Boilers are closed vessels which are used to store water inside it. In the heating system, a furnace is required to heat the boiler, wherein fuels such as coal are used for heat generation. The heated air comes in contact with the vessel, where convention takes place and heats the water inside a vessel. This heated water produces steam. The vaporized or heated fluid then used for various heating applications including water heating, sanitation, boiler-based power generation, and others.
High research and development investment, high cost of installation and replacement cost, and strict emission standards are the major challenges identified in the market growth. The high installation and replacement cost can pose as a restraint in the industrial boilers market growth, as the cost of replacing a standard gas boiler is almost $4,000, where a high efficiency model can cost about $7,500. The average cost of installing a boiler $4,889 which includes boiler cost, labor cost, and other costs.
The industrial boilers market is fragmented with a high competition in the market, increasing the rivalry among competitors or key players in the market.
Asia-Pacific is anticipated to register the highest growth in the coming years and register the highest CAGR during the forecast period in the industrial boilers market. This is attributed to the rising industrialization in the emerging countries such as India, China and other Asian countries. The region is one of the major consumers of boilers in the market that are used in chemical, food, refining, and metal and mining industries.
The major players in the operating in the industrial boilers industry are planning capacity expansion in the recent years to meet the increasing demand of end-user industries. General Electric Company, Siemens AG, Bharat Heavy Electricals Limited, Harbin Electric Corporation, IHI Corporation, Dongfang Electric Corporation Ltd., IHI Corporation, Thermax Limited, AMEC Foster Wheeler PLC, Mitsubishi Hitachi Power Systems, and AC Boilers S.P.A are some of the major players operating in the industrial boilers market.
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