Home/Analysis/Natural Gas and Industrial Biomass Boilers To Drive The Industrial Boilers Market Globally
Natural Gas and Industrial Biomass Boilers To Drive The Industrial Boilers Market Globally
Posted On: Feb 2024
Industrial boilers are closed vessels that make use of electricity or fuel source to generate steam or heat water for industrial heating and humidification applications. These boilers are gaining popularity across a number of sectors owing to the government initiatives to promote clean energy and reduce its dependency on fossil fuels energy source. Factors such as rapid industrialization, increasing number of natural power plants, adoption of high performance boiler based on natural gas and strong manufacturing output indicators are key factors expected to drive the growth of the global industrial boilers market. The changing trend towards the acceptance of high performance boiler based on natural gas will create a positive influence on the growth of industrial boilers market globally.
The global industrial boilers market is anticipated to expand robustly at a CAGR of 5.1% during the period between 2017 and 2023. The overall market was worth US$11 bn in 2016 and is projected to reach a valuation of US$15.6 bn by 2023.
The water tube segment is anticipated to lead the industrial boilers market globally over the next six years
On the basis of type, the industrial boilers market is projected to be occupied by the water tube segment in the coming years as water tube boilers are safer in terms of design and can operate longer than fire tube boilers. The use of water tube is preferred in a variety of process applications across various industries, including chemical processing, pulp & paper, power generation, and refining.
The natural gas & biomass segment is anticipated to lead the industrial boilers market over the next six years
On the basis of fuel type, the greatest share of the global industrial boilers market is expected to be captured by the natural gas & biomass segment in the near future owing to the replacement of coal-based boilers by natural gas and biomass boilers in developed countries as natural gas requires less operational cost as compared to other fuels. For instance-New coal-based power plants are not constructed now in U.S. and U.K. as they are being replaced with natural gas-based industrial boilers. Natural gas and biomass based industrial boilers are commonly used in emerging countries, such as UAE, Saudi Arabia, Egypt, and Nigeria owing to easy availability of natural gas in these economies.
Asia-Pacific is estimated to be the biggest market for industrial boilers in the near future
Asia-Pacific is anticipated to hold the largest share of the industrial boilers market in the near future, followed by North America and Europe. In Asia-Pacific, the major consumers of industrial boilers is China .The region has observed rising investments in research & development activities on advanced industrial boilers from global players. Also, Europe, led by Finland, Germany, Poland, France and Italy is estimated to observe vital industry growth. The factors which are influencing the industrial boilers market growth are increasing power generation demand due to rapid industrialization along with growing population mainly in China and India.
The key players in the global industrial boilers market are Wheeler AG, Foster, Alstom SA, Hitachi Ltd., Miura Boilers Inc., Thermogenics (UK) Ltd., AB & Co., Hangzhou Indeck Power Equipment Co., Boilers Group Co. Ltd., B & S Piping Inc. and Harbin Power Equipment Co. Ltd.
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