Boiler Market Size Reaches USD 110 Billion in 2023 with a Projected CAGR of 4.2% by 2030

The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Boiler Market size, share, analysis future and forecast 2030 comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape. The research company provides an extensive range of strategic reports on diverse industry verticals to substantial and varied client bases, including multinational corporations, financial institutions, governments, and individuals, among others.

Detail Overview of Boiler Industry Size (2024-2030):

According to the latest report, the Global Boiler Market size was valued at around USD 110 billion in 2023 & is estimated to grow at a CAGR of around 4.2% from 2024 to 2030. The report significantly addressed considerable changes, gap analyses, and competitive studies using qualitative and quantitative data.

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Boiler Market Coverage:

Historic Period: 2019-22
Base year: 2023
Forecast Years: 2024-2030
Risk & Swot Analysis
Growth parameters influence Boiler market dynamics

Market Dynamics:

Driver-

Rising Focus on Industrialization & Urbanization Across the Globe – Boilers play an important role in industrial processes such as power generation, generating steam, and hot water, rapid industrialization and urbanization across the globe are driving the market for boilers. Rising advancements across the major industries such as chemicals and petrochemicals, the textile industry, the food processing industry, the paper industry, mining, and power generation, etc., are continuously expanding the market of boilers as boilers help in most industrial activities.

Further, increasing urbanization is also driving the growth of the boiler industry because boilers are extensively used in residential units for various activities. Also, with increasing urban settlements, the demand for boilers is increasing in the market to fulfill various household purposes such as heating, generating steam, boiling fluids, and space heating

Recent Advancement:

2024: Daikin Industries a leading manufacturing company of HVAC & R, announced to enter a business and capital partnership with Miura Co., Ltd., which is an industry for the manufacturing of boilers. .

Notable Boiler Market Players - Business Description, Product Portfolio, Strategic Alliances or Partnerships, Developments and Financial Details

Daikin Industries, Ltd
Ariston Thermo SpA
Robert Bosch Gmbh
Mitsubishi Power
Thermax Ltd.
Sofinter Group
Cleaver Brooks Inc.
BDR Thermea Group
Byworth Boilers Ltd.
Andritz AG
Harbin Electric Company Ltd.
IHI Corporation
Weil-McLain
PB Heat LLC
Valliant Group

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Segmentation of Boiler Market:

By Boiler Type (Hot Water Boilers, Gas Boilers, Steam Water Boilers, Others)
By Fuel Type (Natural Gas, Coal, Oil, Electric),
By Tube Type (Fire tube, Watertube)
By Horsepower Capacity (10-150 BHP, 151-300 BHP, 301- 600 BHP, >600 BHP)
By End User (Residential, Commercial, Industrial [Chemicals and Petrochemicals, Food Processing Industry, Pulp & Paper, Metals & Mining, Power Generation])
By Region (North America, South America, Europe, Asia-Pacific, Middle East, and Africa)

Industrial Sector Holds the Largest Market Share

Based on the End User, the market is further bifurcated into Residential, Commercial, and Industrial sectors, where the industrial segment is further bifurcated into Chemicals and Petrochemicals, Food Processing Industry, Pulp & Paper, Metals & Mining, Power Generation, and Others. Among all of them, the industrial sector holds the largest market share. This is mainly due to the variety of applications of the boilers in the different associated industrial processes such as dewatering mines, boiling chemicals heating gases, etc. Also, the growing attention given to industrialization is helping in the expansion of new businesses and industries, which further creates the demand for boilers and augments overall market growth & expansion.

Asia-Pacific Leads the Boiler Industry

Among all of the major regions of the Global Boiler Market, the Asia-Pacific region holds the significantly largest share in the market. The higher revenue growth of this region is particularly due to the presence of a significantly large industrial and economic hub, the increasing focus on industrialization & urbanization, and the promotion of innovation and technological advancements. The increasing setup of different industries and the associated processes that require boilers are creating market demand in the region and positioning the Asia-Pacific region as the leading region in the Global Boiler Industry.

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