Global Package Boilers Market Size, Supply, Forecast To 2031

(MENAFN- Straits Research) Package boilers are industrial boilers with all components needed to generate steam or hot water. These boilers are simple to install and widely used in various industries, including manufacturing, chemical processing, and power generation.
Rising ultra-megapower projects around the world are propelling the global market. The increasing demand for package boilers in the food and beverage industry is one of the key trends driving market growth. The industry is quickly developing because package boilers are easier to install than conventional boiler systems. Furthermore, the expanding oil-based fuel and fire tube boiler sectors will create new market opportunities.
Market Dynamics
Industrial Growth and Expansion Drive the Global Market
Manufacturing, petrochemicals, food processing, and pharmaceuticals are among the industries driving demand for steam and hot water generation. Package boilers are important in supplying heat and energy to industrial processes. The Indian pharmaceutical industry has expanded dramatically in recent years owing to increased demand for healthcare products and medications. Pharmaceutical manufacturing requires high-quality steam and hot water for various production and sterilization processes. To support this expansion, pharmaceutical companies have invested in new facilities outfitted with package boilers to meet their energy needs effectively and by environmental regulations. According to the Pharmaceuticals Export Promotion Council of India (Pharmexcil), India's pharmaceutical exports have grown at a rate of 3.25%, reaching USD 25.394 billion.
The pharmaceutical industry in India is an example of how industrial expansion and growth encourage the use of package boilers to meet the energy demands of production activities while complying with pollution limitations and energy efficiency goals. As a result, the package boilers market trend is predicted to shift during the forecast period.
Renewable Energy Integration Creates Tremendous Opportunities
Integrating renewable energy sources such as biomass, biogas, and waste-to-energy with package boilers has significant potential. Package boilers can be designed to enable them to utilize alternative fuels, rendering them compatible with renewable energy initiatives and facilitating a reduction in the production of greenhouse gases. The rising global focus on sustainability and renewable energy has led to a growing significance of package boilers capable of burning biomass and other alternative fuels. This is particularly relevant for organizations aiming to reduce their carbon footprint.
According to the International Energy Agency (IEA), biomass energy is crucial in achieving renewable energy objectives. It is projected that by the year 2022, biomass will constitute around 55% of the total global utilization of renewable energy sources. Consequently, organizations are progressively endeavoring to incorporate package boilers that can use biomass as a fuel source.
Regional Insights
Asia-Pacific predominantly drives package boiler demand. The growth of the package boiler market is primarily influenced by the expansion of power generation facilities, the activities of oil and gas downstream operations, and the industrial boom observed in Asian regions. The forthcoming years will witness rapid urbanization and industrialization in India, China, South Korea, Australia, Singapore, Taiwan, and Japan. Due to enhanced system integration, China will contribute 40% of the global renewable capacity growth from 2019 to 2024. India, a prominent player in the Asia-Pacific region, has witnessed significant growth in its manufacturing industry. Package boilers are relied upon by firms in the textile, chemical, and paper industries for their energy needs. These factors will soon fuel global package boiler market growth.
In North America, package boilers are extensively utilized to generate steam and supply hot water. The local economy is supported by well-established manufacturing, chemical processing, and power generation sectors. The implementation of legal regulations has resulted in the adoption of cleaner fuel sources such as natural gas and the utilization of low-emission package boilers. According to the report published by the U.S. Energy Information Administration (EIA), natural gas accounted for 38% of the total energy generated in the United States in 2019. With the increasing prominence of environmental issues, there is a need to upgrade package boiler design and fuel sources to align with the evolving demands of the business.
Key Highlights

The global package boilers market size was valued at
USD 11.01 billion in 2022
and is projected to reach
USD 15.67 billion by 2031, registering a
CAGR of 4%
during the forecast period (2023-2031).
Water-Tube Package Boilers and Fire-Tube Package Boilers are two subtypes. Fire-Tube Package Boilers dominate the market.
The market is segmented by end-use industry into Food and Beverage, Oil and Gas. Food and beverages accounted for the lion's share of the market.
The market is separated into two categories based on fuel: oil and biomass. Oil has an impact on market growth.
By design, the segment can be divided into D-Type Package Boilers and O-Type Package Boilers. D-Type Package Boilers dominate the market.
Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. Asia-Pacific is the most significant global market shareholder and is estimated to grow at a healthy CAGR over the forecast period.

Competitive Landscape
The key players in the global package boilers market are Mitsubishi Hitachi Power Systems, Ltd, Cleaver-Brooks, Inc., IHI Corporation, Babcock and Wilcox Enterprises, Inc., Amec Foster Wheeler PLC, Johnston Boiler Company, Thermax Limited, Hurst Boiler and Welding Company, Inc, Calderas Powermaster, and Forbes Marshall Private Limited.
Market News

In October 2023, Mitsubishi Power, a power solution brand of Mitsubishi Heavy Industries, Ltd. (MHI), installed the second of four M701JAC units at a natural gas-fired power plant project in Rayong Province, Thailand.
In October 2023, Cleaver-Brooks created a new video highlighting their ClearFire®-CE (CFC-E) boiler.

Global Package Boilers Market: Segmentation
By Type

Water-Tube Package Boilers
Fire-Tube Package Boilers
Electric Boilers
Others

By End-Use Industry

Food and Beverage
Oil and Gas
Chemical
Paper and Pulp
Others

By Fuel

Oil
Biomass
Gas
Others

By Design

D-Type Package Boilers
O-Type Package Boiler
A-Type Package Boilers

By Region

North America
Asia-Pacific
Europe
The Middle East and Africa


Latin America

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