Steam Boiler Market Size - By Fuel, By Capacity, By Technology, By Application, Analysis, Share, Growth Forecast, 2025 - 2034

Steam Boiler Market Size

The global steam boiler market was valued at USD 14.4 billion in 2024 and is expected to reach USD 24.5 billion by 2034, growing at a CAGR of 5.3% from 2025 to 2034. Accelerated industrialization in key economies along with growing investments in energy infrastructure will strengthen the business outlook. Growing utilization of these units for space heating in commercial and industrial establishments will drive industry growth. Additionally, growing disposable incomes and enhancing living standards, particularly in colder climates in combination with increased interest in lessening carbon footprint in industrial processes will expand the business scenario.
 

Growing energy demand for efficient steam generation equipment and incorporation of steam boilers into cogeneration plants in accordance with increasing trend towards high-pressure boilers for improved performance will boost the business momentum. Moreover, modular boiler designs are increasingly being implemented propelled by their scalability and flexibility for installation within space-limited facilities, which will spread steam boiler market growth.
 

Harsher emission regulations from regulatory bodies in conjunction with a growing emphasis on reductions in NOx and SOx emissions will boost the business opportunities. Incorporation of digital technologies will make remote monitoring, predictive maintenance, and optimized load management features to increase operational dependability and decrease unplanned shutdowns, which in turn will increase demand for boiler systems.
 

The imposition of Trump-era tariffs could affect the steam boiler industry by increasing the costs of materials and restricting the availability of imported parts. In turn, this could also increase the cost for consumers. In addition, domestic manufacturing and production would be bolstered when firms may start shifting their attention toward effective cost management and innovative strategies.
 

Steam Boiler Market Trends

The rising focus on policies at federal and state levels aimed at controlling GHG emissions simultaneously will positively sway the business opportunities. Regulations mandating the conversion of outdated boilers to systems using clean fuels for heating are set to stimulate the business landscape.
 

Growing investments from both public and private sectors in the healthcare sector coupled with the expanding pharmaceutical industry will positively influence the steam boiler market penetration. Increasing upsurge in interest toward closed-loop systems for energy loss mitigation coupled with the advancement of super critical and ultra-super critical boilers will improve the industry momentum.
 

For instance, India’s Union Budget 2023-24 deepened the Ayushman Bharat scheme by increasing coverage to over 500 million people which is the largest single allocation of public healthcare in the world. The Amrit Kaal initiative also propelled the country’s healthcare innovation market to USD 7 billion in FY 2023, marking a surge in investments in digital health, AI-driven diagnostics, and advanced medical technologies.
 

Broader use of these units for space heating across various commercial and industrial sectors will accelerate steam boiler market growth. Increased disposable incomes and improved quality of life, especially in colder climates, will further stimulate the product adoption. In addition, construction of new chemical processing plants will dramatically increase the business prospects.
 

The industry is witnessing an upsurge as businesses are directing their funds towards research and development to create cutting-edge modular design boilers with ultra-low emissions and unparalleled thermal efficiency. In addition, the advancements in condensing technology together with the use of modern control systems will sway the steam boiler market scenario.
 

For instance, in 2024, the UK focused on eight critical areas which encompassed advanced manufacturing, clean energy and digital technologies whilst launching its first industrial strategy in seven years. It intends to foster the development of a business-friendly environment as well as balanced sustainable growth across the board.
 

The modern governments are harnessing policy initiatives, fostering technological change, regulating the environment, and supporting trade to aid the people in fulfilling emerging domestic demands and accessing international markets. Such efforts have increased foreign direct investment (FDI) and domestic capital into steam boilers manufacturing new industrial facilities.
 

Steam Boiler Market Analysis

• The global market for steam boiler was estimated at USD 12.8, 13.6 and 14.4 billion in 2022, 2023 and 2024 respectively. Based on technology, the industry is segmented into condensing and non-condensing. These technologies are gaining traction owing to their advancement including lower environmental impact, greater energy efficiency, and reduced heating costs for operations.
   
• The condensing steam boiler market is projected to reach over USD 15 billion by 2034. Increasing constraints on emissions, as well as escalating energy prices, are pushing industries toward the adoption of condensing technology to increase fuel efficiency and reduce carbon emissions. Furthermore, government rebates and incentives for energy-efficient equipment will positively influence the industry potential.
   
• For instance, the IEA claims that in 2023, the total spending on energy globally equaled USD 2.8 trillion, out of which USD 1.7 trillion was spent on modern energy technologies which incorporate renewables, nuclear power, low-emission fuels, and advanced grids for renewable energy.
   
