Industrial Hot Water Boiler Market
PUBLISHED: 2024 ID: SMRC26005
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Industrial Hot Water Boiler Market

Industrial Hot Water Boiler Market Forecasts to 2030 - Global Analysis By Fuel Type (Natural Gas, Oil, Coal, Biomass and Electric), Function Type, Boiler Type, Capacity, Technology, Application, End User and By Geography

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4.1 (98 reviews)
Published: 2024 ID: SMRC26005

This report covers the impact of COVID-19 on this global market
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Years Covered

2021-2030

Estimated Year Value (2023)

US $1.4 BN

Projected Year Value (2030)

US $2.2 BN

CAGR (2023 - 2030)

7.1%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

North America


According to Stratistics MRC, the Global Industrial Hot Water Boiler Market is accounted for $1.4 billion in 2023 and is expected to reach $2.2 billion by 2030 growing at a CAGR of 7.1% during the forecast period. An industrial hot water boiler is a robust, efficient heating system designed to provide a continuous supply of hot water for various industrial processes or heating applications. Typically, fuelled by natural gas, oil, or electricity, these boilers use advanced combustion technology to heat water to high temperatures. They feature durable construction to withstand harsh industrial environments and often incorporate safety features such as pressure relief valves and temperature controls, these boilers play a critical role in ensuring consistent hot water supply for tasks like cleaning, sanitation, heating, and production processes.

Market Dynamics: 

Driver: 

Rapid industrialization

Growing industrialization leads to the establishment of new manufacturing facilities, warehouses, and commercial spaces, driving the need for reliable hot water supply for heating purposes, cleaning, and other industrial processes. Industrialization often entails infrastructure development projects, including construction of industrial parks, commercial complexes, and residential buildings, which further boosts the demand for hot water boilers for both initial installation and retrofitting.

Restraint:

Fluctuations in fuel prices

Rapid or unpredictable fluctuations in fuel prices can create uncertainty for businesses planning investments in hot water boiler systems. This uncertainty may lead to delays or hesitancy in making purchasing decisions, impacting market stability. In regions where environmental regulations impose emissions targets or carbon pricing mechanisms, fluctuations in fuel prices can complicate compliance efforts. Higher fuel costs may necessitate investments in more expensive, cleaner fuel options or emission control technologies, adding to operational expenses.

Opportunity:

Growing demand for energy efficiency

These boilers capture the heat from flue gases that would normally be wasted, resulting in significant efficiency gains. Growing demand for energy efficiency will drive up the sales of condensing hot water boilers. Manufacturers are constantly innovating to develop boilers that use less fuel to produce the same amount of heat. As energy efficiency becomes a higher priority, there will be a greater market for these advanced boilers. Moreover, modern boiler control systems allow for precise regulation of water temperature and boiler operation, reducing energy waste. The demand for these intelligent control systems will rise alongside the focus on efficiency encourage the market growth.

Threat:

Limited availability of skilled labour 

Installing and commissioning industrial hot water boilers is a complex process that requires specialized skills. A shortage of qualified technicians can lead to delays in boiler installation, impacting project timelines and potentially causing production bottlenecks for businesses that rely on hot water for their operations. Improper maintenance of hot water boilers can lead to decreased efficiency, increased fuel consumption, and even safety hazards. If there aren't enough qualified technicians available for regular maintenance, these risks become more significant.

Covid-19 Impact

Initially, disruptions in supply chains and construction projects led to a slowdown in installations. However, as industries adapted to remote work and implemented safety measures, demand gradually recovered, driven by the need for reliable hot water for sanitation purposes in healthcare facilities, manufacturing plants, and essential businesses. Additionally, growing emphasis on hygiene standards accelerated investments in efficient heating solutions.

The natural gas segment is expected to be the largest during the forecast period

The natural gas segment is estimated to have a lucrative growth, due to its cost efficiency for natural gas-fired boilers, while regulatory incentives favouring cleaner fuels further promote their adoption. High energy efficiency and regional variations in natural gas availability also influence market dynamics. As a result, manufacturers focus on developing and promoting natural gas-compatible boiler models to meet market demand. Overall, natural gas plays a pivotal role in shaping the industrial hot water boiler market.

