Rapid Rate of Manufacturing to Fuel North America Industrial Boilers Market
The North America industrial boilers market is characterized by robust growth, driven by increasing demand from various industries such as food processing, chemical, and manufacturing. Stringent environmental regulations have prompted the adoption of efficient and clean technologies, boosting the market for advanced industrial boilers. Technological advancements, particularly in the realm of automation and digitization, are reshaping the industry landscape, leading to enhanced efficiency and reduced operational costs. Moreover, the region's focus on renewable energy sources is driving the integration of biomass and other sustainable fuels in industrial boiler systems, further propelling market expansion.
North America Industrial Boilers are boilers used in the production process and an indispensable step for filtration and purification of unwanted chemicals. Rapid pace of industrialization and rise of international trade can influence the market. The report on the North America Industrial Boilers market by Market Research Future (MRFR) covers trends in manufacturing and opportunities for the industry for the forecast period (2024-2031).
Market Scope
The North America Industrial Boilers market size is bound to reach USD 25.04 billion by 2031. It is estimated to display 4.98% CAGR over the forecast period.
Thriving Food Processing Industry to Influence Market Demand
Huge consumption rate of processed foods in developing and developed economies can drive the demand for North America Industrial Boilers. This is accompanied by large spending levels of customers. Incentives provided by governments also will encourage market demand significantly. The U.S. is expected to be one of the biggest markets for North America Industrial Boilers owing to large spending levels of customers and need for steam boilers according to desired product.
Energy-efficient Systems to Bolster North America Industrial Boilers Market Growth
The growth of petrochemical and chemical industries coupled with stringent emission standards enforced by regulatory agencies can drive the demand for energy-efficient boilers. Water-tube boilers can enjoy massive demand due to its need in industries of chemical, pulp & paper, and food processing. It utilizes water inside the connected tubes and employs heat levels within tubes to heat the water.
Huge Installation Costs to Hamper Market Growth
Huge installation costs can pose a challenge to the North America Industrial Boilers market growth. This is due to various design parameters and customizations required for specific processes.
COVID-19 Impact Analysis
The COVID-19 pandemic has hit the North America Industrial Boilers market owing to lockdowns initiated by governments causing a deficit in demand and supply of components. Lack of production is also likely to contribute to market losses. But various boiler maintenance services have managed to stay afloat by providing digital services. The resumption of industrial activity can induce the need for maintenance which in turn will provide revenue pockets for boiler manufacturers. Moreover, opportunities in pharmaceutical, food processing, healthcare, and nuclear power sectors can lead to soaring demand for North America Industrial Boilers.
Segmentation Analysis
Natural Gas Boilers to Lead in Market Share
Natural gas boilers are expected to lead in market share owing to its wide use in Western countries. Stringent government regulations pertaining to curtailing of emissions and its easy availability can drive segment growth. Moreover, preference of natural gas boilers by food processing, metals & mining, and chemical industries can bode well for the North America Industrial Boilers market.
10-150 BHP Segment to Dominate Global Market
The 10-150 BHP segment is poised to dominate the market owing to increasing demand for the range of boilers from the food processing industry. Installation of small boilers for steam and heating applications can fuel segment growth.
Chemical Industry to be Largest Market End-user
The chemical industry is expected to lead in the market owing to production of petrochemicals, industrial gases, and agricultural chemicals in India and China. Manufacture of boilers in compliance with emission standards defined by EPA can bode well for the market.
Regional Analysis
APAC to Lead North America Industrial Boilers Market
Asia-Pacific (APAC) is expected to lead in the North America Industrial Boilers market owing to its need in metals & mining, food, chemical, and refining sectors. Rapid industrialization in Indonesia, India, and the Philippines coupled with high rate of manufacturing can drive market demand significantly. Opportunities for steam and pressure boilers can bode well for the market. Recently, Miura Boilers have developed a steam boiler capable of conserving fuel costs and utilizing steam effectively.
Competitive Analysis
- Siemens AG (Germany)
- Thermax Limited (India)
- Harbin Electric Corporation (China)
- Bharat Heavy Electricals Limited (India)
- General Electric (U.S.)
- Dongfang Electric Corporation Ltd. (China)
- Babcock & Wilcox Enterprises, Inc. (U.S.)
- IHI Corporation (Japan)
- Andritz AG (Austria)
- Mitsubishi Heavy Industries Ltd. (Japan)
- Hitachi Ltd. (Japan)
- Among others.
Industry Update
Thermax Ltd. has bagged a USD 39 million contract for manufacture and installation of boilers for a petrochemical plant in Western India.
More Trending Reports
Self-Healing Grid Market Analysis
Arabic
French
Spanish
Portuguese
Deutsch
Turkish
Dutch
Italiano
Russian
Romaian
Portuguese (Brazil)
Greek