Industrial Boiler Market by Fuel (Natural Gas, Coal, Oil), Boiler Type (Fire Tube, Water Tube), Function (Hot Water, Steam), Boiler Horsepower, End-use Industry (Chemical & Petrochemical, Food, Pulp & Paper) And Region - Global Forecast to 2030
The industrial boiler market is projected to reach USD 20.75 billion by 2030 from USD 17.22 billion in 2025, at a CAGR of 3.8% during the forecast period. As industries expand across sectors such as power generation, chemicals, food processing, and manufacturing, the need for reliable and high-capacity steam and hot water boilers continues to surge. Developing economies, particularly in Asia-Pacific, are witnessing significant investments in industrial infrastructure, further fueling market expansion. Additionally, government initiatives promoting cleaner energy sources and stricter environmental regulations are pushing industries to upgrade their boiler systems to more efficient and low-emission models. The transition from coal-fired boilers to natural gas, biomass, and hydrogen-based alternatives is another major factor driving market growth, as companies seek to comply with stringent emission norms such as the EPA’s Boiler MACT standards and the EU Industrial Emissions Directive (IED). Moreover, advancements in boiler technology, including automation, smart monitoring, and waste heat recovery systems, are enhancing efficiency and reducing operational costs, making modern boilers a more attractive investment. The increasing adoption of cogeneration (combined heat and power) systems in industrial settings is also propelling demand, as these systems optimize fuel usage while reducing energy waste. Additionally, aging boiler infrastructure in developed nations is creating opportunities for market players offering retrofitting and modernization services.
“Natural gas is the second fastest-growing segment in the industrial boiler market during the forecast period.”
Natural gas-fired boilers are widely used in industrial applications due to their high efficiency, lower emissions, and cost-effectiveness compared to traditional coal-fired systems. These boilers utilize natural gas as the primary fuel source to generate steam or hot water, making them a preferred choice for industries such as power generation, chemicals, food processing, and manufacturing. The increasing availability of natural gas, stringent environmental regulations, and the global push for cleaner energy have significantly driven the adoption of natural gas-fired boilers across various sectors. One of the major advantages of natural gas-fired boilers is their low emissions profile. Unlike coal-fired boilers, they produce fewer greenhouse gases, lower sulfur dioxide (SO?), nitrogen oxides (NO?), and particulate matter emissions. This makes them compliant with strict environmental standards such as the EPA's Boiler MACT regulations and the European Industrial Emissions Directive (IED). Additionally, natural gas-fired boilers offer higher combustion efficiency, lower maintenance costs, and faster startup times compared to conventional solid-fuel boilers. The market for natural gas-fired boilers is expanding rapidly due to industrialization, the shift towards low-carbon energy sources, and government incentives promoting cleaner fuels.
“Water tube is the fastest-growing structure in the industrial boiler market during the forecast period.”
Water-tube boilers are high-performance steam-generating systems where water flows through tubes while hot gases from the combustion process surround them. This design allows these boilers to handle higher pressures and temperatures, making them ideal for industries that require large steam outputs, such as power generation, chemical processing, refineries, and heavy manufacturing. Unlike fire-tube boilers, where hot gases pass through tubes surrounded by water, water-tube boilers offer better heat transfer efficiency, faster steam generation, and the ability to operate at extreme conditions. One of the key advantages of water-tube boilers is their ability to withstand pressures up to 160 bar and temperatures exceeding 550°C. This makes them essential in thermal power plants and industrial applications requiring superheated steam. Additionally, they have a small water content, which enables quick response to load changes, making them more efficient and safer. Their design can accommodate multiple burners, allowing for horizontal or vertical firing configurations, which is beneficial for temperature control and optimizing performance. Water-tube boilers can be either naturally circulated or forced circulation systems. In naturally circulated boilers, steam and water movement is driven by density differences, while forced circulation systems use pumps to enhance steam production. To improve efficiency, modern water-tube boilers are often integrated with waste heat recovery systems, automation, and digital monitoring technologies.
“The Middle East and Africa (MEA) market is projected to register the second fastest growing market for industrial boiler during the forecast period.”
The Middle East & Africa (MEA) industrial boiler market is experiencing growth due to rapid industrialization, rising energy demand, and expanding oil & gas, petrochemical, and power generation sectors. Countries like Saudi Arabia, the UAE, South Africa, and Egypt are witnessing significant infrastructure development, driving the demand for high-efficiency industrial boilers. The region’s focus on diversifying economies beyond oil exports has led to increased investments in manufacturing, food processing, and chemical industries, further fueling the need for advanced boiler systems.
A key growth driver is the expansion of the power sector to meet the rising electricity demand. Many countries are investing in thermal power plants, cogeneration (combined heat and power) systems, and renewable energy projects, all of which require high-performance boilers. Additionally, the oil & gas industry remains a major contributor, with refineries and petrochemical plants utilizing industrial boilers for steam generation and process heating. Environmental regulations and the shift towards cleaner fuels are also influencing the market. Governments in the region are implementing emission control policies to reduce reliance on heavy fuels, prompting industries to adopt natural gas-fired and biomass boilers. The push for energy efficiency and sustainability, supported by incentives and regulatory frameworks, is encouraging the adoption of modern, low-emission boiler technologies.
Extensive primary interviews were conducted to determine and verify the market size for several segments and sub-segments and the information gathered through secondary research.
The break-up of primary interviews is given below:
Babcock & Wilcox Enterprises,. (US), Siemens (Germany), Wood (UK), Dongfang Electric Corporation Limited (DEC LTD.) (China), Robert Bosch GmbH (Bosch) (Germany), Mitsubishi Heavy Industries, Ltd. (MHI) (Japan), Thermax Limited (India), Sofinter (Italy), Bhel (India), Cleaver-Brooks, Inc. (US) among others are some of the key players in the industrial boilers market.
