Global World Boiler Market Size By Type, By Fuel Type, By Application, By Geographic Scope And Forecast
Report ID: 148204|No. of Pages: 202
Global World Boiler Market Size By Type, By Fuel Type, By Application, By Geographic Scope And Forecast
World Boiler Market Size And Forecast
World Boiler Market size was valued at USD 17.33 Billion in 2023 and is projected to reach USD 25.89 Billion by 2030, growing at a CAGR of 5.9% during the forecast period 2024-2030.
Global World Boiler Market Drivers
The market drivers for the World Boiler Market can be influenced by various factors. These may include:
- Urbanization and Industrialization: As cities become more densely populated and industrialized, there is an increasing need for boilers in a variety of sectors, including manufacturing, power generation, chemicals, and food processing. For the production of steam and hot water required for industrial activities as well as urban heating, boilers are indispensable.
- Energy Efficiency Regulations: The adoption of innovative boiler technology is being driven by strict laws and regulations that aim to improve energy efficiency and reduce carbon emissions. In order to comply with these rules and provide energy-efficient boilers, manufacturers are innovating, which is driving market growth.
- Requirements for Replacement and Retrofitting: Modern, more energy-efficient boilers must be installed to replace or retrofit the aging boiler infrastructure in commercial buildings and businesses. The desire to improve energy efficiency, save operating costs, and adhere to environmental regulations is what drives this need.
- Growing Demand for Clean Energy: The boiler industry is being impacted by the move toward cleaner energy sources and a greater understanding of environmental stewardship. Initiatives to lessen carbon footprint and reliance on non-renewable resources are driving up demand for boilers fueled by biomass, solar, and other renewable energy sources as alternatives to conventional fossil fuel boilers.
- Technological Developments: The industry is expanding due to ongoing developments in boiler technology, which include the creation of modular and compact boilers, the incorporation of IoT (Internet of Things) for remote monitoring and control, and the application of advanced materials for increased durability and efficiency. By improving performance, dependability, and safety, these improvements draw customers to more recent boiler solutions.
- Infrastructure Development: The need for heating systems like boilers is fueled by infrastructure initiatives, which include building operations in the institutional, commercial, and residential domains. The demand for effective heating solutions is increased by the growth of healthcare facilities, educational institutions, hotels, and office spaces, which in turn drives the boiler industry.
- Emerging markets: The boiler industry is significantly influenced by the rapid industrialization and urbanization occurring in emerging markets, especially in Asia-Pacific and Latin America. The need for boilers is fueled in these regions by increased investments in the manufacturing, power generation, and infrastructure sectors.
- Demand for domestic Heating: In areas with cold climates, specifically, boilers are essential components of domestic heating systems. Residential boiler demand is influenced by a number of factors, including home expansion, population increase, and the replacement of outdated heating systems with more energy-efficient models.
Global World Boiler Market Restraints
Several factors can act as restraints or challenges for the World Boiler Market. These may include:
- Regulatory Compliance: Tight rules pertaining to energy efficiency, safety requirements, and emissions can raise production costs and restrict boiler manufacturers’ alternatives.
- Expensive Initial Costs: Potential purchasers may be put off by the high upfront costs associated with installing boilers, particularly those with cutting-edge technologies or high efficiency models.
- Fuel price volatility can have an effect on boiler users’ operating expenses and influence their decision-making process. Examples of these fuels are coal, oil, and natural gas.
- Competition from Alternative Technologies: Boilers face competition from alternative heating technologies such as geothermal systems, heat pumps, and solar heaters, especially in areas where these technologies are encouraged or desired.
- Limited Raw Material Availability: Production can be limited and expenses raised by supply chain interruptions or shortages of materials like steel, copper, and other metals needed in boiler manufacturing.
- Technological Obsolescence: As boiler technology develops quickly, older models may become outdated. As a result, producers must constantly innovate to remain competitive.
- Environmental Concerns: Stricter emission standards may result from increased awareness of environmental issues and the need to reduce carbon footprint, which could present difficulties for conventional boiler designs.
- Geopolitical Factors: Supply chains can be disrupted and the availability and pricing of boiler components and materials can be affected by geopolitical tensions, trade disputes, and political instability.
