Industrial Boilers - Company Evaluation Report, 2025 (Abridged Report)
Description
The Industrial Boilers Companies Quadrant is a comprehensive industry analysis that provides valuable insights into the global market for Industrial Boilers. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and emerging trends shaping the industry. MarketsandMarkets 360 Quadrants evaluated over 100 companies, of which the Top 15 Industrial Boilers Companies were categorized and recognized as quadrant leaders.
Industrial boilers are sealed vessels engineered to produce steam or hot water by heating water or other fluids using a variety of fuel sources, including natural gas, coal, biomass, oil, and nuclear energy. These systems are essential in numerous industries for power generation, manufacturing, chemical processing, food production, and heating. The industrial boiler market is expanding due to rising global energy needs, growing industrial activity, and increasingly stringent environmental regulations that encourage the adoption of efficient, low-emission boiler technologies. Technological advancements such as improved combustion systems and the shift toward cleaner fuel options are fueling market growth. Furthermore, the move toward renewable energy—such as biomass and waste heat recovery solutions—is transforming the industrial boiler landscape.
An industrial boiler is a pressurized vessel used to heat water or other fluids to create steam or vapor for diverse applications. These include electricity generation, industrial process heating, centralized heating, and various functions across sectors such as manufacturing, food processing, chemical production, and energy. Industrial boilers ensure effective thermal energy transfer and come in several designs, including fire-tube and water-tube models, powered by fuels like natural gas, coal, biomass, and nuclear sources. With growing focus on energy conservation, emission control, and environmental sustainability, modern industrial boilers are increasingly integrating advanced combustion technologies and eco-friendly fuel options, cementing their role across both commercial and industrial domains.
The 360 Quadrant maps the Industrial Boilers companies based on criteria such as revenue, geographic presence, growth strategies, investments, and sales strategies for the market presence of the Industrial Boilers quadrant. The top criteria for product footprint evaluation included By FUEL TYPE (Natural Gas, Coal, Oil, Others), By BOILER TYPE (Fire-Tube, Water-Tube, Others), By FUNCTION (Hot Water, Steam), By BOILER HORSEPOWER (Introduction 9.2–150 Bhp), and By END-USE INDUSTRY (Chemicals & Petrochemicals, Food, Pulp & Paper, Metals & Mining, Power Generation, Others).
Key Players
Key players in the Industrial Boilers market include major global corporations and specialized innovators such as Babcock & Wilcox Enterprises, Inc., Siemens Ag, John Wood Plc, Dongfang Electric Corporation Limited, Robert Bosch Gmbh, Mitsubishi Power, Thermax Limited, Sofinter Group, Bharat Heavy Electricals Limited, Cleaver-Brooks, Inc., Byworth Boilers Ltd., Andritz Ag, Harbin Electric Company Limited, Alfa Laval Ab, and Ihi Corporation. These companies are actively investing in research and development, forming strategic partnerships, and engaging in collaborative initiatives to drive innovation, expand their global footprint, and maintain a competitive edge in this rapidly evolving market.
Top 3 Companies
Babcock & Wilcox Enterprises, Inc.
Babcock & Wilcox Enterprises focus on environmental and thermal technologies, with over 155 years of industry presence. The company operates three segments: B&W Renewable, B&W Environmental, and B&W Thermal. Their offerings include industrial boilers under the B&W Thermal segment, delivering diverse solutions like package boilers and waste heat boilers. B&W's global footprint spans manufacturing facilities across Europe, North America, and Asia Pacific, making it a key player in delivering energy and emissions control solutions.
Siemens AG
Siemens AG stands out as a leading industrial manufacturing company with a global presence. Specializing in automation, digitalization, and intelligent infrastructure, Siemens delivers extensive services across the industrial landscape. Its industrial boiler products fall under the smart infrastructure segment. With operations in over 200 countries, Siemens leverages its diverse business segments to support energy system decarbonization, reflected in its robust product portfolio and strategic acquisitions.
Mitsubishi Heavy Industries Ltd.
A Japanese multinational, Mitsubishi Heavy Industries provides comprehensive power solutions through its brand Mitsubishi Power. The company’s offerings range from steam power plants to chemical recovery boilers. With a strong focus on innovation and sustainability, MHI operates extensively across continents, crafting solutions that cater to both industrial and environmental needs, underscoring its dominance in the global market.
