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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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.

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
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.

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Natural gas & biomass segment to lead the industrial boilers market by 2027

By fuel type, the natural gas & biomass 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. Natural gas & biomass-based boilers are capturing the industrial boilers market and are amongst the first choices to replace coal-based boilers in developed countries. The US and UK have stopped constructing new coal-based power plants and industrial boilers and are replacing the old ones with natural gas-fired industrial boilers. The natural gas & biomass-based industrial boilers are also used in developing countries like Saudi Arabia, the UAE, Egypt, and Nigeria due to easy availability of natural gas and oil.