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Global Industrial Boiler Market Outlook to 2028

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  • 268 Pages
  • March 2023
  • Region: Global
  • Blackridge Research & Consulting
  • ID: 5794846

Market overview

Stringent laws to reduce harmful emissions in the environment, rapidly growing petrochemical, chemical, food, and beverage industries, the rise in the utilization of natural gas, and rise in demand for clean technology, and the growing need for electricity are driving the industrial boiler market.

The boiler market grows fast during industrial development and declines to a stable substitution market after industrialization. Thus, boiler markets are growing in emerging countries such as China and India, while in more advanced countries, the market is driven by substituting aging boilers with more efficient equipment.

An industrial boiler is a closed vessel, and its function is to either produce hot water or steam by combustion of fuel at a specific temperature. Pipes transport the generated steam to the area of activity.

Boilers employ a variety of fuels to generate steam, including fossil, non-fossil, and biomass.

Hot water boilers heat water for hot water supply and commercial or domestic heating. Steam boilers produce steam used to power turbines and various industrial heating applications.

Industrial boilers are usually constructed by welding thick steel plates together, allowing exceptionally high pressures. To withstand the enormous pressure, it must be exceedingly robust.

Multiple industries use industrial boilers, including food and beverage, paper, laundries and cleaning firms, building materials industries, textile, petrochemical, power, and chemical.

Market developments and trends

  • Continuous efforts to reduce emissions and transition to clean energy technologies, US, North America, and Europe, are now shifting to natural gas as a fuel in the industrial boilers. In Europe, this transition also sees the installations of new efficient boiler systems by replacing the conventional ones
  • Increased crude oil refining capacity in Asia, aimed at meeting the rising demand for consumer products and fuels, is boosting petrochemical developments in Asia
  • The UAE aims to increase its industrial revenues and the manufacturing sector’s contribution to USD 81.68 billion over the next ten years. This industrialization is giving rise to develop industrial power projects, which will drive the growth prospects for industrial boilers
  • Sibur Holding, a Russian petrochemical conglomerate, has formed a joint venture (JV) with China Petroleum & Chemical Corporation (Sinopec) for the building of a primary polymer manufacturing plant at the Amur Gas Chemical Complex (Amur GCC) in Russia
  • Babcock & Wilcox Renewables will enter the solar energy industry by acquiring a significant share in Fosler Construction, the largest solar installation business
  • In addition, the company has signed two contracts to design and deliver the advanced tech to decrease emissions, create cleaner energy at a power plant in Asia, and assist its clients in reducing emissions from thermal plants
  • B&W’s SolveBright regenerable solvent technology is designed to deliver economical and efficient carbon capture across various industries. SolveBright is a post-combustion carbon capture technology and can be applied to a wide range of industrial or utility boiler technologies to capture CO2
  • Thermax announced the completion of an INR 293 crore contract for an EPC boiler package comprising three oil and gas-fueled boilers in western India for a refinery and petrochemical complex by its subsidiary, Thermax Babcock & Wilcox Energy Solutions, and it entered a technological partnership for waste-to-energy boilers with Steinmüller Babcock Environment in March 2021


  • Pressurized steam is used in industrial steam turbines to rotate the rotor. The increase in demand for steam turbines is increasing due to their mildest impact on the environment. Steam can be produced by burning fossil fuels, non-fossil, and biomass and the steam vapor enters the turbine after being heated by the boiler at a high temperature and pressure. Since a boiler is necessary to generate steam, an increase in steam turbines' demand will allow boiler manufacturers to supply boilers to meet the demand
  • EPA in USA has proposed a rule that would establish standards to address mercury and carbon monoxide (CO) emissions from boilers. The proposal would require the following for existing large boilers: coal-fired units would be required to meet emission limits for mercury and CO, and biomass and oil-fired units would need to meet limits for CO. The requirements of large boilers to meet the emissions limits will create opportunities for manufacturers to renovate or replace existing industrial boilers
  • China and India have the fastest-growing rate of energy consumption globally. The expansion of the industrial sector and increasing urbanization can be linked to this increase in consumption. These factors will stimulate demand for gas-fired and coal boilers

The end-user demand for smart boiler technologies urges manufacturers to incorporate digital technologies in industrial boilers such as:

  • Manufacturers can incorporate real-time remote boiler monitoring, alarms detection, and boiler equipment performance and condition troubleshooting from any place without physical examination
  • Manufacturers can implement Steam-as-a-service (Saas) model to provide the end-users with a fully financed solution that meets the steam requirements of industrial users by designing, building, operating, maintaining, and continuously optimizing steam generation onsite
  • Technologies like hydrogen combustion solution are being developed for industrial applications to combat climate change where efficient, zero-carbon dioxide (CO2)-emissions is a goal. Industrial boilers can be manufactured or retrofitted with these technologies to safely burn hydrogen for any need, including power, heating, steam generation, and industrial applications such as refineries and petrochemical facilities
Publisher's Industrial Boiler Market report provides insights into the current global and regional market demand environment and prognosis.

The study offers a thorough examination of the many factors that impact the industrial boiler market growth. The study also comprehensively analyses the industrial boiler market by segmenting it based on geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America).

The report also discusses current and future market possibilities, market trends, advancements, and the effect of Covid-19 on the industrial boiler market, essential developments, regions, and segments poised for the fastest-growth, competitive landscape. Further, the industrial boiler market size, and demand forecast, growth rates will also be provided in the report.

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Table of Contents

1. Executive Summary2. Research Scope and Methodology
3. Market Analysis
3.1 Introduction
3.2 Market Dynamics
3.2.1. Drivers
3.2.2 Restraints
3.3 Market Trends & Developments
3.4 Market Opportunities
3.5 Market Size and Forecast
4. Industry Analysis
4.1 Supply Chain Analysis
4.2 Porter's Five Forces Analysis
5. Market Segmentation & Forecast
5.1 By Industry
5.1.1 Food Processing
5.1.2 Chemical
5.1.3 Manufacturing
5.1.4 Refining
5.1.5 Others
5.2 By Type
5.2.1 Water Tube
5.2.2 Fire Tube
5.3 By power Rating
5.3.1 10-150 BHP
5.3.2 150-300 BHP
5.3.3 300-600 BHP
6. Regional Market Analysis
6.1 North America
6.2 Europe
6.3 Asia-Pacific
6.4 South America
6.5 Africa
7. Key Company Profiles
7.1 Babcock & Wilcox Enterprises Inc.
7.2 GE Power Ltd.
7.3 Siemens AG
7.4 IHI Corp
7.5 Thermax Limited
7.6 MHPS Dongfang Boiler Co. Ltd.
7.7 Mitsubishi Heavy Industries, Ltd.
7.8 Cleaver-Brooks Inc.
7.9 Doosan Heavy Industries Constrctn Co Ltd
7.10 Hurst Boiler and Welding Co.
8. Competitive Landscape
8.1 List of Notable Players in the Market
8.2 M&A, JV, and Agreements
8.3 Market Share Analysis
8.4 Strategies of Key Players
9. Conclusions and RecommendationsList of Tables & FiguresAbbreviationsAdditional NotesDisclaimer

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Alfa Laval AB
  • Babcock & Wilcox Enterprises Inc.
  • Bosch Industriekessel GmbH
  • Cleaver-Brooks Inc.
  • Hurst Boiler & Welding Company Inc
  • IHI Corp
  • Miura Co. Ltd
  • Thermax Limited
  • Zhengzhou Boiler (Group) Co.,Ltd.
  • Harbin Electric Corporation