Industrial Boiler Market Analysis APAC,Europe,North America,Middle East and Africa,South America - US,China,Japan,India,Germany - Size and Forecast 2023-2027

Published: Oct 2023 Pages: 180 SKU: IRTNTR70192

Industrial Boiler Market Forecast 2023-2027

The industrial boiler market size is estimated to grow by USD 2.94 billion at a CAGR of 3.51% between 2022 and 2027. The market's growth is driven by several factors, including the rising popularity of hybrid boilers, which offer increased efficiency and environmental benefits compared to traditional boilers. Additionally, there is a growing demand for biomass boilers, driven by the need for sustainable heating solutions. The growth in global industrial activities is also a significant driver, as industries increasingly adopt boiler technologies to meet their energy needs. Our report analyzes historical data from 2017 to 2021 to provide insights into market trends and examines the current market scenario to offer a comprehensive understanding of the market dynamics.

 It also includes an in-depth analysis of drivers, trends, and challenges. 

What will be the size of the Market During the Forecast Period?

Market Forecast 2023-2027

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Market Segmentation

This report extensively covers market segmentation by source (gas-fired boiler, coal fired boiler, oil fired boiler, and others), end-user (chemicals and petrochemicals, food processing, paper and pulp, power generation, and metal and mining, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

By Source 

The gas fired boiler segment will account for a major share of the market's growth during the forecast period.?Industrial boilers use natural gas, which is an efficient and affordable fuel among all non-renewable resources in hot water applications. Natural gas is not only more efficient but also has low operating costs than other fossil fuels. Natural gas boilers produce less emissions and are cleaner than diesel boilers. These produce less polluting emissions.

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The gas fired boiler segment was valued at USD 4.41 billion in 2017.?Environmental concerns have led to the development of new government regulations to encourage the use of natural gas boilers. As a result, the use of these is increasing worldwide. Many suppliers operating in the market are also launching new variants of natural gas generators. Thus, these factors will drive the growth of the gas-fired boiler segment of the global industrial boiler market during the forecast period. 

By End-User

Based on end-user, the market has been segmented into chemicals and petrochemicals, food processing, paper and pulp, power generation, and metal and mining and others. The chemicals and petrochemicals?segment will account for the largest share of this segment.?Specialty chemicals, petrochemicals, and agrochemicals are some of the common outputs of the chemical and petrochemical industries. These products are used in the manufacture of components of automotive and consumer durables, construction materials, textiles, healthcare equipment and tools, packaging materials, and fertilizers. The substantial availability of natural gas in North America and the Middle East is rising the investment in the construction of new chemical and petrochemical facilities in these regions. As a result, these factors will increase the demand in the chemical and petrochemical industry for end users, which will drive the growth of the segment during the forecast period.

By Region

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APAC is estimated to contribute 42% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Developing countries in APAC, such as China, India, Indonesia, Pakistan, Bangladesh, and Vietnam, are experiencing rapid increases in urbanization rates and disposable incomes. In addition, increased investment in modern rail, road, and trade networks has improved supply chain infrastructure. As a result, supply and demand for processed foods and personal care products is increasing in the APAC region.

Furthermore, the growing demand for consumer durables, textiles, fertilizers, housing, and automobiles is increasing the consumption of chemicals and petrochemicals, cement, steel, and finished petroleum products and driving investment into these industries. China, India, and Japan are among the largest industrial boiler markets in the region. Hence, such factors are expected to drive market growth in this region during the forecast period.  

Market Dynamics

The market serves various sectors such as the power, food, and chemical industry, where they play a crucial role in operations. The use of oil and gas fired boilers is common, but they can incur heavy expenses if not properly maintained, leading to damaged boiler and harmful emissions. Proper maintenance, including checking for leaks in pipes, is essential to ensure efficient and safe operation. The market serves the power, food, and chemical industries, providing essential equipment like oil and gas fired boilers. Ensuring proper maintenance is crucial to avoid damaged boilers. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.  

Key Market Driver- Rising popularity of hybrid boilers

Hybrid industrial boilers combine conventional fuel sources with renewable energy sources, providing a more energy-efficient and cost-effective heating solution. The trend toward replacing coal-fired power plants is driving increased demand, which boasts higher efficiency ratios than traditional boilers, potentially leading to cost savings for end users, especially in the power industry, regarding efficiency, operating costs, industrial facilities, and installation costs

Furthermore, the implementation of government energy-saving initiatives and policies is driving the demand for hybrid boilers. The European Union (EU) has implemented policies and provided funding for renewable energy sources, resulting in increased demand. Hence, the global market is expected to witness significant growth during the forecast period. 

