Global Boiler Market Research Report: Forecast (2024-2030)

Market Definition

A boiler is known as a closed vessel or surface that is used to heat and transfer fluid or generate steam. Steam or heat is used to fulfill different purposes such as processing food items, water heating, sanitation, and generating electricity. Boilers are of different types, including hot water boilers, gas boilers, steam water boilers, and other conventional or regular boilers. As the name suggests some are used to heat the water or make steam out of water. Some traditional boilers used oil, natural gas, and coal as fuel. Where these days’ boilers work using electric energy. Also, boilers are used in different industries such as chemicals and petrochemicals, the food processing industry, pulp & paper, metals & mining, and power generation, etc.

Market Insights & Analysis: Global Boiler Market (2024-30):

The Global Boiler Market size was valued at around USD 110 billion in 2023 & is estimated to grow at a CAGR of around 4.2% during the forecast period, i.e., 2024-30. Rapid industrialization is creating a surge in the establishment of various industries which further creates the demand for boilers for associate purposes. Almost all industries from chemicals & pharmaceuticals to textiles require boilers for the purposes like water heating, gas heating, and generating steam.

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Along with it, the rising urbanization due to the increasing number of individuals in cities, and the opportunities available are creating a boost in the urban settlements and then the demand for boilers for purposes like water & space heating, and food processing activities. There is a rise in demand for boilers globally due to the increasing disposable income also which led to a rise in the living standards of consumers and helped them afford boilers in residential spaces.

Moreover, Governments have been putting a lot of strain on the integration of IoT and technological advancements for the growth of the nations and their economy. This led to a significant increase in the innovations and development in the features of boilers, boilers with remote access, precise monitoring and control, and more accurate and efficient results are providing more growth opportunities and also shaping the trend of the global boiler industry. Such improved boilers with advanced characteristics are getting popular leading to optimized fuel consumption and reduced energy wastage leading to their high demand in the Boiler Market.

However, the initial cost of installation and the presence of other available alternatives are restraining the market growth. High initial costs make it difficult for small commercial spaces and residential owners to install boilers for space heating and other purposes. Alternative options such as solar heaters, geothermal systems, and heating pumps, provide the same services at lower prices, hence these available options are presenting a hurdle in the growth & expansion of the boiler industry globally.

Further, with increasing environmental concerns, to reduce the emission of CO2 and other harmful gases to lessen climatic variabilities, the governments are implying strict rules and regulations to promote clean energy and use energy-efficient solutions. To sustain the environmental conditions, these rules and regulations will be there in the future as well, and the demand for boilers will continuously increase as they are useful for water heating & boiling, and food processing, if traditional sources are used they will emit gases that can be dangerous for the environment. Thus, the promotion of the use of boilers for energy efficiency and clean energy will continuously augment the size & volume of the Boiler Market.

Global Boiler Market Driver:

Rising Focus on Industrialization & Urbanization Across the Globe – Boilers play an important role in industrial processes such as power generation, generating steam, and hot water, rapid industrialization and urbanization across the globe are driving the market for boilers. Rising advancements across the major industries such as chemicals and petrochemicals, the textile industry, the food processing industry, the paper industry, mining, and power generation, etc., are continuously expanding the market of boilers as boilers help in most industrial activities.

Further, increasing urbanization is also driving the growth of the boiler industry because boilers are extensively used in residential units for various activities. Also, with increasing urban settlements, the demand for boilers is increasing in the market to fulfill various household purposes such as heating, generating steam, boiling fluids, and space heating.

Global Boiler Market Opportunity:

Growing Focus on Energy-Efficient Solutions & Increasing Demand for Clean Energy – The increasing environmental concern across the globe in the economies and organizations led them to think about solutions for a better environment and reduce carbon dioxide emissions. The traditional methods of heating and boiling produce large amounts of gases such as CO2 and SO2 which led to climatic variability and persuaded the governments to promote energy-efficient solutions and make strict regulations for the same. Therefore, the adoption of solutions that are eco-friendly and don’t produce CO2 emissions is increasing with the rising climatic variabilities and is expected to boost the growth of the Global Boiler Market during the forecast period The regulations regarding emissions are becoming more and more strict with time, opening the new avenues for the growth & expansion of the top market players. Moreover, an increasing demand for clean energy due to rising health and environmental concerns is also expected to create massive demand for boilers from different end-users.

