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

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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