Major Market Trends- Growing demand for multi-fuel boilers

The market is witnessing a new trend in industrial boiler system design that can support multi-fuel operations. The popularity of these systems is growing as the power generation and processing industries want to maximize the use of locally produced renewable biomass and recycled fuels. These fuels are less expensive than conventional fuels.

Moreover, the use of these fuels is also encouraged by national policies that reward efforts to reduce the environmental impact. These rewards are given as carbon credits or monetary incentives. This trend is observed in the European market and could boost the global market if the trend is adopted by other countries around the world during the forecast period. 

Significant Market Challenge- Growth of the boiler rental market

Industries are increasingly using boiler rentals to meet the seasonal peak demand or resume production while in-house boilers are under maintenance, thus reducing capital expenditure needs and periodic maintenance costs for industries. The legally acquired entity purchased and leased boilers used in critical production processes to clients in the manufacturing, energy, chemical, oil, and gas industries.

Furthermore, the expected growth of the global boiler rental market is hindering the growth of the global market as industries install indoor boilers to meet base load needs. Since the demand from all industries does not peak at the same time, rental companies can meet the market demand by purchasing fewer, which will impede the growth of the global market during the forecast period. 

Who are the Major Industrial Boiler Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

  • Siemens AG: The company offers industrial boilers such as Electric steam boiler ELSB, Universal steam boiler CSB, and Universal steam boiler ZFR.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:

Alfa Laval AB, Andritz AG, Babcock and Wilcox Enterprises Inc., Bharat Heavy Electricals Ltd., Byworth Boilers Ltd., Cheema Boilers Ltd., Cochran Ltd., Dongfang Electric Corp. Ltd., Forbes Marshall Pvt. Ltd., Gammon Engineers and Contractors Pvt. Ltd., Harbin Electric Corp., John Wood Group PLC, Mitsubishi Heavy Industries Ltd., Parker Boiler Co., Rentech Boilers Systems Inc., Robert Bosch GmbH, The Cleaver Brooks Co. Inc., Thermax Ltd., and IHI Aerospace Co. Ltd.

Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Segment Overview

The industrial boiler market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

  • Source Outlook 
    • Gas fired boiler
    • Coal fired boiler
    • Oil fired boiler
    • Others
  • End-user Outlook 
    • Chemicals and petrochemical
    • Food processing
    • Paper and pulp
    • Power generation
    • Metal and mining and others
  • Region Outlook 
    • North America
      • The U.S.
      • Canada
    • Europe
      • The U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • South America
      • Chile 
      • Brazil 
      • Argentina
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa

Market Analyst Overview

The market is influenced by various factors such as the need to reduce carbon emissions in the power, food, and chemical industries to mitigate their impact on the global economy and combat inflation. The market is also affected by fluctuations in oil prices, which impact the viability of oil and gas fired boilers. Initiatives like the Green Deal aim to promote the adoption of cleaner alternatives, leading to a shift away from coal-fired boilers towards renewables and biofuels. Efforts to improve emission control and enhance industrial boiler efficiency are prevalent, especially in developed countries. Despite the move towards cleaner fuels, challenges such as operating costs, installation costs, and downtime due to damaged boilers remain significant.

In developing nations, rapid industrialization and the absence of stringent laws can lead to higher CO2 emissions from coal plants and other industrial facilities. However, there is a growing awareness of the need for a positive environment and the benefits of clean fuels like hydrogen firing. The market is also influenced by factors such as labor costs, miscellaneous expenses, and the closure of industries due to environmental concerns. Overall, the industrial boiler market is evolving to meet the demand for energy efficiency and sustainability across multiple industries, including refineries, pulp & paper, and primary metal manufacturing plants.

Industrial Boiler Market Scope

Report Coverage

Details

Page number

180

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 3.51%

Market growth 2023-2027

USD 2.94  billion

Market structure

Fragmented

YoY growth 2022-2023(%)

3.23

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 42%

Key countries

US, China, Japan, India, and Germany

Competitive landscape

 Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

Alfa Laval AB, Andritz AG, Babcock and Wilcox Enterprises Inc., Bharat Heavy Electricals Ltd., Byworth Boilers Ltd., Cheema Boilers Ltd., Cochran Ltd., Dongfang Electric Corp. Ltd., Forbes Marshall Pvt. Ltd., Gammon Engineers and Contractors Pvt. Ltd., Harbin Electric Corp., John Wood Group PLC, Mitsubishi Heavy Industries Ltd., Parker Boiler Co., Rentech Boilers Systems Inc., Robert Bosch GmbH, Siemens AG, The Cleaver Brooks Co. Inc., Thermax Ltd., and IHI Aerospace Co. Ltd.

