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Industrial Boiler Maintenance Market Segmentation by Boiler Type (Fire-Tube, and Water-Tube); and by End User (Food & Beverages, Chemicals & Petrochemicals, Pulp & Paper, Oil & Gas, and Others) – Global Demand Analysis & Opportunity Outlook 2031

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IN THE NEWS

  • January 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.

Industrial Boiler Maintenance Market

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.

World Population, in Billion, 2016-2020

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

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.

Industrial Boiler Maintenance Market Share

The global industrial boiler maintenance market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global industrial boiler maintenance market includes the following segments:

By Boiler Type

  • Fire-Tube
  • Water-Tube

By End User

  • Food & Beverages
  • Chemicals & Petrochemicals
  • Pulp & Paper
  • Oil & Gas
  • Others

Growth Drivers

  • Increasing Usage of Industrial Boilers by a Variety of Industries
  • Rapidly Growing Industrialization Globally

Challenges

  • High Installation Cost of Industrial Boiler

Top Featured Companies Dominating the Market

  • Babcock & Wilcox Enterprises, Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • General Electric Company
  • Hurst Boiler & Welding Co, Inc.
  • Mitsubishi Heavy Industries, Ltd.
  • Robert Bosch GmbH
  • The IBL Group
  • Thermax Global
  • WIKA Instruments India Pvt. Ltd.
  • Stork B.V.
  • Harbin Electric Corporation

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