Industrial Boilers Market: Current Trends and Future Opportunities

The global Industrial Boilers Market size is expected to reach USD 18.3 billion by 2025, exhibiting a CAGR of 4.5% over the forecast period, according to a new report by Grand View Research, Inc. Rapid industrialization in developing economies is expected to boost the demand for the product over the forecast period. In addition, growing food & beverage industry is expected to positively impact the growth of the market.

Boilers are vessels that produce steam to fulfill industrial heating requirements with the support of numerous energy sources including oil & gas, fossils, non-fossils, and biomass. Industrial boilers are used by numerous industries including food & beverage, power, textiles, FMCG, and thermal power plants. Chemicals & petrochemical is the largest industry that uses industrial boilers.

Growing industrialization including the expansion of existing plants and establishment of new plants is likely to drive the product demand over the forecast period. Growing population and increasing disposable incomes are likely to boost the growth of food & beverage industry. As a result, continuous expansion of manufacturing plants is observed globally, which, in turn, boosts the demand for industrial boilers, especially in developed economies.

Emission of harmful gases in the environment is a key challenge faced by the market. However, strict regulations implemented by numerous regulatory bodies have driven manufacturers to modify their products accordingly. Modified products are not only energy-efficient but also comply with the regulations. These benefits are expected to further boost the adoption rate of these products, thus, increasing the demand for the boilers.

In 2018, Europe was the top market with 34.1% share, in terms of revenue, and dominated the industry due to rapid industrialization. The region was followed by Asia Pacific and North America, respectively. However, Asia Pacific is expected to dominate the market with a share of 34.4%, in terms of revenue, and reach USD 6.3 billion by 2025 owing to the growing petroleum, iron & steel, textile, and food processing industries.

Browse Details of Report @
https://www.grandviewresearch.com/industry-analysis/industrial-boilers-market

Further key findings from the report suggest:

• Chemicals & petrochemicals application segment is expected to dominate the global industrial boilers market by 2025 owing to the growing petrochemical industries, especially in emerging economies
• Asia Pacific held the second-largest share in 2018 and is anticipated to register a significant growth rate over the forecast period owing to growing industries including food & beverage and petrochemical
• Canadian market is anticipated to reach USD 1.1 billion by 2025 owing to increasing disposable income, which contributes to the growth of food processing industry, resulting in growing demand for industrial boilers in the country
• The market is highly fragmented owing to the presence of numerous participants; however, it is dominated by giant players including Babcock & Wilcox Enterprises, Inc., Siemens AG, and Bharat Heavy Electricals Ltd.

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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

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