Industrial boilers are sealed vessels engineered to produce steam or hot water by heating water or other fluids using a variety of fuel sources, including natural gas, coal, biomass, oil, and nuclear energy. These systems are essential in numerous industries for power generation, manufacturing, chemical processing, food production, and heating. The industrial boiler market is expanding due to rising global energy needs, growing industrial activity, and increasingly stringent environmental regulations that encourage the adoption of efficient, low-emission boiler technologies. Technological advancements such as improved combustion systems and the shift toward cleaner fuel options are fueling market growth. Furthermore, the move toward renewable energy—such as biomass and waste heat recovery solutions—is transforming the industrial boiler landscape.
An industrial boiler is a pressurized vessel used to heat water or other fluids to create steam or vapor for diverse applications. These include electricity generation, industrial process heating, centralized heating, and various functions across sectors such as manufacturing, food processing, chemical production, and energy. Industrial boilers ensure effective thermal energy transfer and come in several designs, including fire-tube and water-tube models, powered by fuels like natural gas, coal, biomass, and nuclear sources. With growing focus on energy conservation, emission control, and environmental sustainability, modern industrial boilers are increasingly integrating advanced combustion technologies and eco-friendly fuel options, cementing their role across both commercial and industrial domains.
The 360 Quadrant maps the Industrial Boilers companies based on criteria such as revenue, geographic presence, growth strategies, investments, and sales strategies for the market presence of the Industrial Boilers quadrant. The top criteria for product footprint evaluation included By FUEL TYPE (Natural Gas, Coal, Oil, Others), By BOILER TYPE (Fire-Tube, Water-Tube, Others), By FUNCTION (Hot Water, Steam), By BOILER HORSEPOWER (Introduction 9.2–150 Bhp), and By END-USE INDUSTRY (Chemicals & Petrochemicals, Food, Pulp & Paper, Metals & Mining, Power Generation, Others).
Key Players
Key players in the Industrial Boilers market include major global corporations and specialized innovators such as Babcock & Wilcox Enterprises, Inc., Siemens Ag, John Wood Plc, Dongfang Electric Corporation Limited, Robert Bosch Gmbh, Mitsubishi Power, Thermax Limited, Sofinter Group, Bharat Heavy Electricals Limited, Cleaver-Brooks, Inc., Byworth Boilers Ltd., Andritz Ag, Harbin Electric Company Limited, Alfa Laval Ab, and Ihi Corporation. These companies are actively investing in research and development, forming strategic partnerships, and engaging in collaborative initiatives to drive innovation, expand their global footprint, and maintain a competitive edge in this rapidly evolving market.
Top 3 Companies
Babcock & Wilcox Enterprises, Inc.
Babcock & Wilcox Enterprises focus on environmental and thermal technologies, with over 155 years of industry presence. The company operates three segments: B&W Renewable, B&W Environmental, and B&W Thermal. Their offerings include industrial boilers under the B&W Thermal segment, delivering diverse solutions like package boilers and waste heat boilers. B&W's global footprint spans manufacturing facilities across Europe, North America, and Asia Pacific, making it a key player in delivering energy and emissions control solutions.
Siemens AG
Siemens AG stands out as a leading industrial manufacturing company with a global presence. Specializing in automation, digitalization, and intelligent infrastructure, Siemens delivers extensive services across the industrial landscape. Its industrial boiler products fall under the smart infrastructure segment. With operations in over 200 countries, Siemens leverages its diverse business segments to support energy system decarbonization, reflected in its robust product portfolio and strategic acquisitions.
Mitsubishi Heavy Industries Ltd.
A Japanese multinational, Mitsubishi Heavy Industries provides comprehensive power solutions through its brand Mitsubishi Power. The company’s offerings range from steam power plants to chemical recovery boilers. With a strong focus on innovation and sustainability, MHI operates extensively across continents, crafting solutions that cater to both industrial and environmental needs, underscoring its dominance in the global market.
