Industrial Boiler Market Size – By Product, By Capacity, By Application, By Technology, By Fuel, Analysis, Share, Growth Forecast, 2025 – 2034

Industrial Boiler Market Size

The global industrial boiler market was valued at USD 11 billion in 2024. The market is expected to reach USD 17.3 billion in 2034, at a CAGR of 4.5%. Stringent government policy established to curb greenhouse emissions along with the change in climate and capital spending will propel the growth in the market.
 

The regulatory authorities are focusing on augmenting the regulations put in place to track and limit the emissions of NOx, SOX, and CO2. coupled by the shift towards composite renewable fuels in industrial plants, there will be an expansion of the product scope. These boilers are meant for steam generation and for heating water in other industrial processes.
 

For citation, the Canadian government proposed new regulations in 2024 that focus on reducing carbon emissions from oil & gas facilities located upstream. The framework sets out to accomplish a 35% decline in GHG emissions compared to the 2019 baseline by the year 2030. This initiative includes tax incentives for emission reductions and establishes a cap-and-trade system to encourage sustainable practices within the fossil fuel sector.
 

The transition from conventional heating solutions to advanced & energy efficient systems coupled with rigorous government mandates focused on lowering carbon emissions will propel the industry expansion. Additionally, ongoing innovations in smart heating solutions in line with surging adoption of hybrid systems will accelerate the product adoption.
 

For illustration, in 2025, the Green Climate Fund demonstrated its commitment to climate resilience by investing USD 686.8 million which, when augmented by co-financing, mobilized a total of USD 1.5 billion. These funds will be used to implement 11 projects in 42 countries, benefiting 115.5 million people, while avoiding about 45 million metric tons of CO2 emissions.
 

The industry expansion will be fueled by the increasing use of industrial heat and steam energy in conjunction with modern developments in energy efficient boiler technologies. As well, the application of smart controls and renewable fuels will improve operational efficiency and advance the boom in the market.
 

Industrial Boiler Market Trends

The dynamics of business will improve with swift industrialization coupled with the introduction of advanced steam generators of high efficiency. In addition, the continuing investments in the industry to improve the heating system along with the growing substitution of traditional boilers with modern higher rated ones will foster the growth in the industry.
 

The industrial boiler market is poised for robust growth owing to the increasing focus on industrial automation paired with the integration of digital monitoring systems with high operational efficiency and reducing downtime. The production of boilers with improved materials including higher durability and resistance to corrosion will foster the product adoption across wide tandem of application areas.
 

For citation, in 2025, the federal clean energy subsidies program unveiled an investment of USD 235 billion which was directed towards the manufacturing sector. These measures draw in private investment, improve the energy security of the nation, and promote new technologies. Nevertheless, the accomplishment of long-term progress and employment creation greatly depends on sustained federal investments. Such support will undeniably transform the U.S. into a robust exporter of advanced clean industrial technologies.
 

Ongoing replacement of aging boiler systems with next-generation units featuring automation and real-time performance tracking will create lucrative opportunities for the manufacturers. With increasing investments in industrial expansion and sustainability initiatives, the boiler market is poised for robust growth in the coming years.
 

The shift to biomass and waste heat recovery boilers will increase due to the rapid growth of the food processing industries and the increased focus on sustainability. These boilers, when integrated with modern emission control and heat recovery systems, make industrial processes more sustainable and less dependent on fossil fuels.
 

For reference, Food and Drug Administration of the U.S. has published a new version of the Voluntary National Retail Food Regulatory Program Standards which sets forth new benchmarks for proper food governance at state, local, tribal and territorial levels in 2024. These standards have established criteria that facilitate the planning and control of retail food services, while also acknowledging the proactive steps of the regulatory agencies to advance food safety and improve regulatory programs on a continuous basis.
 

Industrial Boiler Market Analysis

• The industrial boiler market was valued at USD 9.9, 10.5 & 11 billion in 2022, 2023 and 2024 respectively. Based on fuel, the market is segmented into natural gas, oil, and coal. Growing emphasis on boiler performance certifications along with the safety norms necessitating advanced boiler technologies will fuel the product penetration.
   
• The natural gas industrial boiler market will grow at a CAGR of over 5% by 2034 owing to the growing expansion of LNG infrastructure coupled with stringent government regulations supporting low-emission fuel adoption, will drive market growth.
   
• The industrial boiler market for oil fired industrial boilers was valued at over USD 3 billion in 2024, widespread availability of oil across various regions in line with the robust expansion of natural gas infrastructure will augment the business landscape. Their reliability and adaptability make them an essential component in sectors requiring consistent and high-efficiency heating solutions.
   
