The industrial boilers market is estimated to be USD 13.1 billion in 2018 and is projected to reach USD 19.9 billion by 2027, at a CAGR of 4.8% between 2018 and 2027. Factors such as increasing demand from the food industry and growing demand for compact designs and lean operations influence the industrial boilers market. The shift toward high-performance boilers based on natural gas will have a positive impact on the industrial boilers market.

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High installation cost is one of the major restraints observed in the market. Major market players covered in this report include Babcock & Wilcox (US), Dongfang (China), Siemens (Germany), General Electric (US), AC Boilers (Italy), Bharat Heavy Electricals Limited (India), Harbin Electric Group (China), IHI Corporation (Japan), Mitsubishi Hitachi Power Systems (Japan), and Thermax (India), among others. They also have strong technical and market development capabilities, which enable them to upgrade their existing products for new applications.

On the basis of Boiler Horsepower:

10-150 BHP
151-300 BHP
301-600 BHP
On the basis of Fuel Type:

Natural Gas & Biomass
Oil
Coal
Others
On the basis of End-use Industry:

Food
Chemical
Refineries
Metals & Mining
Others
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Fire-tube type segment to lead the industrial boilers market by 2027

By type, the fire-tube segment is estimated to account for the largest share of the industrial boilers market in 2018 and is projected to dominate the market by 2027. Fire-tube boilers have compact designs and largely run on natural gas and oil, which are the major fuels preferred globally. Fire-tube boilers are also more fuel efficient and have lean operations in comparison to water-tube boilers.

Asia Pacific to lead the global industrial boilers market during the forecast period

Asia Pacific is estimated to account for the largest share of the global industrial boilers market by 2027, followed by Europe and North America. China and India are among the major consumers of industrial boilers in the Asia Pacific region with increasing expansion of end-use industries resulting in the demand for industrial boilers. This region also witnesses increasing investments for industrial boilers from global and existing players. These players are also planning huge capacity expansions in the next few years owing to increasing demand for industrial boilers from end-use industries, such as chemical, food, metals & mining, and refineries.