Market Size of Global Boiler Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Boiler Market Analysis
The Global Boiler Equipment Market is expected to register a CAGR of 5.1% over the forecast period (2022-2027). The increase in demand for heating equipment to keep homes warm and heat water worldwide is predicted to raise demand for boilers, which is expected to fuel market expansion during the forecast period.
- The expansion of the food processing industry pushes the boiler market forward. Several government initiatives are also driving market expansion in their respective regions. For instance, the Government of India offers tax benefits to small and medium-sized food processing companies to encourage them to establish and grow their operations.
- Rising investments in various industries, such as petrochemical, in developing countries such as China and India drive up demand for boilers. The market is predicted to expand further due to increased demand for energy-efficient systems, which will complement the business growth, According to the Chemicals & Petrochemicals Manufacturers Association. The petrochemical project of Indian Oil Corporation Limited in Paradeep, Odisha, accounted for an investment of nearly USD 2.7 million as of 2021.
- The COVID-19 outbreak has impacted negatively the global boiler market. This is attributed to the halting of manufacturing activities, residential construction & maintenance activities, halt in logistics services, and decreased consumer spending on the replacement of old heating systems and. The sharp decline in the industrial and commercial business is negatively impacting the growth of the global boiler market
- One of the reasons impeding the growth of the boiler market is the rigorous regulation imposed by government agencies on emission limits. Furthermore, fluctuating raw material prices and high installation cost for the boiler appears to be a market restraint. For example, In India According to Commission for Air Quality Management (CAQM), industries cannot use bio-mass fuel over 80mg/Nm3 in boilers, and they should limit emissions to 50mg/Nm3. Such regulation imposed by government agencies will hinder market growth.
Boiler Industry Segmentation
The study tracks the market based on the revenues generated by different vendors operating in the boiler market. The scope is limited to the boiler market, classified on boiler type, end user, and geography.
| By Boiler Type | |
| Hot Water Boilers | |
| Gas Boiler | |
| Steam Water Boilers |
| End User | |
| Residential | |
| Commercial | |
| Industrial |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Rest of the World |
Global Boiler Market Size Summary
The global boiler market is poised for significant growth, driven by increasing demand for heating equipment and energy-efficient systems across various sectors. The expansion of the food processing industry and rising investments in petrochemical projects, particularly in developing countries like China and India, are key factors propelling market growth. Government initiatives, such as tax benefits for small and medium-sized enterprises in India, further support this expansion. However, the market faces challenges from stringent regulations on emissions, fluctuating raw material prices, and high installation costs, which could impede growth. The COVID-19 pandemic has also negatively impacted the market by disrupting manufacturing and construction activities, leading to a decline in demand.
The residential segment is expected to see robust demand due to strong growth in the real estate sector in countries like the United States, Germany, India, and China. Urbanization and population growth in emerging economies are also contributing to the market's expansion. Governments are promoting sustainable heating technologies, such as the UK's Boiler Upgrade Scheme, to reduce reliance on fossil fuels. Major manufacturers are focusing on developing energy-efficient boilers with advanced technologies to meet regulatory standards and consumer demands. The Asia-Pacific region is anticipated to dominate the market, driven by urbanization, rising disposable incomes, and ongoing projects in power and refining sectors. Top manufacturers are leveraging technological advancements to enhance their product offerings and maintain a competitive edge in the market.
Global Boiler Market Size - Table of Contents
-
1. MARKET INSIGHTS
-
1.1 Market Overview
-
1.2 Industry Attractiveness - Porter's Five Force Analysis
-
1.2.1 Bargaining Power of Suppliers
-
1.2.2 Bargaining Power of Consumers
-
1.2.3 Threat of New Entrants
-
1.2.4 Intensity of Competitive Rivalry
-
1.2.5 Threat of Substitute Products
-
-
1.3 Assessment of the COVID-19 Impact on the Market
-
-
2. MARKET SEGMENTATION
-
2.1 By Boiler Type
-
2.1.1 Hot Water Boilers
-
2.1.2 Gas Boiler
-
2.1.3 Steam Water Boilers
-
-
2.2 End User
-
2.2.1 Residential
-
2.2.2 Commercial
-
2.2.3 Industrial
-
-
2.3 Geography
-
2.3.1 North America
-
2.3.2 Europe
-
2.3.3 Asia-Pacific
-
2.3.4 Rest of the World
-
-
Global Boiler Market Size FAQs
What is the current Global Boiler Market size?
The Global Boiler Market is projected to register a CAGR of 5.10% during the forecast period (2024-2029)
Who are the key players in Global Boiler Market?
Mitsubishi Power, Ltd., Valliant Group, Thermax Limited, A. O. Smith Corporation and Weil-McLain are the major companies operating in the Global Boiler Market.
