Industrial Boilers Market Driven by Need for Process Heating Systems
The industrial boilers market has witnessed significant growth over the past few years owing to extensive applications of boilers across industries for process heating. Boilers are thermal equipment utilized to produce steam or hot water for purposes such as heating, sterilizing, processing, and power generation in several industrial facilities. Manufacturing plants in sectors including chemicals, food processing, paper and pulp, and others deploy industrial boilers to fulfill their steam and hot water requirements in operations. Process heating needs of varied industrial processes necessitate the use of durable and energy-efficient boiler equipment.
The industrial boilers market is estimated to be valued at USD 17.46 Bn in 2024 and is expected to reach USD 24.15 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031
Key Takeaways
Key players operating in the industrial boilers are Babcock & Wilcox Enterprises Inc., Siemens AG, GE Power, John Wood Group PLC, Thermax Limited, Bharat Heavy Electricals Limited, IHI Corporation, Mitsubishi Hitachi Power Systems, Ltd., Harbin Electric Co., Ltd., Dongfang Electric Corporation.
Growing industrialization and manufacturing activities have substantially increased the Industrial Boilers Market Demand across developing regions of Asia Pacific and Middle East & Africa in recent years. Rapid industrialization especially in China and India has boosted the sales of industrial boilers.
Key players are focusing on strategic expansion activities across lucrative markets to capitalize on opportunities arising from growing industrial manufacturing capacities globally. Partnerships and acquisitions have allowed companies to augment their geographical presence and product portfolios.
Industrial Boilers Market - https://www.coherentmi.com/ind....ustry-reports/indust