The study includes an in-depth competitive analysis of these key players in the authentication and brand
protection market, with their company profiles, recent developments, and key market strategies.
Research Coverage
The market study covers the industrial boiler market across various segments. It aims to estimate the market size and the growth potential of this market across different segments based on material, application, structure, end-use industry, and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the industrial boiler market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall industrial boiler market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. The report also aims to help stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
“Natural gas is the second fastest-growing segment in the industrial boiler market during the forecast period.”
Natural gas-fired boilers are widely used in industrial applications due to their high efficiency, lower emissions, and cost-effectiveness compared to traditional coal-fired systems. These boilers utilize natural gas as the primary fuel source to generate steam or hot water, making them a preferred choice for industries such as power generation, chemicals, food processing, and manufacturing. The increasing availability of natural gas, stringent environmental regulations, and the global push for cleaner energy have significantly driven the adoption of natural gas-fired boilers across various sectors. One of the major advantages of natural gas-fired boilers is their low emissions profile. Unlike coal-fired boilers, they produce fewer greenhouse gases, lower sulfur dioxide (SO?), nitrogen oxides (NO?), and particulate matter emissions. This makes them compliant with strict environmental standards such as the EPA's Boiler MACT regulations and the European Industrial Emissions Directive (IED). Additionally, natural gas-fired boilers offer higher combustion efficiency, lower maintenance costs, and faster startup times compared to conventional solid-fuel boilers. The market for natural gas-fired boilers is expanding rapidly due to industrialization, the shift towards low-carbon energy sources, and government incentives promoting cleaner fuels.
“Water tube is the fastest-growing structure in the industrial boiler market during the forecast period.”
Water-tube boilers are high-performance steam-generating systems where water flows through tubes while hot gases from the combustion process surround them. This design allows these boilers to handle higher pressures and temperatures, making them ideal for industries that require large steam outputs, such as power generation, chemical processing, refineries, and heavy manufacturing. Unlike fire-tube boilers, where hot gases pass through tubes surrounded by water, water-tube boilers offer better heat transfer efficiency, faster steam generation, and the ability to operate at extreme conditions. One of the key advantages of water-tube boilers is their ability to withstand pressures up to 160 bar and temperatures exceeding 550°C. This makes them essential in thermal power plants and industrial applications requiring superheated steam. Additionally, they have a small water content, which enables quick response to load changes, making them more efficient and safer. Their design can accommodate multiple burners, allowing for horizontal or vertical firing configurations, which is beneficial for temperature control and optimizing performance. Water-tube boilers can be either naturally circulated or forced circulation systems. In naturally circulated boilers, steam and water movement is driven by density differences, while forced circulation systems use pumps to enhance steam production. To improve efficiency, modern water-tube boilers are often integrated with waste heat recovery systems, automation, and digital monitoring technologies.
“The Middle East and Africa (MEA) market is projected to register the second fastest growing market for industrial boiler during the forecast period.”
The Middle East & Africa (MEA) industrial boiler market is experiencing growth due to rapid industrialization, rising energy demand, and expanding oil & gas, petrochemical, and power generation sectors. Countries like Saudi Arabia, the UAE, South Africa, and Egypt are witnessing significant infrastructure development, driving the demand for high-efficiency industrial boilers. The region’s focus on diversifying economies beyond oil exports has led to increased investments in manufacturing, food processing, and chemical industries, further fueling the need for advanced boiler systems.
A key growth driver is the expansion of the power sector to meet the rising electricity demand. Many countries are investing in thermal power plants, cogeneration (combined heat and power) systems, and renewable energy projects, all of which require high-performance boilers. Additionally, the oil & gas industry remains a major contributor, with refineries and petrochemical plants utilizing industrial boilers for steam generation and process heating. Environmental regulations and the shift towards cleaner fuels are also influencing the market. Governments in the region are implementing emission control policies to reduce reliance on heavy fuels, prompting industries to adopt natural gas-fired and biomass boilers. The push for energy efficiency and sustainability, supported by incentives and regulatory frameworks, is encouraging the adoption of modern, low-emission boiler technologies.
Extensive primary interviews were conducted to determine and verify the market size for several segments and sub-segments and the information gathered through secondary research.
The break-up of primary interviews is given below:
- By Department: Tier 1: 40%, Tier 2: 25%, and Tier 3: 35%
- By Designation: C Level: 35%, Director Level: 30%, and Executives: 35%
- By Region: North America: 25%, Europe: 45%, Asia Pacific: 20%, South America: 5%, Middle East & Africa 5%
Babcock & Wilcox Enterprises,. (US), Siemens (Germany), Wood (UK), Dongfang Electric Corporation Limited (DEC LTD.) (China), Robert Bosch GmbH (Bosch) (Germany), Mitsubishi Heavy Industries, Ltd. (MHI) (Japan), Thermax Limited (India), Sofinter (Italy), Bhel (India), Cleaver-Brooks, Inc. (US) among others are some of the key players in the industrial boilers market.
The study includes an in-depth competitive analysis of these key players in the authentication and brand
protection market, with their company profiles, recent developments, and key market strategies.
Research Coverage
The market study covers the industrial boiler market across various segments. It aims to estimate the market size and the growth potential of this market across different segments based on material, application, structure, end-use industry, and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the industrial boiler market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall industrial boiler market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. The report also aims to help stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Analysis of key drivers (rising demand for electricity and power generation, high demand from major end-use industries), restraints (high initial investment and operating cost), opportunities (Adoption of biomass boilers to achive low carbon emission), challenges (Hincreasing energy prices).