• The non-condensing steam boiler market was valued at over 7.5 billion in 2024. These units are still the preferred choice in developing economies driven by their affordability and compatibility with underlying infrastructure. The deployment of modulating burners and advanced control will increase the demand for these systems.
   

• Based on fuel, the industry is segmented into natural gas, oil, coal, and others. The natural gas fueled steam boiler market has a market share of 33.6% in 2024, owing to their high thermal efficiency, lower emissions, and operational flexibility. The availability of pipeline infrastructure and liquefied natural gas imports will boost the business scenario.
   
• The oil fueled steam boiler market is projected to grow at a CAGR of over 4% till 2034. These systems are commonly utilized in heavy industrial sectors including refineries, petrochemicals, and thermal oil processing units. Additionally, it provides a high turndown ratio which allows for accurate control of steam flow in response to changes in demand, which in turn will propel the industry dynamics.
   
• For instance, the U.S. has an elaborate natural gas pipeline system of about 3 million miles which links production and storage sites with consumers. In 2022, the country supplied around 29.2 trillion cubic feet of natural gas to 78.3 million users across the nation.
   
• The coal fueled steam boiler market is set to reach over USD 4 billion by 2034. Coal is still one of the cheapest and most readily available fuel sources, supporting the demand for large, high-capacity boilers in the developing regions. It also sustains dependable output under all supply and load shifts, lending excellent thermal inertia.
   

• The U.S. steam boiler market was valued at USD 2.1, 2.2, 2.3 billion in 2022, 2023 and 2024 respectively. The expanding investments in the development of manufacturing facilities alongside the increasing replacement of traditional heating systems with energy-saving units will drive the product demand.
   
• North American market for steam boiler will witness a CAGR of over 5% till 2034. The steady flow of projects in healthcare facilities along with ongoing government initiatives for large-scale commercial developments and favorable regulations will enhance the business landscape.
   
• For instance, the Government of Canada, together with its partners, has put in more than USD 26 million to bolster integrated health care systems. This investment is expected to increase care coordination, enhance the results of healthcare for patients, and facilitate the sustainable provision of health services throughout the nation.
   
• The Europe steam boiler market was valued over USD 4 billion in 2024. The implementation of a national energy policy in line with the expansion of the tourism sector has accelerated the adoption of heating technologies. In addition, the ambitious goals to support a cleaner, healthier, and more sustainable environment, the government has created a conducive atmosphere for regions growth.
   
• The Asia Pacific steam boiler market has a market share of over 40% in 2024. The growing commercial sector coupled with rising investments in industrial development will enhance the business landscape. Additionally, the introduction of tax incentives to encourage the adoption of energy-efficient technologies that reduce fuel consumption and perform well under extreme climatic conditions will invigorate industry dynamics.
   
• For reference, in February 2024, Germany legally strengthened its mandate of achieving net-zero emissions by 2045, supported by the parliament, government, and constitutional court. This is projected to further accelerate decarbonization efforts within the country while also triggering heavy investment and economic shift during the transition to a low carbon economy.
   
• The Middle East & Africa steam boilers market is poised to grow at a CAGR of over 6% through 2034. The ongoing increase in manufacturing plant projects in tandem with the growing government initiatives for large-scale developments and favorable regulations & policies will drive business scenario.
   
• The Latin America steam boiler market is set to reach over USD 850 million by 2034. Retrofitting existing boiler systems with modern controls in association with the growing need for safer boiler operations in high-risk sectors will proliferate the demand of these units. Furthermore, rise of turnkey project offerings will amplify the regions potential.
   

Steam Boiler Market Share

• The top 5 players including Babcock & Wilcox, GE Vernova, Babcock Wanson, Cleaver-Brooks, and Bosch Industriekessel hold a share of about 45% in the steam boiler industry. Bosch Industriekessel is spearheading industry advancements by improving heating system efficiency, minimizing energy usage, and cutting emissions.
   
• For reference, in July 2022, Bosch Industriekessel introduced the ELSB series of steam boilers for residential and commercial use. The series is emission limited, more efficient, and integrates carbon-neutral technology so that green consumers can use it.
• Cleaver- Brooks designs steam boilers as an Industrial and Commercial level system differentiator focusing on its sophistication and efficiency achieving distinctiveness. Its family of products is also complemented by services including training, maintenance, and optimization for critical sectors like healthcare and manufacturing.
   