The steam segment is expected to have the highest CAGR during the forecast period

The steam segment is anticipated to witness the highest CAGR growth during the forecast period, steam-based systems leverage existing steam infrastructure, offering cost-effective solutions for businesses with steam generation capabilities. However, adoption may vary based on factors like initial investment, operational efficiency, and application requirements. Steam systems may be preferred in industries with established steam usage, while traditional hot water boilers remain prevalent where steam infrastructure is lacking.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the region is home to the world’s largest population, which is expected to continue to grow in the coming years. This growing population is putting a strain on energy resources, and industrial boilers are seen as a more efficient and environmentally friendly way to generate steam and heat than traditional methods. In addition, the region is also enriched with a number of key raw materials used in the production of industrial boilers, such as steel and coal. This makes it a cost-effective region for manufacturing these products. 

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to factors such as increasing industrialization, demand for efficient heating systems, and stringent regulations promoting energy efficiency. Key players in the market include manufacturers such as Bosch Thermotechnology, Fulton, Cleaver-Brooks, and others. The market is characterized by a range of boiler types, including fire tube, water tube, and electric boilers, catering to diverse industrial applications. Additionally, there's a growing trend toward the adoption of advanced technologies like condensing boilers and integrated control systems to enhance energy efficiency and operational performance.

Key players in the market

Some of the key players in the Industrial Hot Water Boiler Market include Acme Engineering Products, Alfa Laval AB, Babcock Wanson, Bharat Heavy Electric Limited, Cleaver-Brooks, Cochran, Danstokar A/S, Ecotherm Austria GmbH, Hoval, Hurst Boiler & Welding Co, John Wood Group PLC, Klöpper-Therm GmbH and Thermon, KOSPEL, Mitsubishi Power, PARAT Halvorsen AS, Siemens AG, Slant/Fin Corporation, The Fulton Companies and Thermax Limited 

Key Developments:

In March 2024, Siemens to acquire industrial drive technology business of ebm-papst. Planned acquisition to strengthen Siemens’ position as a leading technology company in the field of factory automation and digitalization

In December 2023 WinGD partners with Alfa Laval to advance the development of ammonia-powered engines. The partnership is a significant step forward in the development of ammonia as a future fuel for marine vessels.

In December 2023, Alfa Laval launches pioneering solution to support sustainable practices in line with upcoming directives. It will help Alfa Laval’s food and beverage customers to specify necessary data demonstrating their environmental impact and compliance with the coming directives.

Fuel Types Covered:
• Natural Gas
• Oil
• Coal
• Biomass
• Electric
 
Function Types Covered:
• Steam
• Hot Water

Boiler Types Covered:
• Water Tube
• Fire Tube
• Other Boiler Types

Capacities Covered:
• Small Capacity (Up to 10 MMBtu/hr)
• Medium Capacity (10-50 MMBtu/hr)
• Large Capacity (Above 50 MMBtu/hr)

Technologies Covered:
• Condensing Boilers
• Conventional Boilers
• Electric Boilers
• Hybrid Boilers

Applications Covered:
• Space Heating 
• Process Heating 
• Sanitation & Sterilization 
• Drying Applications 
• Other Applications 

End Users Covered:
• Food & Beverage 
• Chemical Processing 
• Oil & Gas Industry 
• Textile Manufacturing 
• Paper & Pulp Industry 
• Other End Users  

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary          
            
2 Preface           
 2.1 Abstract          
 2.2 Stake Holders         
 2.3 Research Scope         
 2.4 Research Methodology        
  2.4.1 Data Mining        
  2.4.2 Data Analysis        
  2.4.3 Data Validation        
  2.4.4 Research Approach        
 2.5 Research Sources         
  2.5.1 Primary Research Sources       
  2.5.2 Secondary Research Sources       
  2.5.3 Assumptions        
            
3 Market Trend Analysis         
 3.1 Introduction         
 3.2 Drivers          
 3.3 Restraints         
 3.4 Opportunities         
 3.5 Threats          
 3.6 Technology Analysis        
 3.7 Application Analysis        
 3.8 End User Analysis         
 3.9 Emerging Markets         
 3.10 Impact of Covid-19         
            