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the industrial boiler market
- Market Development: Comprehensive information about lucrative markets – the report analyses the industrial boiler market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the industrial boiler market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Babcock & Wilcox Enterprises,. (US), Siemens (Germany), Wood (UK), Dongfang Electric Corporation Limited (DEC LTD.) (China), Robert Bosch GmbH (Bosch) (Germany), Mitsubishi Heavy Industries, Ltd. (MHI) (Japan), Thermax Limited (India), Sofinter (Italy), Bhel (India), Cleaver-Brooks, Inc. (US) among others are the top manufacturers covered in the industrial boiler market.
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS AND EXCLUSIONS
1.3 STUDY SCOPE
1.3.1 MARKETS COVERED
1.3.2 YEARS CONSIDERED
1.4 CURRENCY CONSIDERED
1.5 UNITS CONSIDERED
1.6 STAKEHOLDERS
1.7 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.1.1 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key data from primary sources
2.1.3 PRIMARY INTERVIEWS
2.1.3.1 Primary interviews—demand and supply sides
2.1.4 KEY INDUSTRY INSIGHTS
2.1.5 BREAKDOWN OF PRIMARY INTERVIEWS
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.1.1 Approach for arriving at market size using bottom-up approach
2.2.2 TOP-DOWN APPROACH
2.2.2.1 Approach for arriving at market size using top-down approach
2.3 DATA TRIANGULATION
2.4 FACTOR ANALYSIS
2.5 RESEARCH ASSUMPTIONS
2.6 LIMITATIONS AND RISKS
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 EMERGING ECONOMIES TO WITNESS HIGH GROWTH IN INDUSTRIAL BOILERS MARKET
4.2 INDUSTRIAL BOILERS MARKET, BY FUNCTION TYPE
4.3 INDUSTRIAL BOILERS MARKET, BY BOILER TYPE
4.4 INDUSTRIAL BOILERS MARKET, BY FUEL TYPE
4.5 INDUSTRIAL BOILERS MARKET, BY BOILER HORSEPOWER
4.6 INDUSTRIAL BOILERS MARKET, BY END-USE INDUSTRY
4.7 ASIA PACIFIC: INDUSTRIAL BOILERS MARKET, BY END-USE INDUSTRY & COUNTRY
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Government policies to increase requirement for industrial boilers
