Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Boiler Market, 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. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Boiler Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2024-2030
- Market Size in 2023: USD 110 billion
- CAGR (2024-2030): 4.2%
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Global Boiler Market Segmentation Breakdown:
The Boiler Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Boiler Type
- Hot Water Boilers- Market Size & Forecast 2019-2030, Thousand Units
- Gas Boilers- Market Size & Forecast 2019-2030, Thousand Units
- Steam Water Boilers- Market Size & Forecast 2019-2030, Thousand Units
- Others (Conventional Boilers, Regular Boilers, etc.)- Market Size & Forecast 2019-2030, Thousand Units
- By Fuel Type
- Natural Gas- Market Size & Forecast 2019-2030, Thousand Units
- Coal- Market Size & Forecast 2019-2030, Thousand Units
- Oil- Market Size & Forecast 2019-2030, Thousand Units
- Electric– Market Size & Forecast 2019-2030, Thousand Units
- By Tube Type
- Fire tube- Market Size & Forecast 2019-2030, Thousand Units
- Water tube- Market Size & Forecast 2019-2030, Thousand Units
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.
- By Horsepower Capacity
- 10-150 BHP- Market Size & Forecast 2019-2030, Thousand Units
- 151-300 BHP- Market Size & Forecast 2019-2030, Thousand Units
- 301- 600 BHP- Market Size & Forecast 2019-2030, Thousand Units
- >600 BHP- Market Size & Forecast 2019-2030, Thousand Units
- By End User
- Residential- Market Size & Forecast 2019-2030, Thousand Units
- Commercial- Market Size & Forecast 2019-2030, Thousand Units
- Industrial- Market Size & Forecast 2019-2030, Thousand Units
- 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.
Geographical Growth Insights:
- By Region
- 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.
MarkNtel Advisors Highlights Key Market Drivers for Boiler Market:
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.
A Comprehensive Analysis of Leading Companies in Global Boiler Market
- Daikin Industries, Ltd
- Ariston Thermo SpA
- Robert Bosch Gmbh
- Mitsubishi Power
- Thermax Ltd.
- Sofinter Group
- Cleaver Brooks Inc.
- BDR Thermea Group
- Byworth Boilers Ltd.
- Andritz AG
- Harbin Electric Company Ltd.
- IHI Corporation
- Weil-McLain
- PB Heat LLC
- Valliant Group
- Others
Explore More About This Research Report @ https://www.marknteladvisors.com/research-library/boiler-market.html
Boiler Market 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.
What are the growth Opportunity driving the Global Boiler Market?
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.
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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.
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