Industrial Boiler MRO Market

Industrial Boiler MRO: Introduction

• Industrial boiler acts as a vital source for generating steam and energy required for industrial process to function efficiently
• Demand for industrial boiler Maintenance, Repair, Operation (MRO) is significant, as it is a prominent source of energy for manufacturing industries
• Major demand for fuel for plant operations is fulfilled by the industrial boiler and thus, its maintenance, repair, and operations create a market for itself

Key Drivers of Industrial Boiler MRO market

• Demand for industrial boiler MRO is increasing owing to a rise in manufacturing and energy production and usage of boilers in industries dealing with these sectors
• Increase in demand for electricity has fueled the focus of power generation giants to expand production and maximize their capacities, which in turn is driving the demand for boilers to produce energy. This, in turn, is anticipated to boost the demand for industrial boilers MRO during the forecast period.
• Manufacturing industries are emphasizing on business expansion and increasing manufacturing units and outputs, which in turn is fueling the industrial boilers MRO market
• Availability of a wide range of capacities of industrial boiler MRO and their high energy-efficiency are further boosting the market
• Expansion of the service sector is driving the demand for electricity and subsequently, boosting the usage of boilers in power generation industries, which in turn is propelling the industrial boiler MRO market

COVID-19 Impact Analysis

• Governments of various countries have enforced nationwide lockdowns, as a precautionary measure to prevent a further spike in the spread of the COVID-19 pandemic. Consequently, several end-user industries, such as energy and mining, had to halt their operations. Energy and mining industries are major end-users of industrial boilers, as industrial boilers are used for power generation in these industries. Thus, disruption in the operation of industrial activities is expected to reduce the demand for industrial boilers. This, in turn, is expected to hamper the demand for industrial boiler MRO.

Key Developments

• In February 2020, Hitachi Zosen Corporation signed a contract with General Electric for the supply of a steam turbine generator, CFB boiler, and air quality control system to Kamisu Biomass Power Generation plant in Japan
• In April 2020, as per collaboration between IHI Corporation and Malaysia-based utility company Tenaga Nasional Berhad, the demonstration of remote monitoring service by utilizing IoT technology was conducted at TNBJ’S owned Manjung Coal-Fired Power Station.
• In June 2019, Mitsubishi Hitachi Power System, Ltd. (MHPS) established a new company “MHPS (Philippines)” to provide thermal power generation services in the Philippines

North America to Hold Major Share of Global Industrial Boiler MRO market

• Based on region, the global industrial boiler market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• North America dominates the global industrial boiler MRO market. The market in the region is estimated to expand at a rapid pace during the forecast period. The region witnessed rapid installation of several power plants, which in turn is likely to boost the demand for industrial boiler MRO in the region. The U.S. is a major contributor to the major share held by the region in the global market.
• Asia Pacific holds a vital share of the global market owing to an increase in number of petrochemical refinery projects in the region. China, Japan, India, and Singapore are major players operating in the market. Availability of low cost labor and raw materials in the region attracts key players to shift their production units to the region.
• Europe holds a moderate share of the global industrial boiler MRO market. The market in the region is expected to expand at a healthy pace due to a rise in the demand for routine inspection and maintenance of boilers in end-use industries such as refinery and power plant.
• The industrial boiler MRO market in Latin America and Middle East & Africa is anticipated to expand during the forecast period due increase in installation of power plant facilities in these regions

Key Players in Market

Leading players operating in the industrial boiler MRO market include:

• Babcock & Wilcox
• Bharat Heavy Electricals Limited
• Thermax Limited
• Mitsubishi Hitachi Power Systems, Ltd.
• IHI Corporation
• Harbin Electric Group
• General Electric
• Siemens AG
• Cleaver-Brooks Inc.

Global Industrial Boiler MRO Market: Research Scope

Global Industrial Boiler MRO market, by Product

• Fire-Tube
• Water-Tube

Global Industrial Boiler MRO market, by Application

• Food Processing
• Pulp & Paper
• Chemical
• Refinery
• Primary Metal
• others

Global Autonomous Ships Market, by Technology

• Condensing
• Non-Condensing

Global Autonomous Ships Market, by Fuel

• Natural Gas
• Oil
• Coal
• Others

Global Industrial Boiler MRO Market, by Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Poland
  • Austria
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Australia
  • Japan
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • Saudi Africa
  • GCC
  • Rest of Middle East & Africa