5.2.1.2 Rising demand for electricity
5.2.1.3 High demand from major end-use industries
5.2.2 RESTRAINTS
5.2.2.1 High initial investment and operating cost
5.2.3 OPPORTUNITIES
5.2.3.1 Adoption of biomass boilers to achieve low-carbon-emissions targets
5.2.3.2 Replacement of aging boilers and adoption of supercritical and
ultra-supercritical boilers
5.2.3.3 Increasing demand for compact designs and lean operations
5.2.4 CHALLENGES
5.2.4.1 Stringent regulations and emissions control
5.2.4.2 Increasing energy prices
5.3 PATENT ANALYSIS
5.3.1 METHODOLOGY
5.3.2 PATENTS GRANTED WORLDWIDE, 2015–2024
5.3.3 PATENT PUBLICATION TRENDS
5.3.4 INSIGHTS
5.3.5 LEGAL STATUS OF PATENTS
5.3.6 JURISDICTION-WISE PATENT ANALYSIS
5.3.7 TOP COMPANIES/APPLICANTS
5.3.8 TOP 10 PATENT OWNERS IN LAST 10 YEARS
5.4 ECOSYSTEM MAPPING
5.5 VALUE CHAIN ANALYSIS
5.5.1 RAW MATERIAL SUPPLIERS
5.5.2 MANUFACTURERS
5.5.3 DISTRIBUTORS
5.5.4 END USERS
5.6 TECHNOLOGY ANALYSIS
5.6.1 LOW NOX BOILERS
5.6.2 AI-INTEGRATED BOILERS
5.6.3 LOW MASS BOILERS
5.6.4 CARBON NEUTRAL BOILERS
5.6.5 HYBRID BOILER SYSTEMS
5.7 PRICING ANALYSIS
5.7.1 AVERAGE SELLING PRICE BASED ON REGION
5.8 PORTER’S FIVE FORCES ANALYSIS
5.8.1 THREAT OF SUBSTITUTES
5.8.2 BARGAINING POWER OF SUPPLIERS
5.8.3 THREAT OF NEW ENTRANTS
5.8.4 BARGAINING POWER OF BUYERS
5.8.5 INTENSITY OF COMPETITIVE RIVALRY
5.9 TRADE ANALYSIS
5.9.1 IMPORT-EXPORT SCENARIO OF INDUSTRIAL BOILERS MARKET
5.10 MACROECONOMIC INDICATORS
5.10.1 GLOBAL GDP TRENDS
5.11 TRENDS AND DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
5.12 KEY CONFERENCES AND EVENTS, 2025
5.13 IMPACT OF AI/GEN AI
5.14 TARIFF AND REGULATIONS
5.14.1 NORTH AMERICA
5.14.2 EUROPE
5.14.3 ASIA
5.15 CASE STUDY ANALYSIS
5.15.1 BYWORTH’S FELLSMAN HOT WATER BOILER FOR SHEFFIELD
WEDNESDAY FOOTBALL CLUB
5.15.2 THERMAX’S CPFD FOR GOVIND DAIRY PHALTAN
6 INDUSTRIAL BOILERS MARKET, BY FUEL TYPE
6.1 INTRODUCTION
6.2 NATURAL GAS
6.2.1 LOW EMISSION OF NATURAL GAS TO DRIVE MARKET
6.3 COAL
6.3.1 ASIA PACIFIC TO DOMINATE COAL-FIRED INDUSTRIAL BOILERS MARKET
6.4 OIL
6.4.1 HIGH AVAILABILITY OF CRUDE OIL EXPECTED TO FUEL MARKET GROWTH
6.5 OTHER FUEL TYPES
7 INDUSTRIAL BOILERS MARKET, BY BOILER TYPE
7.1 INTRODUCTION
7.2 FIRE-TUBE
7.2.1 OFFERS ADVANTAGES SUCH AS COMPACT SIZE, EASE OF OPERATION,
AND HIGH FUEL EFFICIENCY
7.3 WATER-TUBE
7.3.1 HIGH DEMAND IN POWER STATIONS TO DRIVE MARKET GROWTH
7.4 OTHER BOILER TYPES
8 INDUSTRIAL BOILERS MARKET, BY FUNCTION
8.1 INTRODUCTION
8.2 HOT WATER
8.2.1 HIGH-TEMPERATURE HOT WATER BOILERS IDEAL FOR LARGER SYSTEMS
8.3 STEAM
8.3.1 STEAM BOILERS PREFERRED IN TURBINE AND POWER INDUSTRIES
9 INDUSTRIAL BOILERS MARKET, BY BOILER HORSEPOWER
9.1 INTRODUCTION
9.2 10–150 BHP
9.2.1 DEMAND IN SPACE AND ENERGY EFFICIENCY APPLICATIONS
TO DRIVE MARKET
9.3 151–300 BHP
9.3.1 PRECISION PRESSURE AND TEMPERATURE REQUIREMENT ACROSS
END-USE INDUSTRIES TO FUEL MARKET GROWTH
9.4 301–600 BHP
9.4.1 INCREASING DEMAND FOR HIGH-PRESSURE STEAM OUTPUT TO
PROPEL SEGMENT GROWTH
9.5 ABOVE 600 BHP
9.5.1 GROWING APPLICATION IN MAJOR END-USE INDUSTRIES
TO PROPEL GROWTH
10 INDUSTRIAL BOILERS MARKET, BY END-USE INDUSTRY
10.1 INTRODUCTION
10.2 CHEMICALS & PETROCHEMICALS
10.2.1 HIGH DEMAND FOR BULK CHEMICALS IN EMERGING COUNTRIES
TO PROPEL SEGMENT GROWTH
10.3 FOOD
10.3.1 INCREASING DEMAND FOR PACKAGED FOODS TO FUEL SEGMENT GROWTH
10.4 PULP & PAPER
10.4.1 INCREASING CONSUMPTION OF PAPER & PACKAGING MATERIALS
TO PROPEL MARKET
10.5 METALS & MINING
10.5.1 CONSTRUCTION AND INDUSTRIAL ACTIVITIES IN ASIA PACIFIC
TO DRIVE MARKET
10.6 POWER GENERATION
10.6.1 POWER GENERATION SEGMENT TO WITNESS RAPID GROWTH DURING FORECAST PERIOD
10.7 OTHER END-USE INDUSTRIES
11 REGIONAL ANALYSIS
11.1 INTRODUCTION
11.2 ASIA PACIFIC
11.2.1 CHINA
11.2.1.1 Strong growth in chemical industry to propel market
11.2.2 INDIA
11.2.2.1 Increased demand from chemical sector to drive market
11.2.3 JAPAN
