Press Release

Boiler Market Size Reaches USD 110 Billion in 2023 with a Projected CAGR of 4.2% by 2030

The Global Boiler Market size was valued at around USD 110 billion in 2023 & is estimated to grow at a CAGR of around 4.2% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. Various purposes fulfilled by boilers such as gas heating, space heating, water heating & boiling, generating steam, and food processing led to the increasing demand for boilers in the industrial, commercial as well as residential sectors. Various industries using boilers in their day-to-day activities include mining & metals, the paper industry, chemical industry, food-processing industries, and power generation. Moreover, rapid industrialization raised the demand for boilers and augmented the growth of the boiler industry globally.

Further, the technological advancements and integration of IoT-based technologies are creating boilers with more enhanced options and features making their use attractive and energy efficient. Some of the features include the precise monitoring and evaluation of temperatures helping in optimizing fuel consumption and enhancing consumer satisfaction. Some specific forms of advanced residential boilers that are eco-friendly and Wi-Fi-enabled, gaining popularity among individuals. All these factors are creating more demand scope for boilers in the Boiler Market.

Additionally, with the rising environmental concerns and the regulations to control carbon emissions, the traditional methods used for water boiling, heating, and food processing are increasingly being replaced by boilers. Various governments across the globe are imposing strict rules to cut emissions and use energy-efficient solutions that will promote the use of clean energy options, contributing to the growth in the Global Boiler Market.

The Global Boiler Market size was valued at around USD 110 billion in 2023 & is estimated to grow at a CAGR of around 4.2% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. Various purposes fulfilled by boilers such as gas heating, space heating, water heating & boiling, generating steam, and food processing led to the increasing demand for boilers in the industrial, commercial as well as residential sectors. Various industries using boilers in their day-to-day activities include mining & metals, the paper industry, chemical industry, food-processing industries, and power generation. Moreover, rapid industrialization raised the demand for boilers and augmented the growth of the boiler industry globally.

Further, the technological advancements and integration of IoT-based technologies are creating boilers with more enhanced options and features making their use attractive and energy efficient. Some of the features include the precise monitoring and evaluation of temperatures helping in optimizing fuel consumption and enhancing consumer satisfaction. Some specific forms of advanced residential boilers that are eco-friendly and Wi-Fi-enabled, gaining popularity among individuals. All these factors are creating more demand scope for boilers in the Boiler Market.

Additionally, with the rising environmental concerns and the regulations to control carbon emissions, the traditional methods used for water boiling, heating, and food processing are increasingly being replaced by boilers. Various governments across the globe are imposing strict rules to cut emissions and use energy-efficient solutions that will promote the use of clean energy options, contributing to the growth in the Global Boiler Market.