Industrial Boiler Maintenance Market size is poised to reach USD 25 Billion by the end of 2036, growing at a CAGR of 4% during the forecast period, i.e., 2024 – 2036. In the year 2023, the industry size of industrial boiler maintenance was USD 16 Billion. The reason behind the growth is impelled by the increasing power generation. This may result in increasing use of industrial boilers as they are used in power plants to generate electricity, which may lead to higher maintenance requirements. For instance, over 2% more energy was produced globally in 2022.
The growing personal disposable income across the globe is believed to fuel the market growth. For instance, people are spending more on products owing to an increase in disposable income which has resulted in the rise in industrial activities. According to estimates, global disposable income and household expenditure are expected to rise by over 2% in 2022.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~4% |
|
Base Year Market Size (2023) |
~ USD 16 Billion |
|
Forecast Year Market Size (2036) |
~ USD 25 Billion |
|
Regional Scope |
|
End-User (Food & Beverages, Chemicals & Petrochemicals, Pulp & Paper, Oil & Gas)
The chemicals & petrochemicals segment is estimated to hold 45% share of the global industrial boiler maintenance market in the coming years owing to the increasing chemical sector. For instance, the expanding chemical industry may lead to growing demand for industrial boilers which demand more frequent maintenance since they perform some complex reactions at a specific temperature and pressure.
Industrial boiler maintenance helps to ensure proper functioning, enhance the efficiency of the boilers, and also helps in preventing corrosion produced by chemical processes. According to estimates, by 2025, it is projected that the Indian chemical sector will reach over USD 300 billion.
Boiler Type (Fire-Tube, Water-Tube)
Industrial boiler maintenance market from the water-tube segment is set to garner a notable share of 60% shortly driven by rising demand for water tube boilers in power generation. In the energy sector, electricity is generated using steam boilers as generators, which needs up to 500 kg/s of steam output. Water tube boilers are widely used for power generation since they can handle high-pressure steam.
Power plants where larger capacity is required often utilize water tube boilers since they are more efficient, and can produce more steam, which results in rising demand for industrial boiler maintenance. For instance, water tube boilers installed in power generation require frequent maintenance to mitigate the risks of boiler failures which can lead to severe accidents.
Our in-depth analysis of the global market includes the following segments:
|
Type |
|
|
End-User |
|
APAC Market Forecast
Industrial boiler maintenance market in Asia Pacific is predicted to account for the largest share of 37% by 2036 impelled by the increasing industrialization. For instance, industrial activities are increasing owing to the rapid population expansion and increased urbanization in nations such as China and India.
This as a result is expected to increase the demand for industrial boilers in the region. As more and more industrial boilers are utilized the need for maintenance may also rise since boilers represent a significant investment, and they require regular maintenance and inspection, to maintain their condition and guarantee the workers' security at the processing facility. In 2023, India's industrial production increased by an average of over 6% as compared to around 133% in 2021 and approximately 57% in 2020.
European Market Statistics
The Europe industrial boiler maintenance market is estimated to be the second largest, during the forecast timeframe led by growing popularity of boilers in food & beverages industry. The European food processing industry extensively uses steam boilers owing to their adaptability to various applications, and they are also an integral part of the food processing industry since they generate steam that aids in the cooking, sanitizing, processing, and packaging in the food industry.
In addition, few sectors in the region extensively use boilers in the beverage industry for manufacturing and processing breweries, distilleries, and canning these boilers may face risk of corrosion, overheating, and boiler failures which increases the need for frequent maintenance.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?