In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSJanuary 2022- Babcock & Wilcox announced that its B&W Renewable segment has been awarded a contract for more than USD 11 million for designing, manufacturing, supplying, and installing boiler equipment for a biomass boiler in Canada.
October 2021- Mitsubishi Heavy Industries achieved 6,000 units cumulative delivery of marine boilers at shipment. The units were needed for the VLCCs being built at the Namura Shipyard.
Global Industrial Boiler Maintenance Market Highlights Over 2022 - 2031
The global industrial boiler maintenance market is estimated to garner a hefty amount of revenue by growing at a significant CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed primarily to the increasing usage of industrial boilers by a variety of industries, including power, petrochemicals, and food & beverages. Furthermore, rapidly growing industrialization, and rising investments in boiler maintenance in developed and developing nations are projected to offer lucrative opportunities to the market in the near future.
Along with this, with the rapid rise in population, industries worldwide are emphasizing on expanding their manufacturing units and setting up new plants. This is expected to raise the implementation of industrial boilers, which in turn is evaluated to drive market growth in the coming years. According to the World Bank, the total population of the world was calculated at 7.762 billion in 2020, up from 7.683 billion in 2019 and 7.602 billion in 2018 respectively.
The market is segmented by end user into food & beverages, chemicals & petrochemicals, pulp & paper, oil & gas, and others, out of which, the chemicals & petrochemicals segment is anticipated to hold the largest share in the global industrial boiler maintenance market. This can be accounted to the high usage of industrial boilers in the industry for producing chemicals, such as industrial gases, alkali and chlorine, synthetic rubber, and synthetic organic fibers. Apart from this, rapid expansion of chemicals industry in emerging economies, including India and China, are also predicted to boost the growth of the market segment in the future. Additionally, on the basis of boiler type, the water-tube segment is assessed to occupy the largest share during the forecast period owing to the excellent efficiency, and ease to handle load fluctuation provided by this type of boiler. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Global Industrial Boiler Maintenance Market Regional Synopsis
Regionally, the global industrial boiler maintenance market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the rapid rate of industrialization, and growing demand for heat energy across various end user industries in the region. In addition, rising sales and consumption of chemicals is also expected to raise the demand for industrial boilers in the APAC. The domestic sales of chemicals in the Asia Pacific region were worth more than USD 2,000 million in the year 2020, followed by Europe and North America with sales worth USD 650 million and USD 548 million that same year. This can be credited to the requirement for providing high pressure and temperature steam for chemical production. Moreover, the market in Europe is projected to grab the largest share during the forecast period ascribing to the increasing adoption of boilers in food & beverages industry, and imposition of laws to limit the emission of harmful gases in the region.
The global industrial boiler maintenance market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global industrial boiler maintenance market includes the following segments:
By Boiler Type
By End User
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing usage of industrial boilers by a variety of industries, and rapidly growing industrialization globally.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022-2031.
The major players in the market are Babcock & Wilcox Enterprises, Inc., General Electric Company, Hurst Boiler & Welding Co, Inc., Mitsubishi Heavy Industries, Ltd., Robert Bosch GmbH, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by boiler type, end user, and by region.
The water-tube segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
High installation cost of industrial boiler is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the rapid industrialization, and growing demand for heat energy across various end user industries in the region.
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