The industrial boilers market is estimated at USD 14.6 billion in 2020 and is projected to reach USD 19.3 billion by 2025, at a CAGR of 5.7% from 2020 to 2025. High demand for clean technology in the chemical end-use industry is the major reason for the growth of the industrial boilers market. Rising demand for industrial boilers from the food end-use industry is expected to drive the industrial boilers market.
Based on end-use industry, the industrial boilers market has been segmented into chemical, food, refineries, metals & mining, and others. The food segment is expected to be the fastest-growing end-use industry segment of the industrial boilers market during the forecast period. Steam and hot water generated from industrial boilers are widely used in processing, cooking, and sanitizing food products to extend their shelf-life and improve quality to meet regulatory standards. The food segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing demand for industrial boilers in the processing and production of food products.
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Based on fuel type, the industrial boilers market has been segmented into natural gas & biomass, coal, and oil, among others. Natural gas & biomass is the most widely used fuel type for combustion in the industrial boilers market, owing to the significant availability of natural gas reserves and adoption of natural gas due to its low CO2 emission in comparison to other fuel types. Emerging countries such as China are shifting from coal to natural gas as fuel for combustion in industrial boilers. Therefore, natural gas-fired boilers are the fastest-emerging industrial boilers in the Asia Pacific region and are expected to witness the highest growth in the market during the forecast period.
Based on boiler type, the industrial boilers market has been segmented into fire-tube and water-tube. The water-tube segment is expected to witness the highest growth during the forecast period. Water-tube industrial boilers are preferred in a variety of process applications in various industries, such as chemical processing, pulp & paper, and refining units, as these can be easily replaced or repaired. Therefore, growing demand from end-use industries is expected to fuel the growth of the water-tube segment during the forecast period.
The industrial boilers market in the Asia Pacific region is projected to grow at the highest CAGR between 2020 and 2025. China, India, and Japan together accounted for the major share of the Asia Pacific industrial boilers market in 2019. This can be attributed to the increasing demand for industrial boilers from the region’s chemical, food, refineries, and metals & mining industries, particularly in China and India.
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