Industrial boilers are substantial containers that produce steam for a variety of industrial applications. After that, this steam is used to run machinery, heat buildings, and supply hot water for various cleaning and hygienic tasks. Natural gas, oil, or electricity are frequently used to power industrial boilers. They come in a variety of sizes, weighing several tonnes and ranging from small, portable units to big, stationary systems.
The industrial boilers market is projected to reach USD 17.18 billion by 2023, at a CAGR of 5.6% from 2018 to 2023. The growing demand from end-use industries, such as food and chemical, is expected to drive the market for industrial boilers. The food industry, which consists of processed food and beverages, is expanding in emerging markets, leading to the demand for industrial boilers for process activities. Chemical is the major end-user industry for industrial boilers with demand across the upstream and downstream production plants.
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The food industry is expected to be the fastest-growing end-use industry segment of the industrial boilers market during the forecast period. Increasing demand for processed food, beverages, and related products across emerging regions is fueling the growth of this segment. Industrial boilers are widely used in the food industry for various processing activities.
Based on type, the fire-tube segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the compact designs of fire-tube boilers and increased demand for clean energy sources.
Based on fuel type, the natural gas & biomass segment is expected to lead the market for industrial boilers owing to the growing demand for clean energy sources. Based on boiler horsepower, the 10-150 BHP segment is expected to dominate the market due to increasing demand from the food and chemical industries.
The Asia Pacific industrial boilers market is expected to grow at the highest CAGR during the forecast period, due to increasing demand for industrial boilers from end-use industries, which are witnessing capacity expansions, particularly in China and India. The rise in demand for gasoline and LNG in these countries has led to the growth of the oil & gas industry, which, in turn, is expected to fuel the growth of the industrial boilers market in the region during the forecast period.
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Some of the major market players covered in the report include Babcock & Wilcox (US), Dongfang (China), Siemens (Germany), General Electric (US), AC Boilers (Italy), Bharat Heavy Electricals Limited (India), Harbin Electric Group (China), IHI Corporation (Japan), Mitsubishi Hitachi Power Systems (Japan), Thermax (India) and others.
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