Industrial Boiler Maintenance Market Size & Share, by Boiler Type (Fire-Tube, Water-Tube); End-user (Food & Beverages, Chemicals & Petrochemicals, Pulp & Paper, Oil & Gas) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 3905
  • Published Date: Sep 26, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024 - 2036

Industrial Boiler Maintenance Market size is poised to reach USD 25 Billion by the end of 2036, growing at a CAGR of 4% during the forecast period, i.e., 2024 – 2036. In the year 2023, the industry size of industrial boiler maintenance was USD 16 Billion. The reason behind the growth is impelled by the increasing power generation. This may result in increasing use of industrial boilers as they are used in power plants to generate electricity, which may lead to higher maintenance requirements. For instance, over 2% more energy was produced globally in 2022.

The growing personal disposable income across the globe is believed to fuel the market growth. For instance, people are spending more on products owing to an increase in disposable income which has resulted in the rise in industrial activities. According to estimates, global disposable income and household expenditure are expected to rise by over 2% in 2022.


Industrial Boiler Maintenance Market
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Industrial Boiler Maintenance Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Demand for Energy Efficiency – It is expected that owing to rising environmental concerns industries are putting more emphasis on enhancing energy efficiency in their operations, which as a result increased the demand for industrial boiler maintenance. For instance, owing to outdated technology, the energy efficiency of steam boiler systems can be relatively poor since it is considered a crucial factor in industrial boiler and heating solutions in order to maintain top performance and guarantee long tube life. Therefore, a boiler should be scheduled for routine maintenance to ensure its smooth working and minimize the chance of accidents. According to recent data, the world's economy used energy over 1% more efficiently in 2022 than it did in 2021.
  • Growing E-Commerce Industry – As a result, the need for warehouses is also rising which frequently requires industrial boilers for various purposes. Moreover, boilers are crucial for a variety of reasons as they supply warehouses with electricity and heating since the energy economy is important for many warehouses. Retail e-commerce sales in 2021 were over USD 5 5 trillion worldwide. Further, this value is expected to rise by more than 55% over the, reaching around USD 8 trillion by 2026.

Challenges

  • Exorbitant Installation Cost of Industrial Boiler - The high installation cost is one of the major factors predicted to slow down the market growth. For instance, as site preparation, engineering, and labor expenditures are involved, the capital costs of constructing a boiler to burn waste fuel may be more than those of a straightforward gas-burning boiler. In addition, qualified personnel are needed for the installation, which is more expensive. This as a result can increase the overall cost of installation.
  • Safety Concerns associated with Boilers
  • Supply Chain Disruptions Leading to Delay in Maintenance and Repairs

Industrial Boiler Maintenance Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~4%

Base Year Market Size (2023)

~ USD 16 Billion

Forecast Year Market Size (2036)

~ USD 25 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Industrial Boiler Maintenance Segmentation

End-User (Food & Beverages, Chemicals & Petrochemicals, Pulp & Paper, Oil & Gas)

The chemicals & petrochemicals segment is estimated to hold 45% share of the global industrial boiler maintenance market in the coming years owing to the increasing chemical sector. For instance, the expanding chemical industry may lead to growing demand for industrial boilers which demand more frequent maintenance since they perform some complex reactions at a specific temperature and pressure.

Industrial boiler maintenance helps to ensure proper functioning, enhance the efficiency of the boilers, and also helps in preventing corrosion produced by chemical processes. According to estimates, by 2025, it is projected that the Indian chemical sector will reach over USD 300 billion.

Boiler Type (Fire-Tube, Water-Tube)

Industrial boiler maintenance market from the water-tube segment is set to garner a notable share of 60% shortly driven by rising demand for water tube boilers in power generation. In the energy sector, electricity is generated using steam boilers as generators, which needs up to 500 kg/s of steam output. Water tube boilers are widely used for power generation since they can handle high-pressure steam.

Power plants where larger capacity is required often utilize water tube boilers since they are more efficient, and can produce more steam, which results in rising demand for industrial boiler maintenance. For instance, water tube boilers installed in power generation require frequent maintenance to mitigate the risks of boiler failures which can lead to severe accidents.

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

     Type

  • Fire-Tube
  • Water-Tube

     End-User

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

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Industrial Boiler Maintenance Industry- Regional Synopsis

APAC Market Forecast

Industrial boiler maintenance market in Asia Pacific is predicted to account for the largest share of 37% by 2036 impelled by the increasing industrialization. For instance, industrial activities are increasing owing to the rapid population expansion and increased urbanization in nations such as China and India.

This as a result is expected to increase the demand for industrial boilers in the region. As more and more industrial boilers are utilized the need for maintenance may also rise since boilers represent a significant investment, and they require regular maintenance and inspection, to maintain their condition and guarantee the workers' security at the processing facility. In 2023, India's industrial production increased by an average of over 6% as compared to around 133% in 2021 and approximately 57% in 2020.

European Market Statistics

The Europe industrial boiler maintenance market is estimated to be the second largest, during the forecast timeframe led by growing popularity of boilers in food & beverages industry. The European food processing industry extensively uses steam boilers owing to their adaptability to various applications, and they are also an integral part of the food processing industry since they generate steam that aids in the cooking, sanitizing, processing, and packaging in the food industry.

 In addition, few sectors in the region extensively use boilers in the beverage industry for manufacturing and processing breweries, distilleries, and canning these boilers may face risk of corrosion, overheating, and boiler failures which increases the need for frequent maintenance.

Research Nester
Industrial Boiler Maintenance Market Size
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Companies Dominating the Industrial Boiler Maintenance Landscape

top-features-companies
    • 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.
    • Jera Power Taketoyo G.K.

In-the-news

In The News

  • Thermax Global launched a multi-waste solution, FlexiSource for industrial users to offer flexibility in energy input, and get around the problem of fuel availability brought on by geopolitical developments, other prices, and environmental issues.
  • Mitsubishi Heavy Industries, Ltd. introduced the cylindrical type 25 t/h to 35 t/h oil-fired boilers, and also became more proactive in the boiler industry by expanding the line of dual fuel-fired boilers for offshore applications. Furthermore, one of the company’s key products, marine boilers, surpassed a cumulative delivery total of 6,000 units on August 24.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 3905
  • Published Date: Sep 26, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing power generation and the growing personal disposable income across the globe are the major factors driving the growth of the market.

The market size of Industrial Boiler Maintenance is anticipated to attain a CAGR of 4% over the forecast period, i.e., 2024 – 2036.

The major players in the market are 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., Jera Power Taketoyo G.K., and others.

The chemicals & petrochemicals segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Industrial Boiler Maintenance Market Report Scope
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