Boiler have many advantages over other heating systems. Boilers are known for low energy consumption as compared to conventionally used air systems. Boilers help in directing even distribution of heat. Warm air rises to the ceiling when you enter the room and falls when it cools. Boiler use radiant heating to maintain all heat at the bottom of the chamber, which is most beneficial to humans, although effective and quick in heating most homes, forced air distribution heating systems can sometimes result in poor indoor air quality.
The global Boiler market is projected to reach USD 20.1 billion by 2028, growing at a CAGR of 5%.
Covid-19 Impact & Market Status
Due to a significant delay in production facilities, the COVID-19 pandemic has had a minor impact on the boiler industry. Due to a lack of raw materials and supply chain issues, some industries were forced to close as a result of the COVID-19 epidemic. Due to a stop in industrial activities, overall demand for boilers was impacted. However, the industrial environment will be aided by the removal of regulations as well as the establishment of research and development programs to facilitate innovative designs.
Water Tube to Remain Atop
On the basis of product, the market is divided in to water tube and fire tube. In the boiler market, the water-tube boiler category is the most profitable. The device works by using water or steam to circulate inside the tubes and heat the gases outside. The increased use of efficient units across many sectors, such as chemical, food processing, and pulp and paper, would spur product acceptance due to safe operations and low maintenance. The market demand will be positively influenced by continuous industrial sector expenditures aimed at promoting superior heating facilities, as well as an increase in the replacement of traditional boilers with greater capacity units.
Oil & Gas to Emerge as the Most Lucrative Segment
The boiler market is divided into four categories based on fuel: oil and gas, fossils, non-fossil and biomass. These ships burn a variety of fuels to produce the steam used in industrial activities. The oil and gas business ruled the market and earned the majority of the profits. The pulp and paper business is expected to benefit from an increase in demand for biodegradable and environmentally friendly packaging materials, as well as the growth of the e-commerce sector. As a result, as the aforementioned industries develop, demand for medium-capacity boilers will certainly grow.
Asian Pacific to dominated the Boiler Market
The Asian Pacific market dominate this segment. The combination of continued investment in refining capacity and increasing demand for processed foods has created a supportive business environment. The situation in this sector is driven by increased foreign investment in industrialization and strong macroeconomic indicators. The industry situation is characterized by the continuous replacement of old heating systems and the increasing demand for heat and steam in industrial processes. The development of the national market could be driven in the coming years by the growing demand for environmentally friendly and biodegradable packaging materials and the growing e-commerce industry.
Boilers don't heat air and then circulate it around the home. Instead, they employ radiant heating to deliver heat to surfaces and objects in the house, or they use steamed radiators to transfer heat. There are no air leaks due to poor ducting, ensuring that boilers operate at peak efficiency. When comparison to furnaces and other forced air systems, boilers have fewer moving components. This implies that operational faults and interruptions are less frequent because there are fewer pieces to deal with.
A boiler is a closed container that heats a liquid (usually water). Liquids do not always boil. The heated or vaporized liquid is discharged from the boiler and used in various processes. During operation, a boiler-connected valve opens, allowing gas to enter a sealed combustion chamber, where it is ignited by an electronic ignition system or a permanent pilot. A hot jet connected to the heat exchanger inside the boiler supplies heat to the water flowing through the boiler. A boiler`s pressure vessel is typically built of steel or, previously, wrought iron. Stainless steel, particularly austenitic types, is not used in wetted boiler components due to corrosion and stress corrosion cracking.
The global industrial boiler market is expected to reach USD 18 billion in 2029. The increase can be attributed to a number of factors, including increasing manufacturing unit production capabilities, the expansion of the food and beverage sector, growing adoption for resource boiler systems, and widespread use of the product in industries such as chemicals, metals, and mining.
The key players in this market are Harbin Electric Corporation, Thermax Ltd, Cheema Boilers Limited, IHI Corporation, AC Boilers, Mitsubishi Heavy Industries, Ltd., Forbes Marshall, Dongfang Electric Corporation Ltd., Siemens AG, Bharat Heavy Electricals Ltd. These are the global market players in the boiler market.
Latest Innovations in the Boiler Market
- A hybrid heating system combines a typical boiler with an air source heat pump to provide heat. This technology is an excellent choice for homeowners who want to preserve the familiarity of a boiler while still reaping the energy-saving benefits of renewable technology.
Boiler Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 20.1 billion|
|Growth Rate||CAGR of 5 % during 2018-2028|
|Segment Covered||By Product, By Fuel, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Harbin Electric Corporation, Thermax Ltd, Cheema Boilers Limited, IHI Corporation, AC Boilers, Mitsubishi Heavy Industries, Ltd., Forbes Marshall, Dongfang Electric Corporation Ltd., Siemens AG, Bharat Heavy Electricals Ltd & among others.|
Key Segments of the Boiler Market
By Product Overview (USD Billion)
- Water Tube
- Fire Tube
By Fuel Overview (USD Billion)
- Oil & Gas
By Region Overview (USD Billion)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South America
- Rest of South America
Middle East and South Africa