Condensing Industrial Hot Water Boiler Market – By Fuel (Natural Gas, Oil, Coal), By Capacity (< 10 MMBtu/hr, 10 - 25 MMBtu/hr, 25 - 50 MMBtu/hr, 50 - 75 MMBtu/hr, > 75 MMBtu/hr), By Application & Forecast, 2024 – 2032

Condensing Industrial Hot Water Boiler Market Size

Condensing Industrial Hot Water Boiler Market size in 2023 was valued at USD 312.9 million and is set to grow at a CAGR of 5.6% between 2024 and 2032. Rapid industrialization & urbanization in line with increasing environmental concern and stringent regulations to reduce carbon emission will augment the industry landscape. Continuous advancements in boiler technology comprising of materials, digital monitoring solutions, and combustion control systems will energize the product adoption. For instance, in December 2022, revisions were made to various segments of the Vermont Air Pollution Control Regulations, focusing on the regulation of air contaminant emissions originating from boiler systems.
 

A condensing industrial hot water boiler is an advanced heating system designed to maximize energy efficiency by capturing and utilizing heat that would otherwise be lost in the combustion process. Increasing adoption of renewable fuel sources including biogas, biomass, and hydrogen along with growing demand of highly efficient condensing units across pulp & paper, chemical, food processing industries will propel the product penetration of industrial hot water boiler. The global shift toward implementation of economic development growth and energy policies along with growing adoption of smart building management systems will influence the industry outlook.
 

Condensing Industrial Hot Water Boiler Market Trends

The industry is anticipated to witness owing to their lower fuel consumption and reduced emissions. Increasing demand for heating systems to ensure uninterrupted operations coupled with ongoing refurbishment and replacement of traditional boiler systems will cater the industry landscape. Furthermore, rapid industrial growth across the key emerging economies in conjunction with enhancement in industrial boiler design will positively complement the business scenario.
 

Condensing Industrial Hot Water Boiler Market Analysis

The natural gas fired condensing industrial hot water boiler industry will exceed USD 160 million by 2032. Increasing energy costs and environmental concerns along with stringent emissions standards imposed by the respective government authorities will foster the demand for these units. These boilers offer higher efficiency compared to non-condensing alternatives, making them increasingly attractive to industrial users seeking to reduce energy consumption and operating costs. Moreover, the abundant availability of natural gas in line with the utilization of renewable sources will provide additional business opportunities.
 

The food processing condensing industrial hot water boiler market size will witness a growth of over 5.5% through 2032. The industry is anticipated to witness growth on account of maintaining product quality and safety in food processing operations by providing precise control over water temperature and minimizing fluctuations. Increasing population growth, urbanization, and changing consumer preferences are the key parameters, which in turn will stimulate the product deployment. Growing demand for efficient and reliable hot water systems to support production needs will create opportunities for the product adoption.
 

Europe market is set to surpass over USD 180 million by 2032. The region is witnessing significant growth on account of implementing stringent energy efficiency regulations and target to combat climate change. EU directives including the Energy Efficiency Directive and Ecodesign Directive set minimum efficiency requirements for heating equipment, incentivizing industries to invest in high-efficiency solutions. In addition, the countries have ambitious decarbonization goals, aiming to reduce greenhouse gas emissions and transition towards renewable energy sources will positively influence the business landscape.
 

U.S. condensing industrial hot water boiler market is set to witness an upsurge on account of scalability and redundancy, allowing businesses to efficiently meet fluctuating hot water demand while ensuring system reliability. Growing integration of advanced control systems which enables monitoring, optimization, and remote management of heating systems will accelerate the business potential. Government initiatives comprising of tax incentives, rebates, and grants aimed at promoting energy efficiency and reducing carbon emissions will foster the industry growth.
 

Condensing Industrial Hot Water Boiler Market Share

Viessmann is a manufacturer of intelligent, comfortable, efficient systems for cooling, heating, refrigeration systems, air conditioning, and decentralizing power supply. The company operates through three divisions, refrigeration system, heating system, and industrial system. Industrial boiler falls under the industrial system division, which also includes steam boilers and wood combustion systems. It offers solar thermal systems with vacuum tubes & flat plate collectors, heating solutions, gas-fired non-condensing & condensing heating technology solutions, wood-fired boilers, advanced biomass heating & control technology solutions, storage tanks, indirect-fired domestic hot water tanks, and controls.
 

Condensing Industrial Hot Water Boiler Market Companies

The key industry players include:

• Acme Engineering Products Ltd.
• Babcock Wanson
• Bosch Industriekessel GmbH
• FERROLI S.p.A
• Fulton
• HKB
• Hoval
• Hurst Boiler & Welding Co, Inc.
• Indeck Power Equipment Company
• Maxtherm (India) Private Limited
• PARAT Halvorsen AS
• Parker Boilers
• Thermal Solutions LLC
• Thermax Limited
• Thermodyne Boilers
• Viessmann
   

Condensing Industrial Hot Water Boiler Industry News

• In January 2023, Babcock Wanson acquired Parat and PBS Power Equipment. Parat, a Norwegian company, is a manufacturer and designer of high voltage boilers and PBS Power Equipment, is specialized in industrial boiler solutions. Babcock Wanson's acquisitions of Parat and PBS Power Equipment represent a strategic consolidation aimed at strengthening its position in the European industrial boiler market and enhancing its capabilities to address the evolving needs of customers in the energy transition era.
   
• In May 2022, PARAT Halvorsen announced that the company would supply a 45 MW electrode hot water boiler to the Tampereen Sähkölaitos, Finland. The boiler was to be installed at the Lielahti Power Plant with the aim of reducing the plant’s dependency on natural gas. The delivery included a boiler designed for 10 barg pressure, a control panel with an 11kV power connection, and a design temperature of 184°C. Additionally, the delivery included feedwater pumps, circulation systems, a blowdown tank, a heat exchanger, and a dosing unit.
   

The condensing industrial hot water boiler market research report includes in-depth coverage  of the industry with estimates & forecast in terms of “Units”, “MMBtu/hr” & “USD Million” from 2021 to 2032, for the following segments:

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Market, By Fuel

• Natural gas
• Oil
• Coal
• Others

Market, By Capacity

• < 10 MMBtu/hr
• 10 - 25 MMBtu/hr
• 25 - 50 MMBtu/hr
• 50 - 75 MMBtu/hr
• > 75 MMBtu/hr

Market, By Application

• Food processing
• Pulp & paper
• Chemical
• Refinery
• Primary metal
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Poland
  • Italy
  • Spain
  • Austria
  • Germany
  • Sweden
  • Russia
• Asia Pacific
  • China
  • India
  • Philippines
  • Japan
  • South Korea
  • Australia
  • Indonesia
• Middle East & Africa
  • Saudi Arabia
  • Iran
  • UAE
  • Nigeria
  • South Africa
• Latin America
  • Argentina
  • Chile
  • Brazil