USD 40.07 billion
Boiler Market Size, Share, and Growth Analysis
Boiler Market By Fuel (Natural Gas, Oil), By Boiler Type (Fire-Tube, Water-Tube), By Capacity (≤ 10 MMBTU/hr, > 10 - 50 MMBTU/hr), By Application, By Region - Industry Forecast 2025-2032
Report ID:
SQMIG20I2323 |
Region:
Global |
Published Date: January, 2025
Pages:
193
|Tables:
93
|Figures:
83
Format -
Boiler Market Insights
Global Boiler Market size was valued at USD 40.07 billion in 2023 and is poised to grow from USD 44.2 billion in 2024 to USD 96.83 billion by 2032, growing at a CAGR of 10.3% during the forecast period (2025-2032).
Rapid industrialization around the world and growing emphasis on improving efficiency of industrial operations are slated to drive sales of boilers in the future. Growing investments in the establishment of new industries and factories are also expected to increase the demand for boilers over the coming years. Surging demand for energy around the world is also expected to favor global boiler market growth owing to the high use of boilers in power generation applications. Rising emphasis on improving compliance with sustainability regulations is promoting sales of energy-efficient boilers going forward. Growing urbanization and rising spending potential of people are also expected to promote sales of boilers in residential applications. Developing countries focusing on boosting economic growth are slated to emerge as highly opportune markets for boiler companies in the long run. However, high initial investments, fluctuations in fuel prices, stringent environmental regulations, and maintenance and downtime issues are estimated to be key constraints for boiler providers across the forecast period.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Residential
Fastest Growth
Industrial
Growth Rate
10.3% CAGR
Global Boiler Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Boiler Market Segments Analysis
Global Boiler Market is segmented by Fuel, Boiler Type, Capacity, Application and region. Based on Fuel, the market is segmented into Natural Gas, Oil, Coal, Electric and Others. Based on Boiler Type, the market is segmented into Fire-Tube and Water-Tube. Based on Capacity, the market is segmented into ≤ 10 MMBTU/hr, > 10 - 50 MMBTU/hr, > 50 - 100 MMBTU/hr, > 100 - 250 MMBTU/hr and > 250 MMBTU/hr. Based on Application, the market is segmented into Residential, Commercial and Industrial. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Application
Residential segment is forecasted to account for a notable chunk of the global boiler market share in the future. Rapid urbanization and substantial growth of the real estate industry around the world are projected to primarily drive sales of boilers over the coming years. Launch of multiple new housing projects and increasing preference for use of boilers to provide hot water in these projects are helping this segment hold sway over others. Developing countries are slated to emerge as the most opportune markets for boiler suppliers focusing on this application segment in the long run.
Meanwhile, the demand for boilers in industrial applications is slated to rise at an impressive pace going forward. Rapid industrialization and high investments in the establishment of new factories and industries are slated to help boost the demand for boilers across the study period and beyond. The launch of new and advanced industrial boilers to keep up with diverse industrial needs is also slated to present new opportunities for boiler suppliers over the coming years. The adoption of energy-efficient and renewable energy-operated boilers is expected to witness a notable increase in the industrial segment as emphasis on sustainability and decarbonization rises.
Analysis by End-use Industry
The chemicals industry is forecasted to account for a prominent chunk of the global boiler market share in the future. Rapidly surging demand for chemicals and the subsequent increase in chemical manufacturing activity to meet this high demand are helping this segment bring in the most revenue. Boilers play an essential role in providing the required temperatures for various chemical manufacturing processes. Growing need for steam for distillation and other processes in chemical industry is also expected to bolster the importance of boilers in this segment. China is slated to emerge as the most opportune market for boiler suppliers focusing on the chemicals industry.
Meanwhile, the demand for boilers in the food & beverages industry is slated to rise at a noteworthy CAGR across the study period. Growing demand for processed foods and the increasing establishment of new food processing facilities are slated to favor the demand for boilers over the coming years. Advancements in boiler technologies have also increased their scope of application in the food & beverages industry vertically. Rising demand for sterilization and heating of food during its processing is expected to help bolster the demand for boilers via this segment in the long run.
Global Boiler Market By Application
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Boiler Market Regional Insights
The Asia Pacific is expected to secure the top spot in terms of global boiler market size over the coming years. Rapid urbanization and industrialization are primarily driving the sales of boilers in this region. High investments in the acquisition of advanced boilers, increasing availability of novel boilers, and surging investments in manufacturing industries are expected to further bolster the demand for boilers in the Asia Pacific. China is expected to lead revenue generation for boiler vendors in this region followed by India and China in the long run. Demand for residential as well as industrial boilers is slated to soar high in this region.
