Market Size of Global Boiler Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Boiler Market Analysis
The Global Boiler Equipment Market is expected to register a CAGR of 5.1% over the forecast period (2022-2027). The increase in demand for heating equipment to keep homes warm and heat water worldwide is predicted to raise demand for boilers, which is expected to fuel market expansion during the forecast period.
- The expansion of the food processing industry pushes the boiler market forward. Several government initiatives are also driving market expansion in their respective regions. For instance, the Government of India offers tax benefits to small and medium-sized food processing companies to encourage them to establish and grow their operations.
- Rising investments in various industries, such as petrochemical, in developing countries such as China and India drive up demand for boilers. The market is predicted to expand further due to increased demand for energy-efficient systems, which will complement the business growth, According to the Chemicals & Petrochemicals Manufacturers Association. The petrochemical project of Indian Oil Corporation Limited in Paradeep, Odisha, accounted for an investment of nearly USD 2.7 million as of 2021.
- The COVID-19 outbreak has impacted negatively the global boiler market. This is attributed to the halting of manufacturing activities, residential construction & maintenance activities, halt in logistics services, and decreased consumer spending on the replacement of old heating systems and. The sharp decline in the industrial and commercial business is negatively impacting the growth of the global boiler market
- One of the reasons impeding the growth of the boiler market is the rigorous regulation imposed by government agencies on emission limits. Furthermore, fluctuating raw material prices and high installation cost for the boiler appears to be a market restraint. For example, In India According to Commission for Air Quality Management (CAQM), industries cannot use bio-mass fuel over 80mg/Nm3 in boilers, and they should limit emissions to 50mg/Nm3. Such regulation imposed by government agencies will hinder market growth.
