, including fire-tube, water-tube, and electric boilers, among others. Some of the notable players in the market include:

• Sumitomo Heavy Industries, Ltd (SHI): SHI is a Japanese company that offers a wide range of boilers, including waste heat recovery boilers, package boilers, and industrial boilers, among others. The company has a strong presence in the Asia-Pacific region and has been expanding its product offerings through strategic partnerships and acquisitions.
• Thyssenkrupp: Thyssenkrupp is a German multinational conglomerate that offers a wide range of products, including boilers. The company's product offerings include water-tube boilers, industrial boilers, and waste heat recovery boilers, among others. Thyssenkrupp has a strong global presence and is known for its high-quality products.
• Babcock & Wilcox Enterprises: Babcock & Wilcox Enterprises (BW) is a US-based company that offers a wide range of boilers and related products, including steam generation systems, environmental systems, and aftermarket parts and services. The company has a strong presence in North America and has been expanding its product offerings through strategic acquisitions.
• General Electric: General Electric (GE) is a US-based multinational conglomerate that offers a wide range of products and services, including boilers. The company's product offerings include industrial boilers, waste heat recovery boilers, and steam turbines, among others. GE has a strong global presence and is known for its innovative products.
• DONGFANG BOILER GROUP: DONGFANG BOILER GROUP is a Chinese company that offers a wide range of boilers and related products, including circulating fluidized bed boilers, waste heat recovery boilers, and nuclear power equipment. The company has a strong presence in China and has been expanding its product offerings through strategic partnerships and acquisitions.
• AE&E Nanjing Boiler: AE&E Nanjing Boiler is a Chinese company that offers a wide range of boilers, including circulating fluidized bed boilers, biomass boilers, and waste heat recovery boilers, among others. The company has a strong presence in China and has been expanding its product offerings through strategic partnerships and acquisitions.
• BHEL: BHEL is an Indian company that offers a wide range of boilers, including utility boilers, industrial boilers, and sub-critical boilers, among others. The company has a strong presence in India and has been expanding its product offerings through strategic partnerships and acquisitions.

Sales Revenue of a few Companies:

• Sumitomo Heavy Industries, Ltd (SHI): JPY 727.6 billion (FY 2020)
• Thyssenkrupp: EUR 34.6 billion (FY 2020)
• Babcock & Wilcox Enterprises: USD 690.9 million (FY 2020)

Boiler Market Analysis, by Type

• Subcritical
• Supercritical
• Ultra-supercritical

Boilers are classified into three types based on their operating pressure and temperature: subcritical, supercritical, and ultra-supercritical. Subcritical boilers operate at pressures below the critical pressure of water (221 bar), while supercritical boilers operate at pressures above the critical pressure but below the critical temperature (374°C). Ultra-supercritical boilers operate at pressures and temperatures above the critical values, resulting in higher efficiencies and lower emissions.

The development of self-driving boiler technology involves the use of advanced sensors and control systems to automate the boiler's operation. This technology aims to improve the efficiency and safety of boiler operation by reducing the risk of human error and optimizing the combustion process. It also enables remote monitoring and control of the boiler, allowing for faster response times and improved maintenance.

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Boiler Market Analysis, by Application

• Thermal Power Plant
• Waste Disposal
• Industrial Boiler
• Others

Boilers have several applications, including:

Thermal Power Plant - Boilers are used to produce steam that drives turbines, which generate electricity in thermal power plants.

Waste Disposal - Boilers are used to burn solid waste to produce steam that can generate electricity or heat.

Industrial Boiler - Boilers are used in various industries, such as food processing, paper, textile, and chemical, to produce steam or hot water for various processes.

The fastest-growing application segment in terms of revenue is expected to be the industrial boiler segment, driven by increasing demand from industries for efficient and clean energy solutions to reduce operational costs and comply with environmental regulations. Industrial boilers also offer benefits such as better control over heating processes, increased productivity, and improved product quality.

 Boiler industry growth Analysis, by Geography

• North America  (U.S., Canada, Mexico)
• Europe  (UK, Germany, France, The Netherlands, Norway, Rest of Europe)
• Asia-Pacific  (China, Japan, India, Singapore, South Korea, Rest of Asia-Pacific)
• LAMEA  (Latin America, Middle East, Africa)

The boiler market is expected to grow steadily in the regions of North America, Asia-Pacific, Europe, the United States, and China. Factors driving this growth include increasing demand for energy-efficient heating systems, rising urbanization, and growing industrialization in these regions.

According to recent market research reports, the Asia-Pacific region is expected to dominate the boiler market in the coming years, due to the rapid growth of industries such as food processing, chemical, and healthcare. The region is projected to hold the largest market share of the global boiler market, followed by North America and Europe.

In terms of market share percentage valuation, the Asia-Pacific region is expected to hold a share of approximately 35% of the global boiler market by 2026. North America is projected to hold a share of around 25%, while Europe is expected to hold a share of approximately 20%. The United States and China are also expected to see significant growth in the boiler market, with each country projected to hold a share of approximately 10% of the global market by 2026.

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Key Question Answered

• What is a boiler and what are its types?

 A boiler is a closed vessel used to generate steam or hot water for various applications. The major types of boilers include fire-tube boilers, water-tube boilers, electric boilers, and others. Each type has its own advantages and disadvantages and is suitable for different applications and settings.

• What is the size and growth rate of the boiler market?

The global boiler market is expected to grow at a CAGR of around 5.0% during the forecast period of 2022-2030. 

• What are the major drivers and challenges for the boiler market?

The major drivers for the boiler market include increasing demand for energy-efficient and low-emission boilers, growing industrialization and urbanization, and government initiatives to promote clean energy and reduce greenhouse gas emissions. The major challenges include fluctuating prices of raw materials, high initial investment, and regulatory barriers in some regions.

• What are the major applications of boilers?

 The major applications of boilers include power generation, heating, and industrial processes such as food processing, chemical production, and paper manufacturing. Boilers are also used in hospitals, universities, and other institutions for heating and hot water supply.

• Who are the key players in the boiler market?

The key players in the boiler market include General Electric Company, Siemens AG, Mitsubishi Heavy Industries Ltd., Babcock and Wilcox Enterprises, Inc., Cleaver-Brooks, Inc., Alfa Laval AB, and among others. These companies are investing heavily in research and development to improve the efficiency and reliability of boilers and gain a competitive edge in the market.

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