Industrial Modular Boiler Market, By Type (Fire-Tube and Water-Tube), By Fuel Type (Natural Gas & Biomass, Oil, and Coal), By Boiler Horsepower (10-150 HP, 151-300 HP, and 301-600 HP), By End-User (Chemical, Food Processing, Refineries, and Metals & Mining), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa) – Trends, Analysis and Forecast till 2034

Modular boilers are packaged boiler systems that operate in parallel or series to provide varying amounts of steam. Modular boilers provide a flexible and secure approach to heating solutions. Modular boilers are physically easier to transport and handle than very large boilers. It uses a fuel source as electricity to boil water or generate steam for industrial heating and humidification purpose. This leads to obtain required physical properties such as steam temperature or pressure. Steam or water is returned back to the boiler and the cycle continues. Hot Water or steam is an essential heat carrier which has many useful properties such as high energy absorption and easy transportability.

The key drivers of the target market include rising industrialization and growing demand for energy efficient systems. In addition to it, growth in food processing industry would also boost the growth of industrial boilers. For instance, Indian government is providing incentives to promote investment in food processing industry which would complement the growth of the global market. However, the factor which restrains target market growth includes high R&D investments, high cost of installation, boiler efficiency & steam quality. The factors such as increasing use of natural gas and increasing demand for lean operations are the key opportunities to the industrial modular boiler market.

Industrial modular boiler market has been segmented on the basis of type, fuel type, boiler horsepower, end-user, and region.

Based on type, the global market is segmented into water-tube and fire-tube boilers. The fire-tube segment is estimated to have a largest market share in terms of revenue in 2018 and is projected to dominate the market till 2029. Based on fuel type, the industrial modular boiler market is sub-segmented into natural gas & biomass, oil, coal, and others. The natural gas & biomass is estimated to hold the largest share in 2019. On the basis of boiler horsepower, the target market is segmented into 10 -150 HP, 151-300 HP, and 301-600 HP. The industrial modular boiler market is dominated by the 10-150 BHP segment as most of the end-use industries, such as chemical, food processing, refineries, and metals & mining use boilers in the 10-150 BHP range.

Industrial modular boiler market by region is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to hold the largest share during the forecast period due to the rising demand for energy and replacement of conventional boilers in the region. In 2015, the European Union introduced the Eco-design Directive with respect to solid fuel boilers with an aim to minimize negative environmental impact of GHG emission. The target market for Europe and Asia Pacific is projected to grow at fastest rate during the forecast period owing to increasing population and increasing demand for power generation in the region.

Key players operating in the industrial modular boiler market includes Babcock & Wilcox Co., Thermax Ltd., General Electric Company, Doosan Heavy Industries & Construction, Siemens AG, IHI Co, Dongfang Electric Corporation Ltd., Bharat Heavy Electricals Ltd., and Harbin Power Equipment Co. Ltd.