• For citation, in 2023, the U.S. government reinforced its industrial strategy through the Infrastructure Investment and Jobs Act, the Inflation Reduction Act and the CHIPS and Science Act. At a glance, these top initiatives stand as the greatest commitment the U.S. has made towards industrial planning post-war, seeking to economically decarbonize boosting the domestic supply and manufacturing science and technology.
   
• The coal industrial boilers remain a key component in heavy industries including chemical industries and high scale manufacturing plants. Ongoing technological advancements including development of hybrid systems along with rising concerns toward sustainability will augment the industry outlook.
   
• Based on capacity, the industrial boiler market is segmented into > 10 MMBtu/hr, 10 - 25 MMBtu/hr, 25 - 50 MMBtu/hr, 50 - 75 MMBtu/hr, 75 - 100 MMBtu/hr, 100 - 175 MMBtu/hr, 175 - 250 MMBtu/hr and > 250 MMBtu/hr. The > 10 MMBtu/hr, industrial boiler market was accounted over USD 1 billion in 2024. Wide scale utilization of these units across industrial establishments including food processing, pulp & paper and metal manufacturing will drive the business scenario.
   
• 10 - 25 MMBtu/hr industrial boiler market will grow at a CAGR of over 4% by 2034. These units offer significant benefits including easy installation, low maintenance costs, and the capability to deliver instant hot water, accelerating the product adoption.
   
• 25 - 50 MMBtu/hr industrial boiler market was valued at USD 2 billion in 2024. The ongoing modernization of industrial facilities along with the rising preference for dual-fuel and low-NOx boilers will foster the business landscape. These capacity boilers offer an optimal balance between efficiency and performance making them a preferred choice for industries requiring consistent steam & heat output.
   
• For instance, in 2024, Canada launched a USD 358 million initiative to modernize its natural gas infrastructure. This strategic investment is expected to attract USD 4.5 billion in additional funding, reinforcing the country’s energy security while meeting the growing demand driven by population growth and industrial expansion.
   
• 75 - 100 MMBtu/hr industrial boiler market will reach over USD 2 billion by 2034, these capacity boilers are set to experience substantial growth, driven by the rising demand for centralized heating and cooling in large industrial buildings including food processing, pulp & paper and refinery facilities.
   
• The > 100 - 175 MMBtu/hr industrial boiler market will grow at a CAGR of over 5% by 2034. Increasing infrastructure investments, modernization of heating systems, and stringent emissions regulations will promote the shift toward cleaner fuels, which in turn will fuel the product landscape.
   

• Based on technology, the market is segmented into condensing and non-condensing. The condensing industrial boiler market is expected to drive the business growth holding a share of 82.7% in 2024 and expanding at a CAGR of over 4.5 by 2034. Condensing technology is poised for significant growth owing to its lower environmental impact, superior efficiency, and reduced heating costs.
   
• The industrial boiler market for non-condensing industrial boiler will grow on account of increasing applicability of these heating technologies in industrial buildings requiring high-temperature and durability. Increasing consumer inclination toward cost-effective solutions and ease of availability will energize the business dynamics.
   
• Canada took another step forward towards a cleaner energy future by creating the Clean Electricity Regulations, which seek to achieve a net-zero electricity sector by 2035. These regulations implement high performance standards intended to restrict emissions produced by fossil fuel powered electricity generation, as well as meet the more overarching net-zero 2050 targets.
   

• U.S. industrial boiler market was estimated at USD 1.4, 1.5 & 1.6 billion in 2022, 2023 and 2024 respectively. Strict energy efficiency mandates growing investments in commercial infrastructure in line with the surging demand for advanced space and water heating solutions will drive the industry expansion. The industry is further strengthened by the increasing adoption of high-performance heating systems that enhance operational efficiency and meet sustainability goals.
   
• North America industrial boiler market will witness at a CAGR of over 4% in 2034. The continuous improvement of pre-existing industrial infrastructure and the increasing use of high-efficiency units with low emissions will further expand the market. Additionally, government support and business sustainability programs will greatly influence the industry over the next five years.
   
• The Asia Pacific industrial boiler market is set to reach over USD 9 billion by 2034. The region will witness robust growth in the market fueled by the introduction of supportive government policies and financial incentives toward the adoption clean energy technologies.
   
• For illustration, in 2024, Australia implemented an industrial policy, A future made in Australia, which represents a significant departure from previous policies by seeking to utilize the nation's resources for the purpose of transitioning to clean energy. The policy outlines a more proactive role for the government in industry development which is consistent with the global trend of increasingly interventionist economic policies.
   
