Boiler Market was valued at USD 92.4 billion in 2023 and is projected to expand at more than 7.6% CAGR from 2024 to 2032, owing to the introduction of strict regulations to mitigate carbon footprint., owing to the introduction of strict regulations to mitigate carbon footprint.
To get key market trends
Boilers and related systems are regarded as being efficient heat exchange systems that generate steam and hot water for power generation, heating, and other uses. In recent years, laws are being imposed stringently because of the increasing greenhouse gas emission. As per statistics from the UN Environment Program, in 2021, carbon dioxide emissions related to the use of energy in the building and construction industry increased by 5% compared to 2020. These kinds of elements will prompt consumers to make a transition to carbon-neutral technologies, such as natural gas-fired boilers, for heating.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Global Boiler Market Size in 2023 | USD 92.4 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 7.6% |
| 2032 Value Projection | USD 180.3 Billion |
| Historical Data for | 2019 to 2023 |
| No. of Pages | 980 |
| Tables, Charts & Figures | 1,385 |
| Segments covered | Fuel, Capacity, Application |
| Growth Drivers |
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| Pitfalls & Challenges |
|
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What are the opportunities for growth in this market?
With increasing knowledge of clean energy, consumers are also giving importance to replacing conventional heating systems with newer, more efficient ones. Aggressive regulations on part of government bodies have also made end users increase their efforts to reduce their carbon footprint from industrial and commercial buildings, thus driving the demand for green buildings. Furthermore, the significant demand for space heating will create profitable opportunities for business development. However, the high upfront investment charges will restrict the installation of these units to a considerable extent.
Boiler Market Analysis
Find out more about the most significant segments driving this market
Value from the > 50 - 100 MMBtu/hr capacity boiler segment is projected to be around USD 10 billion by 2032, factoring in the increasing usage of tax incentives to drive the installation of efficient heating solutions. Public agencies and private institutions have also been aiming to construct and increase industrial and commercial structures. These conditions will also drive the manufacture of boilers with > 50 - 100 MMBtu/hr capacity in order to provide less fuel consumption and provide high energy. Global residential boiler market is expected to cross USD 139.8 billion by 2032.
Boiler industry from the natural gas fuel segment is expected to show over 7.5% growth rate until 2032, due to the implementation of strict government regulations to limit emissions. Gas boiler installation is also viewed as cost-effective for domestic heating, with lower environmental effects. Supply outages and volatile price spikes after Russia's invasion of Ukraine, however, has led to downgrading the natural gas prospects of energy transitions. These determinants can in some measure impede the evolution of natural gas-fired boilers.
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Discover more about the dominant segments in this market
Industrial boiler market value exceeded approximately USD 10 billion during 2022. This is due to the swift industrialization and rising investment in the manufacturing plant of automobiles and other industries. Citing an example, in Jan 2023, General Motors revealed plans to invest USD 918 million in 4 U.S. manufacturing facilities to aid in EV manufacturing. Additionally, the growing concern for industrial building expansion will increase the application of steam boilers in vehicle manufacturing as well as in other industrial processes.
Want region specific information?
Asia Pacific accounted for more than 30% of the world's boiler market in 2022, driven by the growing demand for factory expansion as well as the consistent rise of the manufacturing industry. For instance, in August 2022, Japanese-based plants increased production as manufacturing remained resilient despite high material and energy prices and a slowdown in the global economy. These along with swift urbanization and the resultant increase in construction activities are expected to have a favorable impact on regional market trends during the forecast period. North America residential boiler industry is expected to surpass USD 3.6 billion by 2032.
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Boiler Market Share
The competitive landscape of the boiler market comprises companies such as
- Weil-McLain
- Victory Energy Operations
- Victory Energy Operations
- Thermal Solutions
- The Fulton Companies
- Slant/Fin Corporation
- Mitsubishi Heavy Industries
- John Cockerill
- General Electric
- Clayton Industries
- Bradford White Corporation
- Bosch Industriekessel
- Babcock & Wilcox Enterprises
- Atlantic Boilers
- Atlantic
- Ariston Holding
- AERCO
- ACV
- A. O. Smith
These companies are concentrating on increasing product penetration and entering merger and acquisition transactions to solidify their market position.
For example, in January 2023, Clayton Industries backed the Midwest corrugation plan with the installation of 600 hp E series commercial boilers ranging from 150 to 2,000 horsepower. This developed boiler with custom steam solutions was launched with features such as fired steam generators, containerizing, skid mounting, and fully modulated automatic controls. This approach is expected to allow the company to move faster in the industry.
Impact of the COVID-19 pandemic
The COVID-19 pandemic has posed serious challenges to international supply chains in recent years. Even in recent months, some restrictions of movement have slowed down or suspended the transportation of final products and raw materials, consequently affecting the operations of the manufacturing industry. These delays might have exerted a negative impact on the installation of industrial boiler heaters across the globe. Nonetheless, a relaxing of restrictions on a gradual basis along with a wholesome economic revival is likely to provide growth prospects to the industry in the next few years.
The boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2019 to 2032, for the following segments
Market Insights, By Fuel
- Natural Gas
- Oil
- Coal
- Electric
- Others
Market Insights, By Capacity
- ≤ 10 MMBtu/hr
- > 10 - 50 MMBtu/hr
- > 50 - 100 MMBtu/hr
- > 100 - 250 MMBtu/hr
- > 250 MMBtu/hr
Market Insights, 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 regions and country
- 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
Frequently Asked Questions (FAQ)
What is the forecast for the boiler market?
The market size of boiler crossed USD 92.4 billion in 2023 and is projected to register over 7.6% gains through 2032, owing to the introduction of strict regulations to mitigate carbon footprint.
Why is the demand for natural gas boilers growing?
The natural gas segment is slated to depict over 7.5% CAGR between 2023 and 2032, on account of the implementation of stringent government norms to curb emissions.
How large is the Asia Pacific boiler industry?
APAC held over 30% of the revenue share in 2022, due to the rising focus on production facility expansion and the positive outlook for the manufacturing sector.
Which companies manufacture boilers?
Key players in the global industry include Weil-McLain, Thermal Solutions, Mitsubishi Heavy Industries, John Cockerill, General Electric, Clayton Industries, Bradford White Corporation, Atlantic, Ariston Holding, AERCO, ACV, and A. O. Smith, among others.
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