11.2.3.1 Increasing use of boilers in food & chemical industry to drive demand
11.2.4 SOUTH KOREA
11.2.4.1 Shift toward LNG-based plants for achieving carbon neutrality
to support market growth
11.2.5 MALAYSIA
11.2.5.1 Rising demand for food products to propel market
11.2.6 AUSTRALIA
11.2.6.1 Strong focus on reducing emission to propel market
11.2.7 REST OF ASIA PACIFIC
11.2.7.1 Growth in manufacturing sector to drive industrial boilers market
11.3 EUROPE
11.3.1 GERMANY
11.3.1.1 Strong chemical industry to propel market growth
11.3.2 UK
11.3.2.1 Discontinuation of coal-fired boilers to boost demand for natural gas-fired industrial boilers
11.3.3 FRANCE
11.3.3.1 Rising demand from chemical industry driving market growth
11.3.4 ITALY
11.3.4.1 Growth of food industry to propel demand for industrial boilers
11.3.5 TURKEY
11.3.5.1 Demand for processed food products to drive industrial
boilers market
11.3.6 EASTERN EUROPE
11.3.6.1 Growing demand for industrial boilers in food industry to
fuel market growth
11.3.7 REST OF EUROPE
11.3.7.1 Demand from chemical and food sectors to drive market
11.4 NORTH AMERICA
11.4.1 US
11.4.1.1 Presence of strong chemical sector to drive market
11.4.2 CANADA
11.4.2.1 Significant presence of food processing companies to drive market
11.4.3 MEXICO
11.4.3.1 Rising demand from chemical sector to propel market
11.5 MIDDLE EAST & AFRICA
11.5.1 SAUDI ARABIA
11.5.1.1 Rising thermal energy consumption in chemical industry to
fuel market growth
11.5.2 UAE
11.5.2.1 Government policies and investment to fuel growth
11.5.3 EGYPT
11.5.3.1 Growth of manufacturing sector to propel market
11.5.4 REST OF MIDDLE EAST & AFRICA
11.5.4.1 Increasing demand for industrial chemicals and fertilizers to
fuel market growth
11.6 SOUTH AMERICA
11.6.1 BRAZIL
11.6.1.1 Government policies to curb pollution to propel market
11.6.2 ARGENTINA
11.6.2.1 Demand from food industry to boost market growth
11.6.3 REST OF SOUTH AMERICA
11.6.3.1 High growth of end-use industries to drive demand
12 COMPETITIVE LANDSCAPE
12.1 OVERVIEW
12.2 RANKING ANALYSIS OF KEY MARKET PLAYERS, 2023
12.3 MARKET SHARE ANALYSIS
12.4 REVENUE ANALYSIS, 2021–2023
12.5 MARKET EVALUATION MATRIX
12.6 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023
12.6.1 STARS
12.6.2 EMERGING LEADERS
12.6.3 PERVASIVE PLAYERS
12.6.4 PARTICIPANTS
12.7 COMPANY EVALUATION MATRIX: START-UPS AND SMALL AND MEDIUM-SIZED ENTERPRISES (SMES), 2023
12.7.1 RESPONSIVE COMPANIES
12.7.2 STARTING BLOCKS
12.7.3 PROGRESSIVE COMPANIES
12.7.4 DYNAMIC COMPANIES
12.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023
12.7.5.1 Company end-use industry footprint
12.7.5.2 Company region footprint
12.8 STRENGTH OF PRODUCT PORTFOLIO
12.9 BUSINESS STRATEGY EXCELLENCE
12.10 COMPETITIVE SCENARIO
12.10.1 PRODUCT LAUNCHES
12.10.2 DEALS
12.10.3 OTHER DEVELOPMENTS
13 COMPANY PROFILES
13.1 MAJOR PLAYERS
13.1.1 BABCOCK & WILCOX ENTERPRISES, INC.
13.1.1.1 Business overview
13.1.1.2 Products/Solutions/Services offered
13.1.1.3 Recent developments
13.1.1.3.1 Deals
13.1.1.4 MnM view
13.1.1.4.1 Key strengths
13.1.1.4.2 Strategic choices
13.1.1.4.3 Weaknesses and competitive threats
13.1.2 SIEMENS
13.1.2.1 Business overview
13.1.2.2 Products/Solutions/Services offered
13.1.2.3 Recent developments
13.1.2.3.1 Deals
13.1.2.4 MnM view
13.1.2.4.1 Key strengths
13.1.2.4.2 Strategic choices
13.1.2.4.3 Weaknesses and competitive threats
13.1.3 WOOD
13.1.3.1 Business overview
13.1.3.2 Products/Solutions/Services offered
13.1.3.3 Recent developments
13.1.3.3.1 Deals
13.1.3.3.2 Expansions
13.1.3.4 MnM view
13.1.3.4.1 Key strengths
13.1.3.4.2 Strategic choices
13.1.3.4.3 Weaknesses and competitive threats
13.1.4 DONGFANG ELECTRIC CORPORATION LIMITED (DEC LTD.)
13.1.4.1 Business overview
13.1.4.2 Products/Solutions/Services offered
13.1.4.3 Recent developments
13.1.4.3.1 Deals
13.1.4.4 MnM view
13.1.4.4.1 Key strengths
13.1.4.4.2 Strategic choices