• The Europe industrial boiler market is poised to grow at a CAGR of over 3% in 2034. The industry is evolving rapidly owing to the strict emission regulations aligned with national sustainability targets. Ongoing infrastructure advancements fueled by extensive investments toward the development of sector will further accelerate the product deployment.
   
• For citation, the European Commission has initiated the Clean Industrial Deal which aims to improve industrial competitiveness and facilitate a carbon neutral economy in 2025. The plan seeks to solve the issues of high energy prices while preparing for intense global competition and economic growth.
   
• The Middle East & Africa industrial boiler has a market share of over 4%. Governments are emphasizing energy efficiency and emission reduction, prompting the adoption of advanced boiler technologies, including low-NOx and condensing systems. Additionally, the rising investments in district heating systems in line with growing chemical industry will stimulate the product demand.
   
• For reference, in 2025, Saudi Arabia seeks to improve its position in international business as well as to receive high-quality investment by introducing newly standardized incentives which aim at further developing the country's industrial sector. In the last two years, the government has attempted to systematize its incentive structure via important steps like creation of Special Economic Zones (SEZs) and other regulatory authorities.
   
• The Latin America industrial boiler market is poised to grow at a CAGR of over 3.5% in 2034. Growing emphasis on sustainability will encourage the integration of renewable energy sources, including biomass and solar-assisted boilers. Ongoing urbanization, industrialization and government incentives for cleaner heating technologies will support the market expansion.
   
• For illustration, in 2024, Brazil implemented the National Energy Transition Policy placed aims to green investments of USD 400 billion over the ensuing decade. This effort integrates vital government programs to enhance the use of clean energy, strengthen the country’s primary position in renewable energy, and consequently foster sustainable industrial development. The policy's goal is to place the country in the leading position for the global energy transition through technological advancements in wind and solar energy, biofuels, and hydrogen.
   

Industrial Boiler Market Share

• The top 5 players including Bosch Industriekessel, Miura America, Babcock & Wilcox, Mitsubishi Heavy Industries and IHI Corporation together holds share of about 45% in the market. Mitsubishi Heavy Industries, Ltd. reported an order intake of USD 33.5 billion for the first three quarters of 2024, reflecting a 10.5% year-on-year increase. Revenue reached USD 23.9 billion, marking an 8.8% rise compared to the previous year. The company’s profit from business activities surged by 38.2% to USD 1.78 billion, achieving a profit margin of 7.5%, driven by strong demand across its diversified portfolio and strategic growth initiatives.
   
• Fulton formed a new partnership with Cougar USA, thereby launching its advanced technology to Houston. The cooperation also brought Fulton's range which comprises the Endura and Vantage series of high efficiency condensing boilers as well as VSRT steam boilers.
   
• General Electric introduced three additional Industrial Managed Services (IMS) with the aim of improving customer success in Operations and Maintenance (O&M) strategy, asset reliability, and thermal performance of the plant. The company gives customized offerings which are specific to any power generator needs, which ensures that they are economical and easy to use, accomplishing execution and reliability objectives.
   

Industrial Boiler Market Companies

• GE Vernova, reported USD 34.9 billion in revenue in 2024. The orders of the company’s grew by 7% and reached USD 44.1 billion driven by solid equipment growth in Electrification and Power along with the services growth in both segments surpassing double digits.
   
• Miura America reported the nine months earnings of USD 1.16 billion in 2024, marking a 62.3% increase from the previous year. The operating profit rose by 46.2% to USD 152.2 million while profit before income taxes grew by 41.9% to USD 173.9 million. Its boilers are designed to improve efficiency while reducing fuel consumption and emissions, aligning with the growing demand for sustainable energy solutions.
   
• Babcock & Wilcox Enterprises recorded a revenue of USD 651.1 million during the first three quarters of 2024, reflecting its strong market presence. The company operates through three key segments including Babcock & Wilcox Renewable, Babcock & Wilcox Environmental, and Babcock & Wilcox Thermal. Among these, the Babcock & Wilcox Thermal segment led the performance, contributing USD 350.3 million in revenue over the first nine months of the last year, reinforcing its pivotal role in the company’s overall growth.
   

