India's GDP is expected to grow at 7% in 2019 and 7.2% in 2020. The industrial sector of the country is also increasing expeditiously. Just like its GDP, India's hunger for energy is growing fast. The boilers are one of the critical components for any energy project, and hence, its market is going to achieve a new height in the country.

As per a survey, by the end of 13th FYP (Five Year Plan) i.e., by 2022, the boiler market in India is expected to grow over USD 11.7 billion.

Market Overview of Boiler Industry

With the ever-increasing energy requirements of the country, the boiler market in India is thriving at a Compounded Annual Growth Rate (CAGR) of 24.53%. To meet the needs, the key driver of this growth is the thermal power sector, i.e., gas and coal-based energy generation. However, biomass power plants are also critical drivers of the small segment boiler market.

With increasing energy and installation requirements, the outlook of the segment is positive. Hence, there are undoubtedly new business avenues going to open for the equipment and boiler companies in India.

Summary of Industrial boiler manufacturers in India

There are 675+ manufacturers of boilers, turbines, and generators in India. Out of this colossal number of companies, 90% of them are SMEs. Among which BHEL emerges as the market leader with more than 60% share and an installed base of 12,000 MW. Other leading giants in the field are Thermax, Gammon, Alstom, and BGR. To meet the burgeoning demands, numerous domestic original equipment manufacturing companies have collaborated with global players to obtain new technologies.

Now, since BHEL captures most of the shares, contract manufacturing is prevalent in the Indian boiler industry. Many players in the industry tend to outsource component manufacturing such as condensers, economizers, and superheater tubes. L&T and Alstom are few of such companies that have made it big by becoming contract manufacturers of boilers, especially for BHEL.

Market Size & Forecast

By 2022, the boiler market size is expected to increase to $11 billion from $5.1 billion in 2014. The growing energy requirements and higher dependency on thermal power have driven the boiler market.

To be precise, the growing energy demand, in conjunction with pervasive investment across the industrial sector, is spurring the boiler market in India.

In 2017, the global boiler market size was valued at over $50 billion. According to a report by Global Market Insights Inc., the annual installation of boilers is anticipated to cross 13 million units by 2024.

Conclusion

"Industries will be the twinkling stars of the nation."

Industrial growth is regarded as a significant source of earnings, and thus it's believed to be of prime significance. A business denotes the production of products or services and serving for the nation's market.

India has an abundant supply of minerals along with other resources and to receive proper feasible utilization of the resources we have many businesses. The advancement of industrial boiler manufacturers in India is quite essential. Transportation is also quite crucial in industrial development. Maintaining all factors in mind boiler manufacturer sector is thought to be of primary importance and must be blistering in the future.