North America Boiler Market Size - By Fuel (Natural Gas, Oil, Coal, Electric), By Capacity, By Application (Residential, Commercial, Industrial), By Country Outlook & Forecast, 2024 – 2032

North America Boiler Market Size

North America Boiler Market was valued at USD 6.7 billion in 2023 and is estimated to grow at a CAGR of 5.8% from 2024 to 2032. The rapid growth of commercial space coupled with ongoing replacement of the existing heating systems with energy-efficient units will foster the product penetration. For instance, in 2023, multifamily residential real estate constituted over 35% of the overall commercial property investment across the U.S.
 

A boiler is a precision-engineered device designed to produce hot water or steam for heating and industrial needs. By heating water or other fluids, boilers generate the necessary output, whether it's hot water for heating spaces or steam for industrial processes. They are integral to residential, commercial, and industrial settings, serving to provide central heating, hot water supply, and energy across diverse applications.

North America Boiler Market Trends

The boiler industry has experienced significant growth propelled by rising investments in infrastructure development and the revival of the construction sector. The growing demand for space heating in commercial buildings coupled with a booming real estate sector is set to fuel the business expansion. The shift from fossil fuels to decarbonized energy alternatives along with the increasing adoption of clean energy technologies will drive the industry growth. The growing demand for water and space heating systems, driven by a rising population and increasing urbanization, will fuel business growth.
 

North America Boiler Market Analysis

The ≤ 10 MMBtu/hr boiler market will reach over USD 5.5 billion by 2032. The implementation of supportive government policies aimed at achieving high energy efficiency, especially in developing nations, will further encourage the deployment of boilers. These boilers will gain significant momentum on account of the introduction of various government tax incentives aimed at promoting the adoption of energy-efficient technologies that consume less fuel and deliver high energy.
 

The electric boiler market size will witness a growth rate of over 11% through 2032. Stringent government regulations mandating the use of low-emission fuels will boost the demand for these systems. In addition, the production of cost-effective heating systems along with the swift adoption of natural gas-based units further enhances the product penetration. The involvement of private entities and government in the development and expansion of commercial and industrial buildings will foster a favorable business environment.
 

U.S. boiler market is set to surpass USD 8 billion by 2032. Growing demand for space heating in commercial buildings and a heightened focus on corporate sustainability will foster the business outlook. This demand is primarily driven by key factors including ongoing replacement of existing heating units with energy-efficient boilers and surging deployment of energy efficient technologies. Additionally, the paradigm shift towards decarbonization has significantly contributed to the increasing demand for these units.
 

Stern policy framework for the development of green buildings along with positive outlook toward chemical & food processing industries will propel the Canada boiler market. The industry is witnessing a shift toward advanced technologies such as condensing boilers that offer higher efficiency and lower operational costs over traditional models. The resurgent construction sector and ongoing commercial expansion will boost product demand.
 

North America Boiler Market Share

Fulton Boiler Works stands as a one of the renowned leaders in the design and manufacture of steam, hydronic, and thermal fluid heat transfer systems. The company has expanded its operations globally, serving diverse industries including food processing, pharmaceuticals, and manufacturing. Its commitment to innovation is evident in its advanced boiler technologies, such as the Fulton Pulse combustion and modulating burner systems, which ensure high efficiency and reliability. With a strong emphasis on quality and customer satisfaction, the company continues to set industry standards in boiler engineering and application expertise, making it a trusted partner for heating solutions worldwide.
 

North America Boiler Market Companies

The key industry players include:

• A.O. Smith
• Bosch Thermotechnology
• BURNHAM COMMERCIAL BOILERS
• Camus Hydronics
• Carrier Corporation
• Cleaver-Brooks
• Columbia Boiler Co.
• Fulton Boiler Works
• HTP (Heat Transfer Products)
• Laars Heating Systems
• Lennox International Inc.
• Miura America
• Navien
• New Yorker Boiler Company
• Peerless Boilers
• Raypak
• Slant/Fin Corporation
• Trane Technologies
• Viessmann Group
• Weil-McLain
   

North America Boiler Industry News

• In May 2024, Miura America has acquired of CBE Enterprises, Inc., a U.S. based boiler company. The company stands to profit from employing energy-saving technologies, leveraging its expertise in utility installations, and expanding its international presence. This acquisition has proliferated its strong foothold in the U.S. with strong expertise in boiler technology solutions. In addition, this acquisition will contribute to the company’s revenue share.
   
• In July 2023, Weil-McLain announced that its WTGO, WGO, SGO, and Ultra Oil residential & small commercial oil boilers certified to use biofuel blends up to 20% (B20). A B20-compatible boiler operates using a blend consisting of 20% biodiesel and 80% traditional fuel heating oil. In addition, this achievement underscored the company’s commitment to providing sustainable heating solutions and advancing environmental initiatives within the industry.
   

This North America boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD Million” from 2021 to 2032, for the following segments:

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Market, By Fuel

• Natural Gas
• Oil
• Coal
• Electric
• Others

Market, By Capacity

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

Market, By Application

• Residential
• Commercial
  • Offices
  • Healthcare Facilities
  • Educational Institutions
  • Lodgings
  • Retail Stores
  • Others
• Industrial
  • Food Processing
  • Pulp & Paper
  • Chemical
  • Refinery
  • Primary Metal
• Others

The above information has been provided for the following countries:

• U.S.
• Canada
• Mexico