Table of Contents
101 Pages
- 1 Introduction
- 1.1 Market Definition
- 1.2 Inclusions And Exclusions
- 1.3 Stakeholders
- 2 Executive Summary
- 3 Market Overview
- 3.1 Introduction
- 3.2 Market Dynamics
- 3.2.1 Drivers
- 3.2.1.1 Government Policies To Increase Requirement For Industrial Boilers
- 3.2.1.2 Rising Demand For Electricity
- 3.2.1.3 High Demand From Major End-use Industries
- 3.2.2 Restraints
- 3.2.2.1 High Initial Investment And Operating Cost
- 3.2.3 Opportunities
- 3.2.3.1 Adoption Of Biomass Boilers To Achieve Low-carbon-emissions Targets
- 3.2.3.2 Replacement Of Aging Boilers And Adoption Of Supercritical And Ultra-supercritical Boilers
- 3.2.3.3 Increasing Demand For Compact Designs And Lean Operations
- 3.2.4 Challenges
- 3.2.4.1 Stringent Regulations And Emissions Control
- 3.2.4.2 Increasing Energy Prices
- 3.3 Patent Analysis
- 3.3.1 Methodology
- 3.3.2 Patents Granted Worldwide, 2015–2024
- 3.3.3 Patent Publication Trends
- 3.3.4 Insights
- 3.3.5 Legal Status Of Patents
- 3.3.6 Jurisdiction-wise Patent Analysis
- 3.3.7 Top Companies/Applicants
- 3.3.8 Top 10 Patent Owners In Last 10 Years
- 3.4 Ecosystem Mapping
- 3.5 Value Chain Analysis
- 3.5.1 Raw Material Suppliers
- 3.5.2 Manufacturers
- 3.5.3 Distributors
- 3.5.4 End Users
- 3.6 Technology Analysis
- 3.6.1 Low Nox Boilers
- 3.6.2 Ai-integrated Boilers
- 3.6.3 Low Mass Boilers
- 3.6.4 Carbon Neutral Boilers
- 3.6.5 Hybrid Boiler Systems
- 3.7 Porter’s Five Forces Analysis
- 3.7.1 Threat Of Substitutes
- 3.7.2 Bargaining Power Of Suppliers
- 3.7.3 Threat Of New Entrants
- 3.7.4 Bargaining Power Of Buyers
- 3.7.5 Intensity Of Competitive Rivalry
- 3.8 Trends And Disruptions Impacting Customers’ Businesses
- 3.9 Key Conferences And Events, 2025
- 3.10 Impact Of Ai/Gen Ai
- 4 Competitive Landscape
- 4.1 Overview
- 4.2 Ranking Analysis Of Key Market Players, 2023
- 4.3 Market Share Analysis
- 4.4 Revenue Analysis, 2021–2023
- 4.5 Market Evaluation Matrix
- 4.6 Company Evaluation Matrix: Key Players, 2023
- 4.6.1 Stars
- 4.6.2 Emerging Leaders
- 4.6.3 Pervasive Players
- 4.6.4 Participants
- 4.7 Company Evaluation Matrix: Start-ups And Small And Medium-sized Enterprises (Smes), 2023
- 4.7.1 Responsive Companies
- 4.7.2 Starting Blocks
- 4.7.3 Progressive Companies
- 4.7.4 Dynamic Companies
- 4.7.5 Company Footprint: Key Players, 2023
- 4.7.5.1 Company End-use Industry Footprint
- 4.7.5.2 Company Region Footprint
- 4.8 Strength Of Product Portfolio
- 4.9 Business Strategy Excellence
- 4.10 Competitive Scenario
- 4.10.1 Product Launches
- 4.10.2 Deals
- 4.10.3 Other Developments
- 5 Company Profiles
- 5.1 Major Players
- 5.1.1 Babcock & Wilcox Enterprises, Inc.
- 5.1.1.1 Business Overview
- 5.1.1.2 Products/Solutions/Services Offered
- 5.1.1.3 Recent Developments
- 5.1.1.3.1 Deals
- 5.1.1.4 Mnm View
- 5.1.1.4.1 Key Strengths
- 5.1.1.4.2 Strategic Choices
- 5.1.1.4.3 Weaknesses And Competitive Threats
- 5.1.2 Siemens
- 5.1.2.1 Business Overview
- 5.1.2.2 Products/Solutions/Services Offered
- 5.1.2.3 Recent Developments
- 5.1.2.3.1 Deals
- 5.1.2.4 Mnm View
- 5.1.2.4.1 Key Strengths
- 5.1.2.4.2 Strategic Choices
- 5.1.2.4.3 Weaknesses And Competitive Threats
- 5.1.3 Wood
- 5.1.3.1 Business Overview
- 5.1.3.2 Products/Solutions/Services Offered
- 5.1.3.3 Recent Developments
- 5.1.3.3.1 Deals
- 5.1.3.3.2 Expansions
- 5.1.3.4 Mnm View
- 5.1.3.4.1 Key Strengths
- 5.1.3.4.2 Strategic Choices
- 5.1.3.4.3 Weaknesses And Competitive Threats
- 5.1.4 Dongfang Electric Corporation Limited (Dec Ltd.)