13.1.4.4.3 Weaknesses and competitive threats
13.1.5 ROBERT BOSCH GMBH
13.1.5.1 Business overview
13.1.5.2 Products/Solutions/Services offered
13.1.5.3 Recent developments
13.1.5.3.1 Product launches
13.1.5.4 MnM view
13.1.5.4.1 Key strengths
13.1.5.4.2 Strategic choices
13.1.5.4.3 Weakness and competitive threats
13.1.6 MITSUBISHI HEAVY INDUSTRIES LTD.
13.1.6.1 Business overview
13.1.6.2 Products/Solutions/Services offered
13.1.6.3 Recent developments
13.1.6.3.1 Product launches
13.1.6.3.2 Deals
13.1.6.4 MnM view
13.1.6.4.1 Key strategies
13.1.6.4.2 Strategic choices
13.1.6.4.3 Weaknesses and competitive threats
13.1.7 THERMAX LIMITED
13.1.7.1 Business overview
13.1.7.2 Products/Solutions/Services offered
13.1.7.3 Recent developments
13.1.7.3.1 Deals
13.1.7.4 MnM view
13.1.8 SOFINTER S.P.A
13.1.8.1 Business overview
13.1.8.2 Products/Solutions/Services offered
13.1.8.3 MnM view
13.1.9 BHARAT HEAVY ELECTRICALS LIMITED (BHEL)
13.1.9.1 Business overview
13.1.9.2 Products/Solutions/Services offered
13.1.9.3 Recent developments
13.1.9.3.1 Deals
13.1.9.4 MnM view
13.1.10 CLEAVER-BROOKS, INC.
13.1.10.1 Business overview
13.1.10.2 Products/Solutions/Services offered
13.1.10.3 Recent developments
13.1.10.3.1 Deals
13.1.10.4 MnM view
13.1.11 BYWORTH BOILERS LTD.
13.1.11.1 Business overview
13.1.11.2 Products/Solutions/Services offered
13.1.11.3 MnM view
13.1.12 ANDRITZ AG
13.1.12.1 Business overview
13.1.12.2 Products/Solutions/Services offered
13.1.12.3 Recent developments
13.1.12.3.1 Deals
13.1.12.3.2 Expansions
13.1.12.4 MnM view
13.1.13 HARBIN ELECTRIC COMPANY LIMITED
13.1.13.1 Business overview
13.1.13.2 Products/Solutions/Services offered
13.1.13.3 MnM view
13.1.14 ALFA LAVAL AB
13.1.14.1 Business overview
13.1.14.2 Products/Solutions/Services offered
13.1.14.3 Recent developments
13.1.14.4 MnM view
13.1.15 IHI CORPORATION
13.1.15.1 Business overview
13.1.15.2 Products/Solutions/Services offered
13.1.15.3 Recent developments
13.1.15.3.1 Deals
13.1.15.3.2 Other Developments
13.1.15.4 MnM view
13.2 OTHER PLAYERS
13.2.1 BRYAN STEAM, LLC
13.2.2 COCHRAN LTD.
13.2.3 FORBES MARSHAL PRIVATE LIMITED
13.2.4 THE FULTON COMPANIES
13.2.5 VAPOR POWER INTERNATIONAL, LLC
13.2.6 SUPERIOR BOILER WORKS, INC.
13.2.7 HURST BOILER & WELDING COMPANY, INC.
13.2.8 JOHNSTON BOILER COMPANY
13.2.9 PARKER BOILER COMPANY
13.2.10 RENTECH BOILER SYSTEMS, INC.
14 APPENDIX
14.1 DISCUSSION GUIDE
14.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
14.3 CUSTOMIZATION OPTIONS
14.4 RELATED REPORTS
14.5 AUTHOR DETAILS
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS AND EXCLUSIONS
1.3 STUDY SCOPE
1.3.1 MARKETS COVERED
1.3.2 YEARS CONSIDERED
1.4 CURRENCY CONSIDERED
1.5 UNITS CONSIDERED
1.6 STAKEHOLDERS
1.7 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.1.1 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key data from primary sources
2.1.3 PRIMARY INTERVIEWS
2.1.3.1 Primary interviews—demand and supply sides
2.1.4 KEY INDUSTRY INSIGHTS
2.1.5 BREAKDOWN OF PRIMARY INTERVIEWS
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.1.1 Approach for arriving at market size using bottom-up approach
2.2.2 TOP-DOWN APPROACH
2.2.2.1 Approach for arriving at market size using top-down approach
2.3 DATA TRIANGULATION
2.4 FACTOR ANALYSIS
2.5 RESEARCH ASSUMPTIONS
2.6 LIMITATIONS AND RISKS
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 EMERGING ECONOMIES TO WITNESS HIGH GROWTH IN INDUSTRIAL BOILERS MARKET
4.2 INDUSTRIAL BOILERS MARKET, BY FUNCTION TYPE
4.3 INDUSTRIAL BOILERS MARKET, BY BOILER TYPE
4.4 INDUSTRIAL BOILERS MARKET, BY FUEL TYPE
4.5 INDUSTRIAL BOILERS MARKET, BY BOILER HORSEPOWER
4.6 INDUSTRIAL BOILERS MARKET, BY END-USE INDUSTRY
4.7 ASIA PACIFIC: INDUSTRIAL BOILERS MARKET, BY END-USE INDUSTRY & COUNTRY
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Government policies to increase requirement for industrial boilers
