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.

However, the presence of alternative heating and energy solutions is leading to slow growth for the key players in the boiler market. The other options such as solar thermal panels, solar water heating, and heat pumps are almost as useful as boilers hence increasing the competition for top boiler manufacturing companies, further states the research report, “Global Boiler Market Analysis, 2024.”

Boiler Market Segmentation Analysis

Industrial Sector Holds the Largest Market Share

Based on the End User, the market is further bifurcated into Residential, Commercial, and Industrial sectors, where the industrial segment is further bifurcated into Chemicals and Petrochemicals, Food Processing Industry, Pulp & Paper, Metals & Mining, Power Generation, and Others. Among all of them, the industrial sector holds the largest market share. This is mainly due to the variety of applications of the boilers in the different associated industrial processes such as dewatering mines, boiling chemicals heating gases, etc. Also, the growing attention given to industrialization is helping in the expansion of new businesses and industries, which further creates the demand for boilers and augments overall market growth & expansion.

Asia-Pacific Leads the Boiler Industry

Among all of the major regions of the Global Boiler Market, the Asia-Pacific region holds the significantly largest share in the market. The higher revenue growth of this region is particularly due to the presence of a significantly large industrial and economic hub, the increasing focus on industrialization & urbanization, and the promotion of innovation and technological advancements. The increasing setup of different industries and the associated processes that require boilers are creating market demand in the region and positioning the Asia-Pacific region as the leading region in the Global Boiler Industry.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Daikin Industries, Ltd., Ariston Thermo SpA, Robert Bosch Gmbh, Mitsubishi Power, Thermax Ltd., Sofinter Group, Cleaver Brooks Inc., BDR Thermea Group, Byworth Boilers Ltd., Andritz AG, Harbin Electric Company Ltd., IHI Corporation, Weil-McLain, PB Heat LLC, Valliant Group, and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across various regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?