4 Porters Five Force Analysis         
 4.1 Bargaining power of suppliers        
 4.2 Bargaining power of buyers        
 4.3 Threat of substitutes        
 4.4 Threat of new entrants        
 4.5 Competitive rivalry         
            
5 Global Industrial Hot Water Boiler Market, By Fuel Type      
 5.1 Introduction         
 5.2 Natural Gas         
 5.3 Oil          
 5.4 Coal          
 5.5 Biomass          
 5.6 Electric          
            
6 Global Industrial Hot Water Boiler Market, By Function Type      
 6.1 Introduction         
 6.2 Steam          
 6.3 Hot Water         
            
7 Global Industrial Hot Water Boiler Market, By Boiler Type      
 7.1 Introduction         
 7.2 Water Tube         
 7.3 Fire Tube          
 7.4 Other Boiler Types         
            
8 Global Industrial Hot Water Boiler Market, By Capacity      
 8.1 Introduction         
 8.2 Small Capacity (Up to 10 MMBtu/hr)       
 8.3 Medium Capacity (10-50 MMBtu/hr)       
 8.4 Large Capacity (Above 50 MMBtu/hr)       
            
9 Global Industrial Hot Water Boiler Market, By Technology      
 9.1 Introduction         
 9.2 Condensing Boilers         
 9.3 Conventional Boilers        
 9.4 Electric Boilers         
 9.5 Hybrid Boilers         
            
10 Global Industrial Hot Water Boiler Market, By Application      
 10.1 Introduction         
 10.2 Space Heating         
 10.3 Process Heating         
 10.4 Sanitation & Sterilization        
 10.5 Drying Applications         
 10.6 Other Applications         
            
11 Global Industrial Hot Water Boiler Market, By End User      
 11.1 Introduction         
 11.2 Food & Beverage         
 11.3 Chemical Processing        
 11.4 Oil & Gas Industry         
 11.5 Textile Manufacturing        
 11.6 Paper & Pulp Industry        
 11.7 Other End Users         
            
12 Global Industrial Hot Water Boiler Market, By Geography      
 12.1 Introduction         
 12.2 North America         
  12.2.1 US         
  12.2.2 Canada         
  12.2.3 Mexico         
 12.3 Europe          
  12.3.1 Germany         
  12.3.2 UK         
  12.3.3 Italy         
  12.3.4 France         
  12.3.5 Spain         
  12.3.6 Rest of Europe        
 12.4 Asia Pacific         
  12.4.1 Japan         
  12.4.2 China         
  12.4.3 India         
  12.4.4 Australia         
  12.4.5 New Zealand        
  12.4.6 South Korea        
  12.4.7 Rest of Asia Pacific        
 12.5 South America         
  12.5.1 Argentina        
  12.5.2 Brazil         
  12.5.3 Chile         
  12.5.4 Rest of South America       
 12.6 Middle East & Africa        
  12.6.1 Saudi Arabia        
  12.6.2 UAE         
  12.6.3 Qatar         
  12.6.4 South Africa        
  12.6.5 Rest of Middle East & Africa       
            
13 Key Developments          
 13.1 Agreements, Partnerships, Collaborations and Joint Ventures     
 13.2 Acquisitions & Mergers        
 13.3 New Product Launch        
 13.4 Expansions         
 13.5 Other Key Strategies        
            
14 Company Profiling          
 14.1 Acme Engineering Products        
 14.2 Alfa Laval AB         
 14.3 Babcock Wanson         
 14.4 Bharat Heavy Electric Limited        
 14.5 Cleaver-Brooks         
 14.6 Cochran          
 14.7 Danstokar A/S         
 14.8 Ecotherm Austria GmbH        
 14.9 Hoval          
 14.10 Hurst Boiler & Welding Co        
 14.11 John Wood Group PLC        
 14.12 Klöpper-Therm GmbH and Thermon       
 14.13 KOSPEL          
 14.14 Mitsubishi Power         
 14.15 PARAT Halvorsen AS        
 14.16 Siemens AG         
 14.17 Slant/Fin Corporation        
 14.18 The Fulton Companies        
 14.19 Thermax Limited         
            
