Boiler Market - Global Forecasts from 2023 to 2028

The global boiler market was valued at US$19.424 billion in 2021

Boilers are employed in various processes or heating applications, including cooking, sterilizing, heating the water, heating the entire building, and generating electricity. Rising urbanization, the expansion of the chemical and petrochemical industries, rising energy consumption, and widespread investments are anticipated to fuel market expansion throughout the forecast period. The expansion of the food processing industry is driving the worldwide boiler market forward, and various government initiatives for greenhouse building development to cut pollution are also boosting market growth over the anticipated time.

The growing energy and power sector investment is augmenting the demand for boilers. 

Boilers are employed in the power plant to produce high-pressure steam and generate energy. The Rankine cycle is the mechanism responsible for this effect. The boiler uses coal, natural gas, or nuclear fuel to heat water into steam. The rising power sector investment will boost the boilers market growth. For instance, the US Census Bureau estimates the public energy and power sector construction investment increased from $9,746 million in February 2022 to $11,630 million in February 2023, showing an increasing rate of 19.3%. In May 2022, the United Kingdom government stated that it had invested in developing the Boiler Upgrade Scheme (BUS), which helps property owners shift away from their reliance on fossil fuel systems and toward a cleaner, more efficient heating system in a cost-effective way. The BUS offers rural residents and industries GBP 5,000 off the cost and installation of a biomass boiler. The rising energy and power construction investment and eco-friendly schemes by the government are expected to increase demand for boilers, which will boost the overall market growth.

The growing food and beverage industry is boosting the boiler market growth

In the food and beverage sector, boilers are used for several procedures, such as pasteurization, distillation, and sterilizing. The steam is produced in boilers for heating systems and power plants. Boilers are crucial to safely and effectively manufacturing food items during food processing. The rising output and sales in the food and beverage industry are expected to boost the global boiler market growth. According to the USDA data, in December 2021, the Chinese Food manufacturers' value-added industrial output increased by 7.8% from January to October every year, while the beverage industry's retail sales increased by 21.8 percent year over year to 230.1 billion yuan. According to the India Brand Equity Foundation (IBEF), India's retail food and grocery market is estimated to be worth US$ 11.3 trillion in 2021 and is also one of the biggest in the world.

The Asia Pacific region is expected to dominate the market during the projected period. 

The Asia Pacific region is projected to constitute a significant share of the global boiler market during the projected period. The boiler demand in the region is increasing due to growing applications in the energy and power industry coupled with growing investments in petrochemical and oil refineries in major nations like China and India. According to the Chemicals and Petrochemicals Manufacturers Association, in 2021, the petrochemical project of Indian Oil Corporation Limited in Paradeep, Odisha, accounted for an investment of nearly USD 2.7 million. In June 2022, China is expected to start 44 crude oil refinery projects between 2022 and 2026, accounting for 24% of all Asian crude oil refinery projects. Such investments and projects will boost the regional market growth during the forecasted period.

Market Developments:

• In August 2022, Babcock Wanson introduced two high-efficiency industrial electric boilers: the e-Pack industrial electric boiler, with models ranging from 500 to 17,000 KG/H, and the VAP EL 400V three-phase and 50Hz electric steam boiler, with models ranging from 16 to 360 kW.
• In June 2022, In India, a new biomass-based boiler technology was introduced that can allegedly use any agricultural leftover as fuel, can be more environmentally friendly, and may even lessen the need to burn stubble.

Market Segmentation:

By Type

• Firetube
• Water tube

By Source

• Natural Gas
• Electricity
• Oil

By End-User

• Energy & Power
• Food & Beverage
• Paper & Pulp
• Agriculture
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• UK
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Others