Global Boiler Market Challenge:

Increasing Competition from the Available Alternative Solutions – Alternative solutions like geothermal systems, solar heaters, and heat pumps are increasing competition for conventional boilers. These alternatives can be used for heating and providing energy without hurting the environment & climate. Currently, these solutions are used for industrial, residential as well as commercial heating requirements. Therefore, the increasing adoption of these alternative solutions in commercial and residential sectors poses a threat to the market growth for boiler companies. The heat pump and solar heaters require a low level of energy consumption for heating solutions, thus inclining the consumers towards the use of this type of alternative. Also, the geothermal system utilizing the stable temperatures of the subsurface of the earth provides heating solutions for industrial purposes, hampering the demand and market growth for conventional boilers.

Global Boiler Market Trend:

Compact & Modular Boilers Gaining Popularity – With the help of modern technology and the integration of the Internet of Things (IoT), compact and modular boilers are being created. These boilers can be monitored remotely hence attracting a large number of individuals to invest and enhance their operating experience. New and advanced solutions are also being used to decide the type of advanced materials that should be used to enhance the durability and efficiency of the boilers, and using IoT the dependability of consumers decreases on conventional boilers and attracts them towards using the new type of boiler with many advanced facilities, durability and better performance. The integration of AI and IoT helps in the development of boilers that require low fuel consumption, do precise monitoring, and reduce the consumption of energy. Thus, the introduction of compact & modular boilers is changing consumers’ preferences and paving a new path for growth & expansion of the top boiler manufacturing companies.

Global Boiler Market (2024-30): Segmentation Analysis

The Global Boiler Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment. It includes predictions for the period 2024- 2030 at the global level. Based on the analysis, the market has been further classified as:

Based on Tube Type:

• Fire Tube
• Water Tube

The ‘Water Tube’ type boilers hold the largest market share. This is primarily due to the attractive features associated with the use of water tube boilers, such as their great performance in high temperatures and pressure, producing quick steam options, with the ability to build in compact size. Traditional fire tube boilers take more time to generate steam and make the use of water tube boilers a better option to use. By taking less time in steam production, water tube boilers save a significant amount of cost of energy and fuel over a long time. Along with these, some other benefits related to the use of water tube boilers that keep on helping in the growth of the water tube boilers, are the requirement of less amount of water, their easy adaptation to shifting loads, and their durability, etc. Hence, due to the several associated benefits of water tube boilers, their demand is anticipated to increase during the forecast period, ultimately boiler industry is also projected to grow & expand in the coming years.

Based on End User:

• Residential
• Commercial
• Industrial
  • Chemicals and Petrochemicals
  • Food Processing Industry
  • Pulp & Paper
  • Metals & Mining
  • Power Generation
  • Others (Textile industry, Paper industry, etc.)

Among all of these, the ‘Industrial’ segment holds the largest market share due to the diverse and vast range of applications of boilers in industrial processes such as metals & mining, food processing, chemicals, paper and textile industry, etc. Along with it, the rising innovations and developments in different types of industries are creating more demand for boilers for the efficient functioning of particular associated activities requiring boilers. Thus, boilers are in high demand in the industrial sector and are anticipated to be in a similar trend during the forecast period as well.

Global Boiler Market (2024-30): Regional Projections

Geographically, the Global Boiler Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Among all the major regions of the globe, Asia-Pacific holds the largest market share in the Global Boiler Market for the forecast period. This is due to the growing expansion of commercial spaces and industrial development in the region. Along with it, the rapid urbanization and the high investments in boiler-using industries such as chemicals & petrochemicals, the food processing industry, pulp & paper, metals & mining, and power generation are driving and expanding the boiler market in Asia-Pacific.

Global Boiler Industry Recent Development:

• 2024: Daikin Industries a leading manufacturing company of HVAC & R, announced to enter a business and capital partnership with Miura Co., Ltd., which is an industry for the manufacturing of boilers.  
• 2023: BDR Thermea Group acquires fortress energy systems, in their portfolio of heat pumps, energy transitions solutions, and hybrid, which will add to the expansion of heat networks.

Gain a Competitive Edge with Our Global Boiler Market Report

1. Global Boiler Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Global Boiler Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

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