Steam Boiler Market Companies

• In 2024, ALFA LAVAL reported USD 6.3 billion in net sales and USD 7.1 billion in order intake, increasing by 7% due to strong demand. The company has also reported a net income of USD 705.6 million, which represents an increase of 16.5% year over year, which highlights greater profit margin, operational efficiency, and business performance.
   
• In the nine months of 2024, Thermax reported revenue of USD 860.9 million across its business segments which include Infrastructure, Chemicals, Industrial Products and Green Solutions. Their Industrial Products Division alone with its vast portfolio garnered revenue of USD 355.1 million which contributed to the overall positive results of the company.
   
• In the year 2024, GE Vernova’s revenue stood at USD 34.9 billion which is an increase of 5.1% as compared to the previous year. The company also experienced an increase in gross profit, which rose by 27.1%, yielding USD 6.1 billion. This appreciation indicates higher operational efficiency and better strategical intent.
   

Major players operating in the steam boiler market are:

• Aggreko
• ALFA LAVAL
• Babcock & Wilcox
• Babcock Wanson
• Bosch Industriekessel
• Clayton Industries
• Cleaver-Brooks
• Cochran
• FERROLI
• Forbes Marshall
• Fulton
• GE Vernova
• Hoval
• Hurst Boiler & Welding
• John Cockerill
• Miura America
• P.M. Lattner Manufacturing
• PARKER BOILER
• Precision Boilers
• Thermax
• VIESSMANN
• Weil-McLain
   

Steam Boiler Industry News

• In March 2025, Aggreko added high efficiency, low-emission units to the European steam boiler fleet in response to growing needs from the chemical and process industries. The new additions encompass 2T/hr and 5.5T/hr steam generator systems for containerized units utilizing proprietary Spiral Coil technology, yielding greater than 99.5 percent dry saturated steam.
   
• In May 2024, Miura Co. Acquired Cleaver-Brooks as well as other boiler manufacturers and solution providers were quite competently integrated. This, along with their experience and involvement, will permit us to continue offering unmatched service and sustainable boiler room solutions.
   
• In February 2023, Weil-McLain launched its DOE compliant 2023 commercial boilers which synergized efficiency and compliance. The newly designed LGB Steam Series 3 and 88 Water Series 3 Steam Type Boilers were equipped with outstanding steam generating capabilities of 1,000,000 and 1.5 million BTU's respectively and enhanced for improved dependability and long operational life.
   
• In January 2023, Clayton Industries Implemented 600-horsepower E Series boilers at its corrugation plant alongside customized steam solutions. Supporting custom steam solutions, the E Series has fired steam generators and fully modulated automatic controls, modeled from 150-2,000 BHP. It’s the company’s goal to increase its presence in the region that drove this change.
   

The steam boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume (Units), Capacity (MMBTU/hr) & revenue (USD Million) from 2021 - 2034, for the following segments:

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Market, By Fuel

• Natural gas
• Oil
• Coal
• Others

Market, By Capacity

• ≤ 10 MMBTU/hr
• > 10 - 50 MMBTU/hr
• > 50 - 100 MMBTU/hr
• > 100 - 250 MMBTU/hr
• > 250 MMBTU/hr

Market, By Technology

• Condensing
• Non-condensing

Market, By Application

• Commercial
  • Capacity
    • ≤ 10 MMBTU/hr
    • > 10 - 50 MMBTU/hr
    • > 50 - 100 MMBTU/hr
    • > 100 - 250 MMBTU/hr
    • > 250 MMBTU/hr
  • Fuel
    • Natural gas
    • Oil
    • Coal
    • Others
  • Technology
    • Condensing
    • Non-condensing
• Industrial
  • Capacity
    • ≤ 10 MMBTU/hr
    • > 10 - 50 MMBTU/hr
    • > 50 - 100 MMBTU/hr
    • > 100 - 250 MMBTU/hr
    • > 250 MMBTU/hr
  • Fuel
    • Natural gas
    • Oil
    • Coal
    • Others
  • Technology
    • Condensing
    • Non-condensing

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Poland
  • Italy
  • Spain
  • Austria
  • Germany
  • Sweden
  • Russia
• Asia Pacific
  • China
  • India
  • Philippines
  • Japan
  • South Korea
  • Australia
  • Indonesia
• Middle East & Africa
  • Saudi Arabia
  • Iran
  • UAE
  • Nigeria
  • South Africa
• Latin America
  • Argentina
  • Chile
  • Brazil