Major players operating in the industrial boiler market are:

• Babcock and Wilcox
• Bharat Heavy Electricals
• Bosch Industriekessel
• Clayton Industries
• Cleaver-Brooks
• Cochran
• Doosan Heavy Industries and Construction
• Ferroli
• Fondital
• Fonderie Sime
• Forbes Marshall
• Fulton
• Groupe Atlantic
• General Electric
• Hoval
• Hurst Boiler & Welding
• IHI Corporation
• John Cockerill
• John Wood Group
• Mitsubishi Heavy Industries
• Miura America
• Rentech Boilers
• Siemens
• Sofinter
• Thermax
• Victory Energy Operations
• Viessmann Climate Solutions
• Walchandnagar Industries
   

Industrial Boiler Industry News

• In July 2024, Babcock & Wilcox won a significant contract for the modernization of the renewable energy boiler systems for the entire continent of Asia. The contract scope also includes water-cooled advanced pressure parts, water-cooled wear zones, optimized secondary air and water soot cleaning equipment. All these extras are intended to increase the steam production capacity, efficiency, and to reduce the emission of pollutants to the atmosphere. Furthermore, the company will provide professional consulting services during the constructing and commissioning stages of the project, which demonstrates the firm’s intentions to provide residential boiler systems with modern technologies everywhere around the globe.
   
• In May 2024, Miura America and Daikin Industries entered a strategic agreement where both parties pledged capital to innovation in their respective business lines of residential heating solutions. Daikin invested in Miura buying a 4.67% stake while Miura bought out a 49% stake in Daikin Applied Systems which is a subsidiary of Daikin. This partnership seeks to improve the state of the technology and energy-saving features of residential boiler systems, taking advantage of both companies’ resources. The goal of advanced energy management within the partnership aims to enhance home heating solutions to ensure the modern home is affordable to heat while being environmentally sustainable.
   
• In March 2024, Hurst Boiler & Welding partnered with Nationwide Boiler Incorporated, appointing them as their sole representative in the state of California and the Houston- Texas area. In this partnership, residential customers are now offered Hurst high-efficiency heating systems, along with additional engineering and integrated feed water equipment tailored specifically for specialized customers. This strategy ensures homeowners get dependable energy efficient heating technologies that are designed for contemporary home uses and further strengthen its market presence.
   
• In February 2024, Babcock Wanson has disclosed its takeover of VKK Group that designs, manufactures and sells industrial boilers for the food, energy and chemical industries. Besides, the VKK Group provides a wide array of services that include engineering, turnkey project implementation, equipment servicing, and maintenance. This adjustment boosts its international presence as well as improves its facilities with the Köthen production site and Duisburg service location.
   

The industrial boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume (‘000 Units) & revenue (USD Million) from 2021 to 2034, for the following segments:

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Market, By Product

• Fire-Tube
  • By Capacity
    • 10 MMBtu/hr
    • 10 - 25 MMBtu/hr
    • 25 - 50 MMBtu/hr
    • 50 - 75 MMBtu/hr
    • 75 - 100 MMBtu/hr
    • 100 - 175 MMBtu/hr
    • 175 - 250 MMBtu/hr
    • > 250 MMBtu/hr
  • By Application
    • Food Processing
    • Pulp & Paper
    • Chemical
    • Refinery
    • Primary Metal
    • Others
  • By Technology
    • Condensing
    • Non-Condensing
  • By Fuel
    • Natural Gas
    • Oil
    • Coal
    • Others
• Water-Tube
  • By Capacity
    • 10 MMBtu/hr
    • 10 - 25 MMBtu/hr
    • 25 - 50 MMBtu/hr
    • 50 - 75 MMBtu/hr
    • 75 - 100 MMBtu/hr
    • 100 - 175 MMBtu/hr
    • 175 - 250 MMBtu/hr
    • > 250 MMBtu/hr
  • By Application
    • Food Processing
    • Pulp & Paper
    • Chemical
    • Refinery
    • Primary Metal
    • Others
  • By Technology
    • Condensing
    • Non-Condensing
  • By Fuel
    • Natural Gas
    • Oil
    • Coal
    • Others

Market, By Capacity

• 10 MMBtu/hr
• 10 - 25 MMBtu/hr
• 25 - 50 MMBtu/hr
• 50 - 75 MMBtu/hr
• 75 - 100 MMBtu/hr
• 100 - 175 MMBtu/hr
• 175 - 250 MMBtu/hr
• > 250 MMBtu/hr

Market, By Application

• Food Processing
• Pulp & Paper
• Chemical
• Refinery
• Primary Metal
• Others

Market, By Technology

• Condensing
• Non-Condensing

Market, By Fuel

• Natural Gas
• Oil
• Coal
• Others

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
  • Brazil
  • Argentina
  • Chile