Boiler Market Size

Global Boiler Market size was valued at USD 40.07 Billion in 2023 and is expected to rise from USD 44.20 Billion in 2024 to reach a value of USD 96.83 Billion by 2032, at a CAGR of 10.3% during the forecast period (2025-2032).

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. 'Parker Boiler (US)', 'Cleaver-Brooks, Inc. (US)', 'Thermax Inc (US)', 'Weil-McLain (US)', 'Fulton Boiler Works, Inc. (US)', 'General Electric (US)', 'Babcock & Wilcox Enterprises, Inc. (US)', 'BURNHAM COMMERCIAL BOILERS (US)', 'Hurst Boiler & Welding Co, Inc. (US)', 'Bryan Steam LLC (US)', 'Superior Boiler (US)', 'Vapor Power International LLC (US)', 'Siemens AG (Germany)', 'Cochran Ltd (UK)', 'John Wood Group plc (UK)', 'Vattenfall AB (Sweden)', 'Alfa Laval AB (Sweden)', 'Sofinter S.p.a (Italy)', 'ANDRITZ AG (Austria)', 'ABB Ltd (Switzerland)', 'Bharat Heavy Electricals (India)', 'Forbes Marshall (India)', 'IHI Corporation (Japan)', 'Mitsubishi Hitachi Power Systems, Ltd. (Japan)', 'Kawasaki Heavy Industries Ltd (Japan)', 'Wuxi Zozen Boilers Co., Ltd (China)', 'Shanghai Electric (China)'

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.

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.

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.