The report "Industrial Boilers Market by End-use Industry (Food, Chemical, Refineries, Primary Metal), Type (Water Tube, Fire Tube), Boiler Horsepower (10BHP-150BHP, 151BHP-300BHP, and 301BHP-600BHP), Fuel Type (Coal, Gas), and Region - Global Forecast to 2026", published by MarketsandMarkets, the market is estimated at USD 10.92 Billion in 2016 and is projected to reach USD 17.77 Billion by 2026, at a CAGR of 5.0% between 2016 and 2026.
Factors such as increasing demand for clean energy sources, increasing number of natural power plants, and government initiatives to promote clean energy and reduce dependency on fossil fuels are key factors expected to boost the growth of the industrial boilers market. The shift in trend towards the adoption of high performance boiler based on natural gas will have a positive impact on the growth of the industrial boilers market.
The water tube segment is expected to lead the industrial boilers market by 2026
Based on type, the water tube segment is estimated to lead the industrial boilers market in 2016, as water tube boilers are safer in terms of design and can operate longer than fire tube boilers. The use of water tube is preferred in a variety of process applications across various industries, including chemical processing, pulp & paper, power generation, and refining.