Meanwhile, the demand for boilers in Europe is expected to rise at a notable pace in the future. Increasing demand for boilers in the chemicals and food processing industries is expected to offer new business scope for boiler suppliers in this region. However, the demand for energy-efficient boilers and boilers working on biomass and renewable energy are slated to be highly preferred in this region. Imposition of stringent mandates to reduce carbon footprint of industries is slated to boost the adoption of energy-efficient boilers going forward. Germany and the United Kingdom are slated to emerge as the top markets in the European region through 2031.
Global Boiler Market By Region
- Largest
- Fastest
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Boiler Market Dynamics
Drivers
Growing Industrialization
- Rapidly increasing industrialization around the world to support economic growth is projected to primarily drive sales of boilers over the coming years. Manufacturing, food processing, and chemical production are some of the key industrial applications that are expected to drive the global boiler market outlook in the future.
Growing Adoption of Energy-efficient Systems
- Industrial establishments are focusing on reducing their energy consumption to balance out high energy costs and improve their profitability. This has led to the high adoption of energy-efficient industrial systems thereby also favoring the demand for energy-efficient boilers as well as streamlining industrial operations in a sustainable manner.
Restraints
Maintenance and Downtime Concerns
- Boilers require regular maintenance to ensure efficiency and safety. However, these operations can incur high costs and be quite time-consuming as well. Unscheduled downtime due to mechanical issues can disrupt industrial processes resulting in losses for boiler users and slowing down market development potential as well.
High Initial Investments
- Boilers are expensive products, especially industrial-scale ones. Use of advanced technologies and complex engineering involved in boilers is resulting in the creation of expensive boilers. However, not all companies can invest such high capital upfront, which is expected to impede the global boiler market forecast going forward.
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Boiler Market Competitive Landscape
Boiler manufacturers should focus on improving the energy efficiency of their offerings to maximize their business scope. Use of renewable energy to power boilers is another key trend that boiler companies can focus on going forward. Targeting developing countries such as China, Brazil, and India is slated to offer good returns for boiler suppliers in the long run.
Top Players in Boiler Market
- A. O. Smith Corporation (USA)
- Babcock & Wilcox Enterprises, Inc. (USA)
- Bosch Thermotechnology (Germany)
- Cleaver-Brooks, Inc. (USA)
- Mitsubishi Power, Ltd. (Japan)
- Siemens Energy AG (Germany)
- Alfa Laval AB (Sweden)
- IHI Corporation (Japan)
- Harbin Electric Company Limited (China)
- Thermax Limited (India)
- Doosan Babcock (South Korea)
- Ariston Holding NV (Italy)
- Vaillant Group (Germany)
- Viessmann Group (Germany)
- John Wood Group PLC (United Kingdom)
- SPX Technologies (USA)
- Andritz AG (Austria)
- Bharat Heavy Electricals Limited (BHEL) (India)
- Fulton Boiler Company (USA)
- Hurst Boiler & Welding Company, Inc. (USA)
Recent Developments
- In September 2024, Vokèra by Riello, a renowned boiler supplier with over 40 years of business experience announced the launch of its new boiler range. The Pinnacle boiler range boasts an impressive 94% seasonal energy efficiency in space heating to reduce energy consumption and provide an optimal user experience as well.
- In September 2024, Worcester Bosch, a leading boiler manufacturer from England announced the launch of its next-generation boiler. The new Greenstar 8000+ is an improved version of its predecessor and can deliver excellent home heating with a new touchscreen display.
- In August 2024, Viessmann, a renowned German manufacturer of heating and refrigeration systems announced the launch of a new control system for its boilers. The Vitotrol 100-E Modulation Control can be wirelessly connected to Vitodens 100-W and 111-W boiler models.
Boiler Key Market Trends
- Use of Renewable and Biomass Powered Boilers: Boiler companies can focus on the research and development of novel boilers powered by renewable energy and biomass. These innovative boilers are expected to use organic materials like wood pellets and agricultural residues as fuel. High emphasis on decarbonization and reduction of emissions are slated to help this become a prominent boiler market trend in the future.
- Development of Modular Boilers: Boiler manufacturers are expected to invest in the development of modular boiler systems, which allow for scalability and improved efficiency. These types of boilers are slated to be popular in industries with fluctuating steam and heat requirements. Their compact design and easy installation make them a preferred choice in urban settings.
Boiler Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rapid industrialization around the world and growing demand for energy-efficient systems are expected to bolster boiler demand in the future. However, high initial investments and maintenance and downtime concerns are projected to slow down global boiler market growth in the future. The presence of strong industrial infrastructure and growing manufacturing activity are helping the Asia Pacific region emerge as the leading market for boiler suppliers in the world. Development of modular boilers and boilers that are powered by renewable energy is slated to offer multiple opportunities for boiler manufacturers in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 40.07 billion |
| Market size value in 2032 | USD 96.83 billion |
| Growth Rate | 10.3% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Boiler Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Boiler Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Boiler Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Boiler Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Boiler Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Boiler Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Boiler Market Report Snapshots
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