The industrial boiler market is speculated to grow substantially by 2028 on account of rapidly expanding chemical and food processing industries.
Water conducts thermal energy quickly and maintains heat for a longer period of time than air, making industrial boilers inherently energy efficient. They are also less prone to system leaks because they use pipes rather than ductwork, saving energy. In addition, the introduction of environmental regulations to reduce emissions has augmented market expansion in recent years.
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The industrial boiler market has been segmented on the basis of fuel, product, technology, capacity, application, and region. With respect to product, the industrial boiler market has been bifurcated into water-tube and fire-tube. The water-tube sub-segment is set to expand at a robust pace through the analysis timeline owing to increasing replacement of conventional heating systems with energy-efficient boilers.
From the capacity perspective, the industrial boiler market has been classified into < 10 MMBtu/hr, 10 - 25 MMBtu/hr, 25 - 50 MMBtu/hr, 50 - 75 MMBtu/hr, 75 - 100 MMBtu/hr, 100 - 175 MMBtu/hr, 175 - 250 MMBtu/hr, and > 250 MMBtu/hr. The < 10 MMBtu/hr sub-segment is projected to reach a notable valuation by 2028 driven by extensive product application in small & medium-scale industrial facilities.
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The 25 - 50 MMBtu/hr sub-segment is anticipated to observe sturdy gains over the estimated period owing to rapid industrialization. Moreover, the introduction of several emission norms is likely to bolster segmental growth in the coming time period.
The industrial boiler market size from the 100 - 175 MMBtu/hr sub-segment is expected to progress at approximately 5% CAGR between 2022 and 2028. The > 250 MMBtu/hr sub-segment is speculated to gain significant traction over the assessment period. Burgeoning demand for space heating and hot water across large-scale industries is set to fuel industry uptake over the forthcoming years.
In terms of application, the market has been differentiated into primary metal, food processing, refinery, pulp & paper, and chemical. The pulp & paper sub-segment is projected to witness optimistic growth through the analysis timeframe due to the prevailing demand for heat or steam required at various stages.
The primary metal sub-segment is foreseen to account for a considerable market share by the end of the forecast period. Growing population and improvement in living standards across developing countries are estimated to boost segmental demand.
From the technology point of view, the industrial boiler market has been segmented into non-condensing and condensing. The non-condensing sub-segment is slated to grow at a substantial pace over 2022-2028. The introduction of stringent government regulations to reduce carbon emissions is set to bolster segmental expansion in the upcoming years.
With respect to fuel, the market has been divided into coal, natural gas, and oil. The industrial boiler market share from the coal sub-segment is foreseen to register a steady growth rate over the review period on account of ease of availability and competitive prices. In addition, mounting demand for electricity is likely to support segmental expansion.
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On the regional front, the Middle East & Africa industrial boiler industry is poised to showcase exponential progress over the assessment period owing to the booming domestic manufacturing sector. Moreover, rising government emphasis on the development of new industrial facilities across MEA is expected to foster regional market development. Meanwhile, the Latin America industrial boiler market is anticipated to observe robust expansion between 2022 and 2028 driven by widespread urbanization across the LATAM region.
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