- Infrastructure Restrictions: The installation and operation of boilers may be hampered in areas with poor infrastructure or unstable power supplies, which would restrict market expansion.
- Sluggish Adoption Rate: In established markets in particular, resistance to change or a lack of willingness to invest in new technology may impede the adoption of improved boiler systems.
Global World Boiler Market Segmentation Analysis
The Global World Boiler Market is Segmented on the basis of Type, Fuel Type, Application, and Geography.
World Boiler Market, By Type
- Fire Tube Boiler: These boilers have tubes filled with hot gases from a burner, passing through the inside of a tube which is submerged in water to heat it.
- Water Tube Boiler: Water flows inside the tubes, and the hot combustion gases surround them, heating the water to generate steam.
World Boiler Market, By Fuel Type
- Natural Gas & Biomass: Boilers designed to utilize natural gas or biomass (wood, agricultural residues, etc.) as fuel sources.
- Oil & Coal: Boilers that use oil or coal as primary fuel sources for combustion.
World Boiler Market, By Application
- Industrial: Boilers used in various industrial applications such as manufacturing, chemical processing, pulp & paper, refining, etc.
- Commercial: Boilers used in commercial buildings including hotels, hospitals, offices, educational institutions, and retail establishments for space heating and hot water supply.
- Residential: Boilers used for residential heating purposes, providing space heating and hot water for households.
World Boiler Market, By Geography
- North America: Market conditions and demand in the United States, Canada, and Mexico.
- Europe: Analysis of the WORLD BOILER MARKET in European countries.
- Asia-Pacific: Focusing on countries like China, India, Japan, South Korea, and others.
- Middle East and Africa: Examining market dynamics in the Middle East and African regions.
- Latin America: Covering market trends and developments in countries across Latin America.
Key Players
The major players in the World Boiler Market are:
- Babcock & Wilcox (US)
- Siemens (Germany)
- Mitsubishi Heavy Industries (Japan)
- Alfa Laval (Sweden)
- Thermax (India)
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2020-2030 |
| BASE YEAR | 2023 |
| FORECAST PERIOD | 2024-2030 |
| HISTORICAL PERIOD | 2020-2022 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Babcock & Wilcox (US), Siemens (Germany), Mitsubishi Heavy Industries (Japan), Alfa Laval (Sweden), Thermax (India). |
| SEGMENTS COVERED | By Type, By Fuel Type, By Application, And By Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Top Trending Reports:
Global Wood Chips Market Size And Forecast
Global Portable Flue Gas Analyzer Market Size And Forecast
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our sales team at Verified Market Research.
Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
Frequently Asked Questions
1. Introduction
• Market Definition
• Market Segmentation
• Research Methodology
2. Executive Summary
• Key Findings
• Market Overview
• Market Highlights
3. Market Overview
• Market Size and Growth Potential
• Market Trends
• Market Drivers
• Market Restraints
• Market Opportunities
• Porter’s Five Forces Analysis
4. World Boiler Market, By Type
• Fire Tube Boiler
• Water Tube Boiler
5. World Boiler Market, By Fuel Type
• Natural Gas & Biomass
• Oil & Coal
6. World Boiler Market, By Application
• Industrial
• Commercial
• Residential
7. Regional Analysis
• North America
• United States
• Canada
• Mexico
• Europe
• United Kingdom
• Germany
• France
• Italy
• Asia-Pacific
• China
• Japan
• India
• Australia
• Latin America
• Brazil
• Argentina
• Chile
• Middle East and Africa
• South Africa
• Saudi Arabia
• UAE
8. Market Dynamics
• Market Drivers
• Market Restraints
• Market Opportunities
• Impact of COVID-19 on the Market
9. Competitive Landscape
• Key Players
• Market Share Analysis
10. Company Profiles
• Babcock & Wilcox (US)
• Siemens (Germany)
• Mitsubishi Heavy Industries (Japan)
• Alfa Laval (Sweden)
• Thermax (India)
11. Market Outlook and Opportunities
• Emerging Technologies
• Future Market Trends
• Investment Opportunities
12. Appendix
• List of Abbreviations
• Sources and References
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
|
|
| Demand side |
|
|
Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
| Qualitative analysis | Quantitative analysis |
|---|---|
|
|
