August 10, 2021 00:14 ET | Source: Market Research Future Market Research Future
New York, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Industrial Boilers Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Industrial Boilers Market Research Report, Type, Fuel Type ,Boiler Horsepower, End-User and Region - Forecast till 2027” the market size is projected to be worth USD 22.31 Billion by 2027, registering a CAGR of 6.28% during the forecast period (2021 - 2027), The market was valued at USD 15.11 Billion in 2020.
Multiple Factors to Boost Market Growth
The worldwide industrial boiler market will be driven by rapid industrialization and increased investments in manufacturing facility expansion. Rising industrialization, as well as a favorable outlook for the food processing industry, are the main drivers of the industrial boiler market. Strong industrial growth in Asia's countries such as India, Indonesia, the Philippines, and others would raise demand for industrial boilers. Growing demand for energy-efficient systems would assist the business to expand even further.
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The key players in the worldwide industrial boiler market profiled are –
The market is mature, with a significant number of regional and global firms in charge. Companies with a strong regional presence, such as Babcock & Wilcox, sell their products directly to end-users. However, many businesses rely on equipment dealers and brokers since they are familiar with the sector and know what is in demand and where it is located.
Browse In-depth Market Research Report (111 pages) on Industrial Boilers https://www.marketresearchfuture.com/reports/industrial-boilers-market-983
COVID-19 to Have Temporary Impact on the Global Market
Due to the lockdowns implemented in the majority of countries across the world since December 2019, the spread of COVID-19 has had a detrimental influence on the worldwide industrial boilers market. Industrial boilers are closed vessels that heat a fluid. For industrial heating and humidification, they use electricity as a fuel source to heat water or generate steam. Steam boilers generate steam for use in various applications such as power generation, agricultural soil steaming, and others. Hot water boilers heat water for heating systems, whereas steam boilers generate steam for use in various applications such as power generation, agricultural soil steaming, and others. Industrial boilers come in two types: water tubes and fire tubes. Both are frequently utilized in industrial applications. When compared to fire-tube boilers, water-tube boilers produce higher temperature outputs. The worldwide industrial boilers market is predicted to be driven by rapid industrialization and increased investments in the expansion of manufacturing facilities. The demand for these products has temporarily decreased in recent months as a result of global firm closures. Industrial boiler demand, on the other hand, is expected to rebound in the next months and rise significantly in the long run.
The global industrial boiler market has been segmented into type, fuel type, boiler horsepower, and end-user.
By type, the global industrial boiler market has been segmented into fire-tube and water-tube
By fuel type, the global industrial boiler market has been segmented into natural gas & biomass, oil, coal.
By boiler horsepower, the global industrial boiler market has been segmented into 10-150 HP, 151-300 HP, and 301-600 HP.
By end-user, the global industrial boiler market has been segmented into chemical, food processing, refineries, and metals & mining.
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North America to Dominate the Global Market
North America is predicted to hold the highest share during the projection period, owing to increased energy consumption and the replacement of traditional boilers, particularly in the United States.
APAC to Grow at Fastest Rate
Due to the rising population and need for power generation, Asia Pacific is expected to develop at the quickest rate during the projection period. Furthermore, Asia Pacific is the largest user of boilers, which are used in the food, chemical, refining, and metals, and mining industries. During the forecast period, the worldwide industrial boiler market is expected to grow at a 5.80% CAGR.
Furthermore, as the food processing industry expands, so will the demand for industrial boilers. For example, the Indian government is providing incentives to encourage investment in the food processing industry, which would restrain the worldwide industrial boiler market. However, factors such as high installation costs will restrain the global industrial boiler market. Factors such as rising natural gas usage and demand for leaner operations are projected to boost the worldwide industrial boiler market.
Segmentation of Market covered in the research:
Information by by Type (Fire-Tube, Water-Tube), by Fuel Type (Natural Gas & Biomass, Oil, Coal), by Boiler Horsepower (10-150 HP, 151-300 HP, and 301-600 HP), End-User (Chemical, Food Processing, Refineries, Metals & Mining) and Region (North America, Europe & Asia-Pacific))
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