The Global Boiler Market Size was valued at USD 85 Billion in 2022 and the Worldwide Global Boiler Market size is expected to reach USD 179 Billion by 2032, according to a research report published by Spherical Insights & Consulting. Companies Covered: Hurst Boiler & Welding Company Inc., ALFA Laval, Babcock & Wilcox Enterprises Inc., Bosch Industriekessel GmbH (Bosch Thermotechnik), Cleaver-Brooks, Harbin Electric Corporation Co. Ltd, IHI Corporation, Miura America Co., LTD, Thermax Limited, Zhengzhou Boiler Co., Ltd. and other key vendors.
New York, United States, Nov. 17, 2023 (GLOBE NEWSWIRE) — The Global Boiler Market Size is to grow from USD 85 billion in 2022 to USD 179 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.73% during the forecast period.
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The development of connected controls, which can be accessed through Wi-Fi and allow users to remotely monitor and diagnose particular concerns, has been identified as a significant trend in the global boiler market. Connected controls are becoming more popular among consumers and tradespeople. In comparison to more traditional appliances, these boilers give users additional handling options and remote control over their heating and cooling. Another development is the rising use of combi boilers in boiler specifications. Typically, a boiler will heat the space, but it will not produce hot water on its own. Contrarily, the combi system simultaneously manages both uses with a single system, eliminating the need for a second appliance and providing space heating and hot water to meet the needs.
The demand for boilers is rising as a result of rising investments in several industries, including petrochemical, in developing countries like China and India. The market is expected to expand more as a result of the growing need for energy-efficient systems, which would further assist business expansion. Along with the expansion of the food processing industry, the market for boilers is also anticipated to grow. Numerous government initiatives are also promoting market expansion in each location. For instance, the Indian government provides many tax advantages to encourage small and medium-sized firms in the food processing sector to develop and expand their units. Furthermore, the high emission limit established by the government authorities is one of the things preventing the boiler market from growing. The high cost of boiler installation seems to be hindering market expansion even more.
Covid 19 Impacts
In the early phases of the COVID-19 epidemic, the governments of many nations around the world imposed stringent lockdown restrictions. Due to the second wave’s spread in 2021, many nations experienced the pandemic’s negative impacts. As a result, governments once more implemented lockdown measures. Production has faced difficulties as a result of firm closures, sporadic business operations, and travel restrictions. However, it is anticipated that once trade activities resume, demand on the market will continue to expand steadily during the ensuing years. When evaluating the current and prospective market sizes and growth trends for all the regions and countries, the impact of COVID-19 on the market demand is taken into account.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the “Global Boiler Market Size, By Fuel (Natural Gas, Oil, Coal, & Electric), By Capacity (≤ 10 MMBtu/hr, > 10 – 50 MMBtu/hr, > 50 – 100 MMBtu/hr, > 100 – 250 MMBtu/hr, & > 250 MMBtu/hr), By Application (Residential, Commercial, & Industrial), By End-User (Energy & Power, Food & Beverage Industry, Paper & Pulp, Agriculture, & Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032.”
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The natural gas segment is influencing the largest market share during the forecast period.
The global boiler market is divided into several sectors based on the fuel used, including electric, natural gas, oil, and coal. The natural gas segment is anticipated to have the most development potential during the projection period. Installation of a gas boiler is seen to be an affordable and environmentally friendly method of heating homes. However, supply problems and a dramatic rise in costs following Russia’s invasion of Ukraine have led to a downgrading of natural gas prospects in energy transitions. The development of natural gas-fired boilers may be somewhat slowed by these factors.
The industrial segment is influencing the market with the largest market share during the forecast period.
The global boiler market is divided into different types, including residential, commercial, and industrial, based on application. Due to rising industrialization and increased investment in infrastructure for automotive and other industries, the industrial segment will continue to dominate the market with the biggest revenue share over the projection period. To promote the production of electric vehicles, General Motors announced plans to invest USD 918 million in 4 manufacturing facilities in the United States in January 2023. Additionally, because of the increased focus on the expansion of industrial facilities, the usage of steam boilers in vehicle manufacturing and other industrial uses will rise.
The food & beverage industry segment is dominating the market with the largest market share during the forecast period.
The boiler market is divided into several categories based on the end user, including energy & electricity, the food & beverage industry, paper & pulp, agriculture, and others due to boilers are used in the food and beverage industry for several processes, such as pasteurization, distillation, and sterilization, this category is dominating the market with the biggest revenue share over the projection period. In both power plants and heating systems, steam is produced in boilers. For the safe and effective production of food items during food processing, boilers are crucial. The rise in output and sales in the food and beverage industry is expected to support the growth of the global boiler market.
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Asia Pacific led the market with the largest market share over the forecast period
Asia Pacific is expected to lead substantial market expansion during the forecast period due to the continued growth of the manufacturing sector and an increased emphasis on production facility expansion. For instance, in August 2022, Japanese producers raised their output as the industry proved resilient in the face of rising energy and material costs as well as a slowdown in the global economy. These factors are anticipated to have a positive influence on regional market trends during the projection period, along with growing urbanization and the consequent rise in construction projects.
North America is predicted to experience strong revenue market growth throughout the forecast period due to there being more demand for products for end use. To accommodate this increase in demand, businesses are expanding their production capabilities and building new industrial facilities, which is boosting the market.
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Boiler Market include Hurst Boiler & Welding Company Inc., ALFA Laval, Babcock & Wilcox Enterprises Inc., Bosch Industriekessel GmbH (Bosch Thermotechnik), Cleaver-Brooks, Harbin Electric Corporation Co. Ltd, IHI Corporation, Miura America Co., LTD, Thermax Limited, Zhengzhou Boiler Co., Ltd., and Others.
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- In June 2022, a novel biomass-based boiler system that can use any kind of agricultural waste as fuel, be more environmentally friendly, and possibly even reduce the need to burn stubble was introduced in India.
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Boiler Market based on the below-mentioned segments:
Global Boiler Market, By Fuel
- Natural Gas
Global Boiler Market, By Type
- ≤ 10 MMBtu/hr
- 10 – 50 MMBtu/hr
- 50 – 100 MMBtu/hr
- 100 – 250 MMBtu/hr
- 250 MMBtu/hr
Global Boiler Market, By Application
Global Boiler Market, By End User
- Energy & Power
- Food & Beverage Industry
- Paper & Pulp
Boiler Market, By Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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