List of Tables           
1 Global Industrial Hot Water Boiler Market Outlook, By Region (2021-2030) ($MN)    
2 Global Industrial Hot Water Boiler Market Outlook, By Fuel Type (2021-2030) ($MN)   
3 Global Industrial Hot Water Boiler Market Outlook, By Natural Gas (2021-2030) ($MN)   
4 Global Industrial Hot Water Boiler Market Outlook, By Oil (2021-2030) ($MN)    
5 Global Industrial Hot Water Boiler Market Outlook, By Coal (2021-2030) ($MN)    
6 Global Industrial Hot Water Boiler Market Outlook, By Biomass (2021-2030) ($MN)    
7 Global Industrial Hot Water Boiler Market Outlook, By Electric (2021-2030) ($MN)    
8 Global Industrial Hot Water Boiler Market Outlook, By Function Type (2021-2030) ($MN)   
9 Global Industrial Hot Water Boiler Market Outlook, By Steam (2021-2030) ($MN)    
10 Global Industrial Hot Water Boiler Market Outlook, By Hot Water (2021-2030) ($MN)   
11 Global Industrial Hot Water Boiler Market Outlook, By Boiler Type (2021-2030) ($MN)   
12 Global Industrial Hot Water Boiler Market Outlook, By Water Tube (2021-2030) ($MN)   
13 Global Industrial Hot Water Boiler Market Outlook, By Fire Tube (2021-2030) ($MN)    
14 Global Industrial Hot Water Boiler Market Outlook, By Other Boiler Types (2021-2030) ($MN)   
15 Global Industrial Hot Water Boiler Market Outlook, By Capacity (2021-2030) ($MN)    
16 Global Industrial Hot Water Boiler Market Outlook, By Small Capacity (Up to 10 MMBtu/hr) (2021-2030) ($MN) 
17 Global Industrial Hot Water Boiler Market Outlook, By Medium Capacity (10-50 MMBtu/hr) (2021-2030) ($MN) 
18 Global Industrial Hot Water Boiler Market Outlook, By Large Capacity (Above 50 MMBtu/hr) (2021-2030) ($MN) 
19 Global Industrial Hot Water Boiler Market Outlook, By Technology (2021-2030) ($MN)   
20 Global Industrial Hot Water Boiler Market Outlook, By Condensing Boilers (2021-2030) ($MN)   
21 Global Industrial Hot Water Boiler Market Outlook, By Conventional Boilers (2021-2030) ($MN)  
22 Global Industrial Hot Water Boiler Market Outlook, By Electric Boilers (2021-2030) ($MN)   
23 Global Industrial Hot Water Boiler Market Outlook, By Hybrid Boilers (2021-2030) ($MN)   
24 Global Industrial Hot Water Boiler Market Outlook, By Application (2021-2030) ($MN)   
25 Global Industrial Hot Water Boiler Market Outlook, By Space Heating (2021-2030) ($MN)   
26 Global Industrial Hot Water Boiler Market Outlook, By Process Heating (2021-2030) ($MN)   
27 Global Industrial Hot Water Boiler Market Outlook, By Sanitation & Sterilization (2021-2030) ($MN)  
28 Global Industrial Hot Water Boiler Market Outlook, By Drying Applications (2021-2030) ($MN)   
29 Global Industrial Hot Water Boiler Market Outlook, By Other Applications (2021-2030) ($MN)   
30 Global Industrial Hot Water Boiler Market Outlook, By End User (2021-2030) ($MN)    
31 Global Industrial Hot Water Boiler Market Outlook, By Food & Beverage (2021-2030) ($MN)   
32 Global Industrial Hot Water Boiler Market Outlook, By Chemical Processing (2021-2030) ($MN)  
33 Global Industrial Hot Water Boiler Market Outlook, By Oil & Gas Industry (2021-2030) ($MN)   
34 Global Industrial Hot Water Boiler Market Outlook, By Textile Manufacturing (2021-2030) ($MN)  
35 Global Industrial Hot Water Boiler Market Outlook, By Paper & Pulp Industry (2021-2030) ($MN)  
36 Global Industrial Hot Water Boiler Market Outlook, By Other End Users (2021-2030) ($MN)   
            
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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