Market dynamics

Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
  • Precise estimation of the size of the market size and its contribution to the parent market
  • Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
  • Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
  • Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
  • Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements. Get in touch

1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Source
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
      • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
      • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
      • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Global industrial boiler market 2017 - 2021
      • Exhibit 18: Historic Market Size – Data Table on global industrial boiler market 2017 - 2021 ($ million)
    • 4.2 Source Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – Source Segment 2017 - 2021 ($ million)
    • 4.3 End-user Segment Analysis 2017 - 2021
      • Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 ($ million)
    • 4.4 Geography Segment Analysis 2017 - 2021
      • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)
    • 4.5 Country Segment Analysis 2017 - 2021
      • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Source

    • 6.1 Market segments
      • Exhibit 30: Chart on Source - Market share 2022-2027 (%)
      • Exhibit 31: Data Table on Source - Market share 2022-2027 (%)
    • 6.2 Comparison by Source
      • Exhibit 32: Chart on Comparison by Source
      • Exhibit 33: Data Table on Comparison by Source
    • 6.3 Gas fired boiler - Market size and forecast 2022-2027
      • Exhibit 34: Chart on Gas fired boiler - Market size and forecast 2022-2027 ($ million)
      • Exhibit 35: Data Table on Gas fired boiler - Market size and forecast 2022-2027 ($ million)
      • Exhibit 36: Chart on Gas fired boiler - Year-over-year growth 2022-2027 (%)
      • Exhibit 37: Data Table on Gas fired boiler - Year-over-year growth 2022-2027 (%)
    • 6.4 Coal fired boiler - Market size and forecast 2022-2027
      • Exhibit 38: Chart on Coal fired boiler - Market size and forecast 2022-2027 ($ million)
      • Exhibit 39: Data Table on Coal fired boiler - Market size and forecast 2022-2027 ($ million)
      • Exhibit 40: Chart on Coal fired boiler - Year-over-year growth 2022-2027 (%)
      • Exhibit 41: Data Table on Coal fired boiler - Year-over-year growth 2022-2027 (%)
    • 6.5 Oil fired boiler - Market size and forecast 2022-2027
      • Exhibit 42: Chart on Oil fired boiler - Market size and forecast 2022-2027 ($ million)
      • Exhibit 43: Data Table on Oil fired boiler - Market size and forecast 2022-2027 ($ million)
      • Exhibit 44: Chart on Oil fired boiler - Year-over-year growth 2022-2027 (%)
      • Exhibit 45: Data Table on Oil fired boiler - Year-over-year growth 2022-2027 (%)
    • 6.6 Others - Market size and forecast 2022-2027
      • Exhibit 46: Chart on Others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 47: Data Table on Others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 48: Chart on Others - Year-over-year growth 2022-2027 (%)
      • Exhibit 49: Data Table on Others - Year-over-year growth 2022-2027 (%)
    • 6.7 Market opportunity by Source
      • Exhibit 50: Market opportunity by Source ($ million)
      • Exhibit 51: Data Table on Market opportunity by Source ($ million)

