Industrial Boiler Market: Introduction
- An industrial boiler is a steam or hot water boiler which can be operated with fuel such as natural gas, biomass, oil, or coal. Industrial boilers heat or evaporate the water which is inside and transfers it to consumers through pipe systems.
- Industrial boilers are used in a wide range of industries such as textiles, and food & beverages due to its easy operation, compact design, and higher efficiency. This is expected to drive the growth of the industrial boiler market across the world.
- Rapid industrialization together with ongoing investments in developed and developing countries globally for the expansion of thermal power and rising demand of electricity are major factors expected to drive the growth of the industrial boiler market over the forecast period.
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Global Industrial Boiler Market: Dynamics
Global Industrial Boiler Market: Key Drivers and Restraints
- Growth of the food & beverages industry in developed and developing economies is expected to drive the industrial boiler market. In addition, increasing production capabilities and new plant installations in the food & beverages industry is expected to enhance the demand for industrial boilers.
- Furthermore, growing demand for energy efficient boiler systems is expected to boost the industrial boiler market.
- Increasing demand for industrial boilers in industries such as chemicals, textiles, pulp & paper, and metal & mining also impacts the demand for industrial boilers for process and power generation applications.
- Increasing demand for biomass boilers is expected to fuel the industrial boiler market.
- Moreover, rising demand for industrial boilers due to ultra-mega power projects in developing economies is expected to fuel growth of the market over the forecast period.
High Installation Cost Hindering the Market
- Cost of industrial boilers largely differs due to its design parameters. In addition, the cost associated with installation is a negative factor that can hamper the growth of the industrial boiler market.
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Europe to Account for Major Share of the Global Industrial Boiler Market
- In terms of region, the global industrial boiler market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Europe is anticipated to hold the largest share of the global industrial boiler market due to the adoption of industrial boilers in the food and beverages industry. European governments have brought forth a law pertaining to emission limit values (ELVs) to decrease the levels of harmful gases such as sulfur dioxide (SO2), and nitrogen oxide (NOX) from all combustion plants. This in turn is expected to accelerate the growth of the industrial boiler market.
- The industrial boiler market in North America is anticipated to expand at a rapid pace over the forecast period due to rising adoption of industrial boilers in petrochemicals & power plant industry, which is expected to enhance the growth of the industrial boiler market in the region.
- The industrial boiler market in Asia Pacific is expected to grow due to rising industrialization along with growth of the food & beverages industry.