- 5.1.4.1 Business Overview
- 5.1.4.2 Products/Solutions/Services Offered
- 5.1.4.3 Recent Developments
- 5.1.4.3.1 Deals
- 5.1.4.4 Mnm View
- 5.1.4.4.1 Key Strengths
- 5.1.4.4.2 Strategic Choices
- 5.1.4.4.3 Weaknesses And Competitive Threats
- 5.1.5 Robert Bosch Gmbh
- 5.1.5.1 Business Overview
- 5.1.5.2 Products/Solutions/Services Offered
- 5.1.5.3 Recent Developments
- 5.1.5.3.1 Product Launches
- 5.1.5.4 Mnm View
- 5.1.5.4.1 Key Strengths
- 5.1.5.4.2 Strategic Choices
- 5.1.5.4.3 Weakness And Competitive Threats
- 5.1.6 Mitsubishi Heavy Industries Ltd.
- 5.1.6.1 Business Overview
- 5.1.6.2 Products/Solutions/Services Offered
- 5.1.6.3 Recent Developments
- 5.1.6.3.1 Product Launches
- 5.1.6.3.2 Deals
- 5.1.6.4 Mnm View
- 5.1.6.4.1 Key Strategies
- 5.1.6.4.2 Strategic Choices
- 5.1.6.4.3 Weaknesses And Competitive Threats
- 5.1.7 Thermax Limited
- 5.1.7.1 Business Overview
- 5.1.7.2 Products/Solutions/Services Offered
- 5.1.7.3 Recent Developments
- 5.1.7.3.1 Deals
- 5.1.7.4 Mnm View
- 5.1.8 Sofinter S.P.A
- 5.1.8.1 Business Overview
- 5.1.8.2 Products/Solutions/Services Offered
- 5.1.8.3 Mnm View
- 5.1.9 Bharat Heavy Electricals Limited (Bhel)
- 5.1.9.1 Business Overview
- 5.1.9.2 Products/Solutions/Services Offered
- 5.1.9.3 Recent Developments
- 5.1.9.3.1 Deals
- 5.1.9.4 Mnm View
- 5.1.10 Cleaver-brooks, Inc.
- 5.1.10.1 Business Overview
- 5.1.10.2 Products/Solutions/Services Offered
- 5.1.10.3 Recent Developments
- 5.1.10.3.1 Deals
- 5.1.10.4 Mnm View
- 5.1.11 Byworth Boilers Ltd.
- 5.1.11.1 Business Overview
- 5.1.11.2 Products/Solutions/Services Offered
- 5.1.11.3 Mnm View
- 5.1.12 Andritz Ag
- 5.1.12.1 Business Overview
- 5.1.12.2 Products/Solutions/Services Offered
- 5.1.12.3 Recent Developments
- 5.1.12.3.1 Deals
- 5.1.12.3.2 Expansions
- 5.1.12.4 Mnm View
- 5.1.13 Harbin Electric Company Limited
- 5.1.13.1 Business Overview
- 5.1.13.2 Products/Solutions/Services Offered
- 5.1.13.3 Mnm View
- 5.1.14 Alfa Laval Ab
- 5.1.14.1 Business Overview
- 5.1.14.2 Products/Solutions/Services Offered
- 5.1.14.3 Recent Developments
- 5.1.14.4 Mnm View
- 5.1.15 Ihi Corporation
- 5.1.15.1 Business Overview
- 5.1.15.2 Products/Solutions/Services Offered
- 5.1.15.3 Recent Developments
- 5.1.15.3.1 Deals
- 5.1.15.3.2 Other Developments
- 5.1.15.4 Mnm View
- 5.2 Other Players
- 5.2.1 Bryan Steam, Llc
- 5.2.2 Cochran Ltd.
- 5.2.3 Forbes Marshal Private Limited
- 5.2.4 The Fulton Companies
- 5.2.5 Vapor Power International, Llc
- 5.2.6 Superior Boiler Works, Inc.
- 5.2.7 Hurst Boiler & Welding Company, Inc.
- 5.2.8 Johnston Boiler Company
- 5.2.9 Parker Boiler Company
- 5.2.10 Rentech Boiler Systems, Inc.
- 6 Appendix
- 6.1 Research Methodology
- 6.1.1 Research Data
- 6.1.1.1 Secondary Data
- 6.1.1.2 Primary Data
- 6.1.2 Research Assumptions
- 6.1.3 Limitations And Risks
- 6.2 Company Evaluation Matrix: Methodology
- 6.3 Author Details
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