    7 Market Segmentation by End-user

    • 7.1 Market segments
      • Exhibit 52: Chart on End-user - Market share 2022-2027 (%)
      • Exhibit 53: Data Table on End-user - Market share 2022-2027 (%)
    • 7.2 Comparison by End-user
      • Exhibit 54: Chart on Comparison by End-user
      • Exhibit 55: Data Table on Comparison by End-user
    • 7.3 Chemicals and petrochemicals - Market size and forecast 2022-2027
      • Exhibit 56: Chart on Chemicals and petrochemicals - Market size and forecast 2022-2027 ($ million)
      • Exhibit 57: Data Table on Chemicals and petrochemicals - Market size and forecast 2022-2027 ($ million)
      • Exhibit 58: Chart on Chemicals and petrochemicals - Year-over-year growth 2022-2027 (%)
      • Exhibit 59: Data Table on Chemicals and petrochemicals - Year-over-year growth 2022-2027 (%)
    • 7.4 Food processing - Market size and forecast 2022-2027
      • Exhibit 60: Chart on Food processing - Market size and forecast 2022-2027 ($ million)
      • Exhibit 61: Data Table on Food processing - Market size and forecast 2022-2027 ($ million)
      • Exhibit 62: Chart on Food processing - Year-over-year growth 2022-2027 (%)
      • Exhibit 63: Data Table on Food processing - Year-over-year growth 2022-2027 (%)
    • 7.5 Paper and pulp - Market size and forecast 2022-2027
      • Exhibit 64: Chart on Paper and pulp - Market size and forecast 2022-2027 ($ million)
      • Exhibit 65: Data Table on Paper and pulp - Market size and forecast 2022-2027 ($ million)
      • Exhibit 66: Chart on Paper and pulp - Year-over-year growth 2022-2027 (%)
      • Exhibit 67: Data Table on Paper and pulp - Year-over-year growth 2022-2027 (%)
    • 7.6 Power generation - Market size and forecast 2022-2027
      • Exhibit 68: Chart on Power generation - Market size and forecast 2022-2027 ($ million)
      • Exhibit 69: Data Table on Power generation - Market size and forecast 2022-2027 ($ million)
      • Exhibit 70: Chart on Power generation - Year-over-year growth 2022-2027 (%)
      • Exhibit 71: Data Table on Power generation - Year-over-year growth 2022-2027 (%)
    • 7.7 Metal and mining and others - Market size and forecast 2022-2027
      • Exhibit 72: Chart on Metal and mining and others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 73: Data Table on Metal and mining and others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 74: Chart on Metal and mining and others - Year-over-year growth 2022-2027 (%)
      • Exhibit 75: Data Table on Metal and mining and others - Year-over-year growth 2022-2027 (%)
    • 7.8 Market opportunity by End-user
      • Exhibit 76: Market opportunity by End-user ($ million)
      • Exhibit 77: Data Table on Market opportunity by End-user ($ million)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 78: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 79: Chart on Market share by geography 2022-2027 (%)
      • Exhibit 80: Data Table on Market share by geography 2022-2027 (%)
    • 9.2 Geographic comparison
      • Exhibit 81: Chart on Geographic comparison
      • Exhibit 82: Data Table on Geographic comparison
    • 9.3 APAC - Market size and forecast 2022-2027
      • Exhibit 83: Chart on APAC - Market size and forecast 2022-2027 ($ million)
      • Exhibit 84: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
      • Exhibit 85: Chart on APAC - Year-over-year growth 2022-2027 (%)
      • Exhibit 86: Data Table on APAC - Year-over-year growth 2022-2027 (%)
    • 9.4 Europe - Market size and forecast 2022-2027
      • Exhibit 87: Chart on Europe - Market size and forecast 2022-2027 ($ million)
      • Exhibit 88: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
      • Exhibit 89: Chart on Europe - Year-over-year growth 2022-2027 (%)
      • Exhibit 90: Data Table on Europe - Year-over-year growth 2022-2027 (%)
    • 9.5 North America - Market size and forecast 2022-2027
      • Exhibit 91: Chart on North America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 92: Data Table on North America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 93: Chart on North America - Year-over-year growth 2022-2027 (%)
      • Exhibit 94: Data Table on North America - Year-over-year growth 2022-2027 (%)
    • 9.6 Middle East and Africa - Market size and forecast 2022-2027
      • Exhibit 95: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
      • Exhibit 96: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
      • Exhibit 97: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
      • Exhibit 98: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • 9.7 South America - Market size and forecast 2022-2027
      • Exhibit 99: Chart on South America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 100: Data Table on South America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 101: Chart on South America - Year-over-year growth 2022-2027 (%)
      • Exhibit 102: Data Table on South America - Year-over-year growth 2022-2027 (%)
    • 9.8 China - Market size and forecast 2022-2027
      • Exhibit 103: Chart on China - Market size and forecast 2022-2027 ($ million)
      • Exhibit 104: Data Table on China - Market size and forecast 2022-2027 ($ million)
      • Exhibit 105: Chart on China - Year-over-year growth 2022-2027 (%)
      • Exhibit 106: Data Table on China - Year-over-year growth 2022-2027 (%)
    • 9.9 US - Market size and forecast 2022-2027
      • Exhibit 107: Chart on US - Market size and forecast 2022-2027 ($ million)
      • Exhibit 108: Data Table on US - Market size and forecast 2022-2027 ($ million)
      • Exhibit 109: Chart on US - Year-over-year growth 2022-2027 (%)
      • Exhibit 110: Data Table on US - Year-over-year growth 2022-2027 (%)
    • 9.10 Germany - Market size and forecast 2022-2027
      • Exhibit 111: Chart on Germany - Market size and forecast 2022-2027 ($ million)
      • Exhibit 112: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
      • Exhibit 113: Chart on Germany - Year-over-year growth 2022-2027 (%)
      • Exhibit 114: Data Table on Germany - Year-over-year growth 2022-2027 (%)
