The expansion of non-renewable power plants coupled with the rising demand for clean energy sources and government initiatives taken in order to reduce dependency on fossil fuels is promoting the growth of the industry. Further, the increasing application of package boilers for food processing and sanitation is again driving market growth. Additionally, the growing demand for chemical, oil, and other manufacturing industry is further propelling the market growth.
As per the latest report added by Value Market Research, the Global Package Boiler Market was valued at USD 12.9 BN (by revenue) in 2022 and is anticipated to reach USD 19.75 BN by 2030 with a CAGR of 5.47%.
FIRE-TUBE BOILER IS DOMINATING THE TYPE SEGMENT
Fire-tube boiler has dominated the segment. It is the most popular and basic type of boiler and is mainly used for steam locomotive engines. They are gaining hype across the various end-user industry since they are portable boiler and require less floor space. Also, the increasing application of fire-tube boilers from the marine application is further escalating their demand.
FOOD AND BEVERAGE INDUSTRY HOLDS THE LARGEST MARKET SHARE
The food and beverage industry is dominating the segment. The dominance can be attributed to the rising application of package boilers to generate steam essential to carry out various processes in the food and beverage industry.
ASIA-PACIFIC EMERGED AS THE LARGEST MARKET FOR PACKAGE BOILER
The Asia-Pacific dominated this market. Ongoing rapid industrialization and infrastructural development in the region are projected to offer a new growth opportunity to the vendors of package boilers.
COMPETITIVE LANDSCAPE
Amec Foster Wheeler Plc., Babcock & Wilcox Enterprises, Inc., Cleaver-Brooks, Inc., Forbes Marshall Private Limited, Hurst Boiler & Welding Co., Inc., In deck Power Equipment Co., Johnston Boiler Company, Mitsubishi Hitachi Power Systems, Ltd., Miura Boilers, Parker Boiler Company, Rentech Boilers, Superior Boiler Works, Inc., and Thermax Limited.