The global industrial boilers market is estimated at USD 13.07 billion in 2018 and is projected to reach USD 17.18 billion by 2023, at a CAGR of 5.6% between 2018 and 2023
LONDON, June 20, 2018 /PRNewswire/ -- Industrial Boilers market projected to reach USD 17.18 billion by 2023
The global industrial boilers market is estimated at USD 13.07 billion in 2018 and is projected to reach USD 17.18 billion by 2023, at a CAGR of 5.6% between 2018 and 2023. Factors such as increasing demand from the food industry, growing demand for compact designs and lean operations, increasing use of natural gas in industrial activities, and government initiatives to promote clean energy and reduce dependency on fossil fuel directly or indirectly influence the global industrial boilers market. High installation cost is one of the major restraints for the industrial boilers market.
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10-150 BHP segment to dominate the industrial boilers market
Based on boiler horsepower, the industrial boilers market has been segmented into 10-150 BHP, 151-300 BHP, and 301-600 BHP. The market is projected to be dominated by the 10-150 BHP segment by 2023, as most of the food and chemical industries prefer boilers in the 10-150 BHP range.
Chemical segment to dominate the industrial boilers market
Based on end-use industry, the industrial boilers market has been segmented into food, chemical, refining, metals & mining, and others.The food segment is projected to grow at the highest CAGR during the forecast period, with increasing expansion of processed food companies in developing regions.
The chemical end-use industry segment is expected to dominate the market demand for industrial boilers by 2023 owing to the capacity expansion of existing facilities and new plants in emerging regions.
Asia Pacific market projected to grow at highest CAGR during the forecast period
The Asia Pacific industrial boilers market is anticipated to grow at the highest CAGR between 2018 and 2023.Asia Pacific is a major market for industrial boilers mainly due to rapid industrialization in the region.
China is moving toward adopting natural gas-fired boilers for clean operations. India, another major market in the Asia Pacific region, is expected to register a significant demand during the forecast period.
Breakdown of the profile of primary participants:
? By Company Type: Tier 1 ? 10%, Tier 2 ? 40%, and Tier 3 ? 50%
? By Designation: C Level ? 45%, Director Level ? 23%, and Others ? 32%
? By Region: Europe ? 21%, North America ? 16%, Asia Pacific ? 53%, and Middle East & Africa ?10%
Some of the major companies profiled in this report include Babcock & Wilcox (US), Dongfang (China), Siemens (Germany), General Electric (US), AC Boilers (Italy), Bharat Heavy Electricals Limited (India), Harbin Electric Group (China), IHI Corporation (Japan), Mitsubishi Hitachi Power Systems (Japan), and Thermax (India).
Research Coverage:
This report offers an overview of the market trends, drivers, and challenges with respect to the industrial boilers market.It also provides a detailed overview of the market across five regions, namely, Asia Pacific, Europe, North America, the Middle East & Africa, and South America.
The report categorizes the industrial boilers market on the basis of type, boiler horsepower, fuel type, end-use industry, and region. A detailed analysis of leading players, along with key growth strategies adopted by them, is also covered in the report.
Reasons to buy the report:
This report covers the following key aspects:
? What will be the market size by 2023 and what will be the growth rate
? What are the key market trends
? What are the factors expected to drive the growth of the market
? What are the challenges that impact market growth
? Who are the key players in this market
? Global report covers key regions, such as North America, Europe, and Asia-Pacific, including major countries in these regions, such as the US, China, India, Russia, and Germany
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