    • 9.11 Japan - Market size and forecast 2022-2027
      • Exhibit 115: Chart on Japan - Market size and forecast 2022-2027 ($ million)
      • Exhibit 116: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
      • Exhibit 117: Chart on Japan - Year-over-year growth 2022-2027 (%)
      • Exhibit 118: Data Table on Japan - Year-over-year growth 2022-2027 (%)
    • 9.12 India - Market size and forecast 2022-2027
      • Exhibit 119: Chart on India - Market size and forecast 2022-2027 ($ million)
      • Exhibit 120: Data Table on India - Market size and forecast 2022-2027 ($ million)
      • Exhibit 121: Chart on India - Year-over-year growth 2022-2027 (%)
      • Exhibit 122: Data Table on India - Year-over-year growth 2022-2027 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 123: Market opportunity by geography ($ million)
      • Exhibit 124: Data Tables on Market opportunity by geography ($ million)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 125: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 126: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 127: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 128: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 129: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 130: Matrix on vendor position and classification
            • 12.3 Alfa Laval AB
              • Exhibit 131: Alfa Laval AB - Overview
              • Exhibit 132: Alfa Laval AB - Business segments
              • Exhibit 133: Alfa Laval AB - Key news
              • Exhibit 134: Alfa Laval AB - Key offerings
              • Exhibit 135: Alfa Laval AB - Segment focus
            • 12.4 Andritz AG
              • Exhibit 136: Andritz AG - Overview
              • Exhibit 137: Andritz AG - Business segments
              • Exhibit 138: Andritz AG - Key news
              • Exhibit 139: Andritz AG - Key offerings
              • Exhibit 140: Andritz AG - Segment focus
            • 12.5 Babcock and Wilcox Enterprises Inc.
              • Exhibit 141: Babcock and Wilcox Enterprises Inc. - Overview
              • Exhibit 142: Babcock and Wilcox Enterprises Inc. - Business segments
              • Exhibit 143: Babcock and Wilcox Enterprises Inc. - Key news
              • Exhibit 144: Babcock and Wilcox Enterprises Inc. - Key offerings
              • Exhibit 145: Babcock and Wilcox Enterprises Inc. - Segment focus
            • 12.6 Bharat Heavy Electricals Ltd.
              • Exhibit 146: Bharat Heavy Electricals Ltd. - Overview
              • Exhibit 147: Bharat Heavy Electricals Ltd. - Business segments
              • Exhibit 148: Bharat Heavy Electricals Ltd. - Key news
              • Exhibit 149: Bharat Heavy Electricals Ltd. - Key offerings
              • Exhibit 150: Bharat Heavy Electricals Ltd. - Segment focus
            • 12.7 Byworth Boilers Ltd.
              • Exhibit 151: Byworth Boilers Ltd. - Overview
              • Exhibit 152: Byworth Boilers Ltd. - Product / Service
              • Exhibit 153: Byworth Boilers Ltd. - Key offerings
            • 12.8 Cochran Ltd.
              • Exhibit 154: Cochran Ltd. - Overview
              • Exhibit 155: Cochran Ltd. - Product / Service
              • Exhibit 156: Cochran Ltd. - Key offerings
            • 12.9 Dongfang Electric Corp. Ltd.
              • Exhibit 157: Dongfang Electric Corp. Ltd. - Overview
              • Exhibit 158: Dongfang Electric Corp. Ltd. - Product / Service
              • Exhibit 159: Dongfang Electric Corp. Ltd. - Key offerings
            • 12.10 Forbes Marshall Pvt. Ltd.
              • Exhibit 160: Forbes Marshall Pvt. Ltd. - Overview
              • Exhibit 161: Forbes Marshall Pvt. Ltd. - Product / Service
              • Exhibit 162: Forbes Marshall Pvt. Ltd. - Key offerings
            • 12.11 IHI Aerospace Co. Ltd.
              • Exhibit 163: IHI Aerospace Co. Ltd. - Overview
              • Exhibit 164: IHI Aerospace Co. Ltd. - Business segments
              • Exhibit 165: IHI Aerospace Co. Ltd. - Key news
              • Exhibit 166: IHI Aerospace Co. Ltd. - Key offerings
              • Exhibit 167: IHI Aerospace Co. Ltd. - Segment focus
            • 12.12 John Wood Group PLC
              • Exhibit 168: John Wood Group PLC - Overview
              • Exhibit 169: John Wood Group PLC - Business segments
              • Exhibit 170: John Wood Group PLC - Key offerings
              • Exhibit 171: John Wood Group PLC - Segment focus
            • 12.13 Mitsubishi Heavy Industries Ltd.
              • Exhibit 172: Mitsubishi Heavy Industries Ltd. - Overview
              • Exhibit 173: Mitsubishi Heavy Industries Ltd. - Business segments
              • Exhibit 174: Mitsubishi Heavy Industries Ltd. - Key news
              • Exhibit 175: Mitsubishi Heavy Industries Ltd. - Key offerings
              • Exhibit 176: Mitsubishi Heavy Industries Ltd. - Segment focus
            • 12.14 Parker Boiler Co.
              • Exhibit 177: Parker Boiler Co. - Overview
              • Exhibit 178: Parker Boiler Co. - Product / Service
              • Exhibit 179: Parker Boiler Co. - Key offerings
            • 12.15 Robert Bosch GmbH
              • Exhibit 180: Robert Bosch GmbH - Overview
              • Exhibit 181: Robert Bosch GmbH - Business segments
              • Exhibit 182: Robert Bosch GmbH - Key news
              • Exhibit 183: Robert Bosch GmbH - Key offerings
              • Exhibit 184: Robert Bosch GmbH - Segment focus
            • 12.16 The Cleaver Brooks Co. Inc.
              • Exhibit 185: The Cleaver Brooks Co. Inc. - Overview
              • Exhibit 186: The Cleaver Brooks Co. Inc. - Product / Service
              • Exhibit 187: The Cleaver Brooks Co. Inc. - Key offerings
            • 12.17 Thermax Ltd.
              • Exhibit 188: Thermax Ltd. - Overview
              • Exhibit 189: Thermax Ltd. - Business segments
              • Exhibit 190: Thermax Ltd. - Key news
              • Exhibit 191: Thermax Ltd. - Key offerings
              • Exhibit 192: Thermax Ltd. - Segment focus

