A boiler is a surrounding vessel in which a fluid, such as steam, is heated to generate condensation or vaporization. The boiler consists of a container with a lockable vessel in which fluid is stored and heated using hot gases produced by the combustion of resources such as fossil fuels, coal, or gasoil in a boiler or the form of electromagnetic wave coils. Boilers are an essential source of energy in the process industries because they provide steam to power process equipment and create the steam that is needed throughout the plant. Turbines, reactors, distillation columns, stripper columns, and heat exchangers are examples of steam-powered process equipment.
Boiler Market size was valued at USD 15.46 Bn. in 2021 and the total Boiler revenue is expected to grow at a CAGR of 5.9% from 2022 to 2029, reaching nearly USD 24.45 Bn.
Boiler Market overview:
The Boiler market's competitive landscape comprises information about rivals. A firm overview, financials, revenue produced, market potential, R&D investment, new market efforts, geographical presence, business strengths and weaknesses, product launch, and application domination are among the topics covered. The following information is only relevant to the organization's focus on the Boiler market.
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Boiler Market scope:
To validate the market size and estimate the market size by different segments, top-down and bottom-up methodologies are utilized. The research's market estimates are based on the sale price (excluding any discounts provided by the manufacturer, distributor, wholesaler, or traders). To create percentage splits, market shares, and segment breakdowns, weights based on usage rate and average sale price are applied to each location. The percentage acceptance or usage of the given market Size in the relevant area or nation determines the country-wise segmentation of the main market and its sub-segments.
Segmentation:
By End-Use Industry, the Chemicals industry segment held the largest market share of about 38.45% and dominated the Boiler market in 2021. It is further expected to maintain its dominance at the end of the forecast period with the highest CAGR of 5.4%. The rising need for high-quality steam for the manufacturing of chemicals such as petrochemicals, industrial gases, alkali and chlorine, synthetic rubber, synthetic organic fibers, and agricultural chemicals has contributed to the domination (of fertilizers and pesticides). Emerging markets for energy consumption in the chemical sector, such as India and China, are supporting the growth of the industrial boilers market in the chemical industry.
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Key Players: Market leaders are identified by primary and secondary research, and market revenue is calculated using primary and secondary research. The core study included in-depth interviews with key thought leaders and industry experts such as experienced front-line personnel, CEOs, and marketing executives. In-depth interviews with important thought leaders and industry experts, such as experienced front-line personnel, CEOs, and marketing executives, were conducted as part of primary research, while secondary research included a review of the major manufacturers' annual and financial reports. Secondary data is utilized to calculate percentage splits, market shares, growth rates, and global market breakdowns, which are then verified against primary data. The following are the key players of the Boiler market-
- Bharat Heavy Electricals
• A.O. Smith
• Parker
• Cleaver-Brooks
• Thermax
• Weil-McLain
• Fulton
• General Electric
• Babcock and Wilcox
• Forbes Marshall
• Burnham
• Hurst Boiler and Welding
• Cochran
• DEC
• John Wood Group PLC
• IHI Corporation
Regional Analysis:
Individual market influencing components and changes in market rules that affect current and future market trends are also investigated in the geographical component of the research. Some of the factors used to forecast market scenarios for various countries include downstream and upstream value chain analysis, technological trends, Porter's five forces analysis, and case studies.
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COVID-19 Impact Analysis on Boiler Market: Furthermore, the research assesses the impact of COVID-19 on the Boiler market. The fundamental purpose of this research is to help users understand the market in terms of definition, segmentation, market potential, key trends, and difficulties that the industry confronts across major regions. The paper provides a microeconomic and macroeconomic analysis of the overall impact of COVID-19 on the Boiler Market. The report focuses on market share and size, clearly demonstrating the pandemic's influence on the worldwide Boiler Market in the next years.
Key Questions Answered in the Boiler Market Report are:
- What will be the Boiler market's CAGR throughout the projected period (2021-2027)?
- Which market category emerged as the market leader in the Boiler industry?
- Who are the key players in the Boiler market?
- What important trends in the Boiler industry are anticipated to develop throughout the forecast period?
- How big will the Boiler market be in 2027?
- In 2020, which business segment had the highest proportion of the Boiler market?
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