Boiler Market
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The global boiler market size was valued at USD 100.3 billion in 2024 and is estimated to grow at a CAGR of 7% from 2025 to 2034. The business environment will improve because of two policies, one of which is strict measures aimed at lowering growing GHG emissions and the other which focuses on an ongoing shift from conventional forms of heating to more energy efficient ones. Shifts in consumer perception towards clean technologies alongside optimistic expectations regarding the expansion of the healthcare industry are likely to trigger a positive influence on the market.
Boilers are sealed containers which contain energy that heats water turning it into steam or a hot liquid. The softening link is utilized as a heat and the heating plant's water unit conveys the mediums which facilitate the transfer of water through conduits or alternators to generate heat or electricity. So as to achieve energy efficiency and limit adverse consequences, they employ combustion technologies with sophisticated emission control systems in almost all modern and historical boilers.
| Report Attribute | Details |
|---|---|
| Base Year: | 2024 |
| Boiler Market Size in 2024: | USD 100.3 Billion |
| Forecast Period: | 2025 to 2034 |
| Forecast Period 2023 - 2032 CAGR: | 7 |
| 2023 Value Projection: | USD 201.1 Billion |
| Historical Data for: | 2021 to 2024 |
| No of Pages: | 150 |
| Tables, Charts & Figures: | 45 |
| Segments Covered: | Fuel, Capacity, Application and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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This transformation is enforced by government policies that end users are cooperating with by reducing the carbon footprint of various establishments. Moreover, the shift that is accompanied with heating systems owing to population growth and increased urbanization is bound to bias the expansion of their business. In addition, the supportive government policies aimed at achieving high energy efficiency in heating technologies, especially among the developing nations, will aid towards the universal adoption of such technologies.
The soaring demand for specialty chemicals parallels to the contemporary lifestyle shift towards processed food products, has surged investment into the establishment of new manufacturing plants that would facilitate the boiler market growth. Rising disposable income alongside a shift in consumption patterns that the global food & beverage industry are experiencing already in the recent past are bound to revolutionize the dynamic of the industry. Providing more enabling government policies and funds to boost the local manufacturing have made different countries attractive for more foreign direct investment, which will in turn enable the product deployment.
The > 50 - 100 MMBTU/hr capacity boiler will exceed USD 12 billion by 2034. The growth of the industry is expected to accelerate significantly due to the implementation of various government tax incentives aimed at stimulating the use of energy-efficient technologies that consume less fuel but produce greater energy. Furthermore, the partnership of the private sector with the government in the development of new and reconstruction of old buildings will make the business environment comfortable.
The boiler market for boilers with capacities ≤ 10 MMBTU/hr caters to small and medium scale industrial operations, commercial establishments, and residential facilities. The market for these boilers is quite strong due to them being used in heating, steam generation, and hot water generation. There are also emission norms and standards which have elevated the adoption of more sophisticated combustion technologies, which would increase their market presence in the future.
The electric fired boiler market is anticipated to grow at a CAGR of over 10% through 2034. This progress can be linked with government policies such as greenhouse gas emissions limits and programs aimed at reducing fossil fuel usage. There has been a shift for investment from traditional heating units to more energy-efficient boilers in green buildings. For instance, the investment in the green building sector for just the US crossed 30 billion in 2023.
The natural gas-powered boilers market is expected to flourish thanks to the effective government policies that the members adopt to regulate the use of chemicals that emit high pollutants. In addition, the cost-effective availability of heaters and the expansion of sustainable heating technologies will increase the penetration of the product. The business dynamics such as ongoing environmental regulations and nature's sustainability and conservation need will complement each other.
The parallel growth of the commercial sector and the recovery of the construction industry will fuel the demand for the product. Growing space heating needs in commercial buildings as well as rising customer awareness of the advantages of efficient and highly reliable heating systems will promote industry growth further. In addition, the partnership of private players with the governments to upgrade and renovate the existing buildings will benefit the industry greatly. For instance, the volume of commercial real estate activities in Europe has grown by 11%, in the first half of 2024.
In order to satisfy the growing need in the market, the manufacturers in the boiler industry have put into place major policies to strengthen and increase their market share. In response to stricter environmental policies and more in the market for green technologies, the companies are focusing on eco-friendly boiler products. At the same time, new technologies allow companies to improve strategic partnerships with energy companies, research institutions, and other key players in the market to improve product development and market expansion. Their initiatives are directed to the improvement of customer relationships with the manufacturers and product reliability by enhancing after-sales and maintenance services.
Major players operating in the boiler industry are:
Market, By Fuel
Market, By Capacity
Market, By Application
The above information has been provided for the following regions and countries:
Key players in the boiler industry include A.O. Smith, Ariston Holding, Babcock & Wilcox, Babcock Wanson, BDR Thermea Group, Bosch Industriekessel, Bradford White Corporation, BURNHAM COMMERCIAL BOILERS, Carrier, Clayton Industries.
The U.S. boiler market is forecasted to surpass USD 10 billion by 2034, driven by stricter carbon emission policies and increased investments in manufacturing facility expansions.
The global market for boiler was reached USD 100.3 billion in 2024 and is projected to grow at a 7% CAGR from 2025 to 2034, driven by the shift to energy-efficient heating systems and policies addressing greenhouse gas emissions.
The > 50 - 100 MMBTU/hr boiler capacity segment is expected to exceed USD 12 billion by 2034, supported by government tax incentives promoting energy-efficient technologies.