|Status : Upcoming||Report Code : VRCH2023||Industry : Chemicals & Materials||Available Format :|
Boilers are closed vessels which are used to store water inside it. In the heating system, a furnace is required to heat the boiler, wherein fuels such as coal are used for heat generation. The heated air comes in contact with the vessel, where convention takes place and heats the water inside a vessel. This heated water produces steam. The vaporized or heated fluid then used for various heating applications including water heating, sanitation, boiler-based power generation, and others.
The global industrial boilers market is growing at a good pace and is anticipated to witness a good growth in the coming years. There are various kind of boilers are available in the market, however the boilers used for industrial purpose falls into the industrial boilers category.
Insight by Type
On the basis of type, the industrial boilers market is classified into fire-tube and water-tube. The fire-tube type category dominated the market, which is also anticipated to register the faster growth in the coming years. This can be attributed to its compact design and efficient operation capabilities. Also, they are simple in design, easy to erect, low maintenance, overall efficiency is up to 75% for this type of boilers. On the contrary, water-tube boilers are complex in design, difficult to erect, high maintenance, although, overall efficiency with an economizer is up to 90%.
Insight by Fuel Type
Based on fuel type, the industrial boilers market is segmented into natural gas and biomass, oil, coal, and others. Among all these, natural gas and biomass is projected to hold the largest share in the overall market and dominated the market till now. This is attributed to its extensive use in various end-user industries including metal and mining, chemical, and others are shifting towards natural gas to use it as a primary fuel in the boilers. As natural gas is environment friendly, it is being preferred by industries as compared to coal, particularly in developed countries.
Insight by End-User
Based on end-user, the industrial boilers market is classified into chemical, food, refineries, metal and mining, and others. Of all these, chemical industry segment dominated the market, wherein food industry segment is anticipated to register the fastest growth in the coming years, owing to the escalating demand of processed and packaged foods in the developed countries.
Increasing demand of these boilers in the food and beverage industry is the major factor driving the industrial boilers market. The boilers are used in food industry to process, cook, and sanitize food products which includes fruits, meat, and vegetables. The ever-increasing demand of packaged and processed food in developed and emerging countries is changing preferences of consumers, increasing working population, and others. The boilers help in ensuring the high production quality and high efficiency operation of industry.
High research and development investment, high cost of installation and replacement cost, and strict emission standards are the major challenges identified in the market growth. The high installation and replacement cost can pose as a restraint in the industrial boilers market growth, as the cost of replacing a standard gas boiler is almost $4,000, where a high efficiency model can cost about $7,500. The average cost of installing a boiler $4,889 which includes boiler cost, labor cost, and other costs.
The industrial boilers market is fragmented with a high competition in the market, increasing the rivalry among competitors or key players in the market.
Asia-Pacific is anticipated to register the highest growth in the coming years and register the highest CAGR during the forecast period in the industrial boilers market. This is attributed to the rising industrialization in the emerging countries such as India, China and other Asian countries. The region is one of the major consumers of boilers in the market that are used in chemical, food, refining, and metal and mining industries.
The major players in the operating in the industrial boilers industry are planning capacity expansion in the recent years to meet the increasing demand of end-user industries. General Electric Company, Siemens AG, Bharat Heavy Electricals Limited, Harbin Electric Corporation, IHI Corporation, Dongfang Electric Corporation Ltd., IHI Corporation, Thermax Limited, AMEC Foster Wheeler PLC, Mitsubishi Hitachi Power Systems, and AC Boilers S.P.A are some of the major players operating in the industrial boilers market.