5.2.1.2 Rising demand for electricity
5.2.1.3 High demand from major end-use industries
5.2.2 RESTRAINTS
5.2.2.1 High initial investment and operating cost
5.2.3 OPPORTUNITIES
5.2.3.1 Adoption of biomass boilers to achieve low-carbon-emissions targets
5.2.3.2 Replacement of aging boilers and adoption of supercritical and
ultra-supercritical boilers
5.2.3.3 Increasing demand for compact designs and lean operations
5.2.4 CHALLENGES
5.2.4.1 Stringent regulations and emissions control
5.2.4.2 Increasing energy prices
5.3 PATENT ANALYSIS
5.3.1 METHODOLOGY
5.3.2 PATENTS GRANTED WORLDWIDE, 2015–2024
5.3.3 PATENT PUBLICATION TRENDS
5.3.4 INSIGHTS
5.3.5 LEGAL STATUS OF PATENTS
5.3.6 JURISDICTION-WISE PATENT ANALYSIS
5.3.7 TOP COMPANIES/APPLICANTS
5.3.8 TOP 10 PATENT OWNERS IN LAST 10 YEARS
5.4 ECOSYSTEM MAPPING
5.5 VALUE CHAIN ANALYSIS
5.5.1 RAW MATERIAL SUPPLIERS
5.5.2 MANUFACTURERS
5.5.3 DISTRIBUTORS
5.5.4 END USERS
5.6 TECHNOLOGY ANALYSIS
5.6.1 LOW NOX BOILERS
5.6.2 AI-INTEGRATED BOILERS
5.6.3 LOW MASS BOILERS
5.6.4 CARBON NEUTRAL BOILERS
5.6.5 HYBRID BOILER SYSTEMS
5.7 PRICING ANALYSIS
5.7.1 AVERAGE SELLING PRICE BASED ON REGION
5.8 PORTER’S FIVE FORCES ANALYSIS
5.8.1 THREAT OF SUBSTITUTES
5.8.2 BARGAINING POWER OF SUPPLIERS
5.8.3 THREAT OF NEW ENTRANTS
5.8.4 BARGAINING POWER OF BUYERS
5.8.5 INTENSITY OF COMPETITIVE RIVALRY
5.9 TRADE ANALYSIS
5.9.1 IMPORT-EXPORT SCENARIO OF INDUSTRIAL BOILERS MARKET
5.10 MACROECONOMIC INDICATORS
5.10.1 GLOBAL GDP TRENDS
5.11 TRENDS AND DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
5.12 KEY CONFERENCES AND EVENTS, 2025
5.13 IMPACT OF AI/GEN AI
5.14 TARIFF AND REGULATIONS
5.14.1 NORTH AMERICA
5.14.2 EUROPE
5.14.3 ASIA
5.15 CASE STUDY ANALYSIS
5.15.1 BYWORTH’S FELLSMAN HOT WATER BOILER FOR SHEFFIELD
WEDNESDAY FOOTBALL CLUB
5.15.2 THERMAX’S CPFD FOR GOVIND DAIRY PHALTAN
6 INDUSTRIAL BOILERS MARKET, BY FUEL TYPE
6.1 INTRODUCTION
6.2 NATURAL GAS
6.2.1 LOW EMISSION OF NATURAL GAS TO DRIVE MARKET
6.3 COAL
6.3.1 ASIA PACIFIC TO DOMINATE COAL-FIRED INDUSTRIAL BOILERS MARKET
6.4 OIL
6.4.1 HIGH AVAILABILITY OF CRUDE OIL EXPECTED TO FUEL MARKET GROWTH
6.5 OTHER FUEL TYPES
7 INDUSTRIAL BOILERS MARKET, BY BOILER TYPE
7.1 INTRODUCTION
7.2 FIRE-TUBE
7.2.1 OFFERS ADVANTAGES SUCH AS COMPACT SIZE, EASE OF OPERATION,
AND HIGH FUEL EFFICIENCY
7.3 WATER-TUBE
7.3.1 HIGH DEMAND IN POWER STATIONS TO DRIVE MARKET GROWTH
7.4 OTHER BOILER TYPES
8 INDUSTRIAL BOILERS MARKET, BY FUNCTION
8.1 INTRODUCTION
8.2 HOT WATER
8.2.1 HIGH-TEMPERATURE HOT WATER BOILERS IDEAL FOR LARGER SYSTEMS
8.3 STEAM
8.3.1 STEAM BOILERS PREFERRED IN TURBINE AND POWER INDUSTRIES
9 INDUSTRIAL BOILERS MARKET, BY BOILER HORSEPOWER
9.1 INTRODUCTION
9.2 10–150 BHP
9.2.1 DEMAND IN SPACE AND ENERGY EFFICIENCY APPLICATIONS
TO DRIVE MARKET
9.3 151–300 BHP
9.3.1 PRECISION PRESSURE AND TEMPERATURE REQUIREMENT ACROSS
END-USE INDUSTRIES TO FUEL MARKET GROWTH
9.4 301–600 BHP
9.4.1 INCREASING DEMAND FOR HIGH-PRESSURE STEAM OUTPUT TO
PROPEL SEGMENT GROWTH
9.5 ABOVE 600 BHP
9.5.1 GROWING APPLICATION IN MAJOR END-USE INDUSTRIES
TO PROPEL GROWTH
10 INDUSTRIAL BOILERS MARKET, BY END-USE INDUSTRY
10.1 INTRODUCTION
10.2 CHEMICALS & PETROCHEMICALS
10.2.1 HIGH DEMAND FOR BULK CHEMICALS IN EMERGING COUNTRIES
TO PROPEL SEGMENT GROWTH
10.3 FOOD
10.3.1 INCREASING DEMAND FOR PACKAGED FOODS TO FUEL SEGMENT GROWTH
10.4 PULP & PAPER
10.4.1 INCREASING CONSUMPTION OF PAPER & PACKAGING MATERIALS
TO PROPEL MARKET
10.5 METALS & MINING
10.5.1 CONSTRUCTION AND INDUSTRIAL ACTIVITIES IN ASIA PACIFIC
TO DRIVE MARKET
10.6 POWER GENERATION
10.6.1 POWER GENERATION SEGMENT TO WITNESS RAPID GROWTH DURING FORECAST PERIOD
10.7 OTHER END-USE INDUSTRIES
11 REGIONAL ANALYSIS
11.1 INTRODUCTION
11.2 ASIA PACIFIC
11.2.1 CHINA
11.2.1.1 Strong growth in chemical industry to propel market
11.2.2 INDIA
11.2.2.1 Increased demand from chemical sector to drive market
11.2.3 JAPAN
11.2.3.1 Increasing use of boilers in food & chemical industry to drive demand
11.2.4 SOUTH KOREA
11.2.4.1 Shift toward LNG-based plants for achieving carbon neutrality
to support market growth
11.2.5 MALAYSIA
11.2.5.1 Rising demand for food products to propel market
11.2.6 AUSTRALIA
11.2.6.1 Strong focus on reducing emission to propel market
11.2.7 REST OF ASIA PACIFIC
11.2.7.1 Growth in manufacturing sector to drive industrial boilers market
11.3 EUROPE
11.3.1 GERMANY
11.3.1.1 Strong chemical industry to propel market growth
11.3.2 UK
11.3.2.1 Discontinuation of coal-fired boilers to boost demand for natural gas-fired industrial boilers
11.3.3 FRANCE
11.3.3.1 Rising demand from chemical industry driving market growth
11.3.4 ITALY
11.3.4.1 Growth of food industry to propel demand for industrial boilers
11.3.5 TURKEY
11.3.5.1 Demand for processed food products to drive industrial
boilers market
11.3.6 EASTERN EUROPE
11.3.6.1 Growing demand for industrial boilers in food industry to
fuel market growth
11.3.7 REST OF EUROPE
11.3.7.1 Demand from chemical and food sectors to drive market
11.4 NORTH AMERICA
11.4.1 US
11.4.1.1 Presence of strong chemical sector to drive market
11.4.2 CANADA
11.4.2.1 Significant presence of food processing companies to drive market
11.4.3 MEXICO