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 193: Inclusions checklist
                • Exhibit 194: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 195: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 196: Research methodology
                • Exhibit 197: Validation techniques employed for market sizing
                • Exhibit 198: Information sources
              • 13.5 List of abbreviations
                • Exhibit 199: List of abbreviations
              • in manufacturing industry: Market dynamics in some major processes and discrete industries are changing drastically, and manufacturers are gradually feeling the brunt of excessive demand fluctuations. The fluctuating prices of oil and gas and metals in the global market and the shortage of a skilled workforce worldwide have directly affected the profitability of manufacturing companies. A sudden and unexpected shift in market dynamics can drastically impact manufacturing processes and investments in capital goods.
                • slowdown in the automotive industry: High motorization rates in North America and Europe, the increase in tariffs on imported vehicles in the US and China, and the global economic slowdown are likely to reduce vehicle sales in the coming years. Anticipating a decline in vehicle sales, several vehicle manufacturers are halting their vehicle production. For instance, in March 2019, Ford announced the shutdown of its three vehicle-manufacturing sites in Russia. Similarly, in August 2019, Mahindra and Mahindra Ltd. stopped vehicle production at its manufacturing units in India for 8-14 days. During the same month, Maruti Suzuki announced that it had cut its vehicle production for the sixth consecutive month in 2019. In August 2019, Honda announced a halt in car production at its Argentina-based manufacturing plants. Such a slowdown in the automotive industry is expected to hamper the growth of the market during the forecast period.

                  Research Framework

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                  INFORMATION SOURCES

                  Primary sources

                  • Manufacturers and suppliers
                  • Channel partners
                  • Industry experts
                  • Strategic decision makers

                  Secondary sources

                  • Industry journals and periodicals
                  • Government data
                  • Financial reports of key industry players
                  • Historical data
                  • Press releases

                  DATA ANALYSIS

                  Data Synthesis

                  • Collation of data
                  • Estimation of key figures
                  • Analysis of derived insights

                  Data Validation

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                  REPORT WRITING

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                  • Market challenges
                  • Market trends
                  • Five forces analysis

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                  • Competitive landscape

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