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
Buy Now Report ID: 3905 | Published Date: Feb 06, 2023
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:
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.
Our in-depth analysis of the global industrial boiler maintenance market includes the following segments:
By Boiler Type
By End User
Growth Drivers
Challenges
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Payel Roy, Dhruv Bhatia
Ans: The major factors driving market growth are increasing usage of industrial boilers by a variety of industries, and rapidly growing industrialization globally.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022-2031.
Ans: 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.
Ans: 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.
Ans: The market is segmented by boiler type, end user, and by region.
Ans: 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.
Ans: High installation cost of industrial boiler is estimated to hamper the market growth.
Ans: 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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