11.4.3.1 Rising demand from chemical sector to propel market
11.5 MIDDLE EAST & AFRICA
11.5.1 SAUDI ARABIA
11.5.1.1 Rising thermal energy consumption in chemical industry to
fuel market growth
11.5.2 UAE
11.5.2.1 Government policies and investment to fuel growth
11.5.3 EGYPT
11.5.3.1 Growth of manufacturing sector to propel market
11.5.4 REST OF MIDDLE EAST & AFRICA
11.5.4.1 Increasing demand for industrial chemicals and fertilizers to
fuel market growth
11.6 SOUTH AMERICA
11.6.1 BRAZIL
11.6.1.1 Government policies to curb pollution to propel market
11.6.2 ARGENTINA
11.6.2.1 Demand from food industry to boost market growth
11.6.3 REST OF SOUTH AMERICA
11.6.3.1 High growth of end-use industries to drive demand
12 COMPETITIVE LANDSCAPE
12.1 OVERVIEW
12.2 RANKING ANALYSIS OF KEY MARKET PLAYERS, 2023
12.3 MARKET SHARE ANALYSIS
12.4 REVENUE ANALYSIS, 2021–2023
12.5 MARKET EVALUATION MATRIX
12.6 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023
12.6.1 STARS
12.6.2 EMERGING LEADERS
12.6.3 PERVASIVE PLAYERS
12.6.4 PARTICIPANTS
12.7 COMPANY EVALUATION MATRIX: START-UPS AND SMALL AND MEDIUM-SIZED ENTERPRISES (SMES), 2023
12.7.1 RESPONSIVE COMPANIES
12.7.2 STARTING BLOCKS
12.7.3 PROGRESSIVE COMPANIES
12.7.4 DYNAMIC COMPANIES
12.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023
12.7.5.1 Company end-use industry footprint
12.7.5.2 Company region footprint
12.8 STRENGTH OF PRODUCT PORTFOLIO
12.9 BUSINESS STRATEGY EXCELLENCE
12.10 COMPETITIVE SCENARIO
12.10.1 PRODUCT LAUNCHES
12.10.2 DEALS
12.10.3 OTHER DEVELOPMENTS
13 COMPANY PROFILES
13.1 MAJOR PLAYERS
13.1.1 BABCOCK & WILCOX ENTERPRISES, INC.
13.1.1.1 Business overview
13.1.1.2 Products/Solutions/Services offered
13.1.1.3 Recent developments
13.1.1.3.1 Deals
13.1.1.4 MnM view
13.1.1.4.1 Key strengths
13.1.1.4.2 Strategic choices
13.1.1.4.3 Weaknesses and competitive threats
13.1.2 SIEMENS
13.1.2.1 Business overview
13.1.2.2 Products/Solutions/Services offered
13.1.2.3 Recent developments
13.1.2.3.1 Deals
13.1.2.4 MnM view
13.1.2.4.1 Key strengths
13.1.2.4.2 Strategic choices
13.1.2.4.3 Weaknesses and competitive threats
13.1.3 WOOD
13.1.3.1 Business overview
13.1.3.2 Products/Solutions/Services offered
13.1.3.3 Recent developments
13.1.3.3.1 Deals
13.1.3.3.2 Expansions
13.1.3.4 MnM view
13.1.3.4.1 Key strengths
13.1.3.4.2 Strategic choices
13.1.3.4.3 Weaknesses and competitive threats
13.1.4 DONGFANG ELECTRIC CORPORATION LIMITED (DEC LTD.)
13.1.4.1 Business overview
13.1.4.2 Products/Solutions/Services offered
13.1.4.3 Recent developments
13.1.4.3.1 Deals
13.1.4.4 MnM view
13.1.4.4.1 Key strengths
13.1.4.4.2 Strategic choices
13.1.4.4.3 Weaknesses and competitive threats
13.1.5 ROBERT BOSCH GMBH
13.1.5.1 Business overview
13.1.5.2 Products/Solutions/Services offered
13.1.5.3 Recent developments
13.1.5.3.1 Product launches
13.1.5.4 MnM view
13.1.5.4.1 Key strengths
13.1.5.4.2 Strategic choices
13.1.5.4.3 Weakness and competitive threats
13.1.6 MITSUBISHI HEAVY INDUSTRIES LTD.
13.1.6.1 Business overview
13.1.6.2 Products/Solutions/Services offered
13.1.6.3 Recent developments
13.1.6.3.1 Product launches
13.1.6.3.2 Deals
13.1.6.4 MnM view
13.1.6.4.1 Key strategies
13.1.6.4.2 Strategic choices
13.1.6.4.3 Weaknesses and competitive threats
13.1.7 THERMAX LIMITED
13.1.7.1 Business overview
13.1.7.2 Products/Solutions/Services offered
13.1.7.3 Recent developments
13.1.7.3.1 Deals
13.1.7.4 MnM view
13.1.8 SOFINTER S.P.A
13.1.8.1 Business overview
13.1.8.2 Products/Solutions/Services offered
13.1.8.3 MnM view
13.1.9 BHARAT HEAVY ELECTRICALS LIMITED (BHEL)
13.1.9.1 Business overview
13.1.9.2 Products/Solutions/Services offered
13.1.9.3 Recent developments
13.1.9.3.1 Deals
13.1.9.4 MnM view
13.1.10 CLEAVER-BROOKS, INC.
13.1.10.1 Business overview
13.1.10.2 Products/Solutions/Services offered
13.1.10.3 Recent developments
13.1.10.3.1 Deals
13.1.10.4 MnM view
13.1.11 BYWORTH BOILERS LTD.
13.1.11.1 Business overview
13.1.11.2 Products/Solutions/Services offered
13.1.11.3 MnM view
13.1.12 ANDRITZ AG
13.1.12.1 Business overview
13.1.12.2 Products/Solutions/Services offered
13.1.12.3 Recent developments
13.1.12.3.1 Deals
13.1.12.3.2 Expansions
13.1.12.4 MnM view
13.1.13 HARBIN ELECTRIC COMPANY LIMITED
13.1.13.1 Business overview
13.1.13.2 Products/Solutions/Services offered
13.1.13.3 MnM view
13.1.14 ALFA LAVAL AB
13.1.14.1 Business overview
13.1.14.2 Products/Solutions/Services offered
13.1.14.3 Recent developments
13.1.14.4 MnM view
13.1.15 IHI CORPORATION
13.1.15.1 Business overview
13.1.15.2 Products/Solutions/Services offered
13.1.15.3 Recent developments
13.1.15.3.1 Deals
13.1.15.3.2 Other Developments
13.1.15.4 MnM view
13.2 OTHER PLAYERS
13.2.1 BRYAN STEAM, LLC
13.2.2 COCHRAN LTD.
13.2.3 FORBES MARSHAL PRIVATE LIMITED
13.2.4 THE FULTON COMPANIES
13.2.5 VAPOR POWER INTERNATIONAL, LLC
13.2.6 SUPERIOR BOILER WORKS, INC.
13.2.7 HURST BOILER & WELDING COMPANY, INC.
13.2.8 JOHNSTON BOILER COMPANY
13.2.9 PARKER BOILER COMPANY
13.2.10 RENTECH BOILER SYSTEMS, INC.
14 APPENDIX
14.1 DISCUSSION GUIDE
14.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
14.3 CUSTOMIZATION OPTIONS
14.4 RELATED REPORTS
14.5 AUTHOR DETAILS
