Boiler System Market Research Report Information Report byType (Oil Fired, Gas Fired), by Capacity (upto 20 Tonnes, 20 to 40 Tonnes, 40 to 50 Tonnes) - Forecast To 2032

Global Boiler System Market Overview

Global Boiler System Market Size was valued at USD 22,878.8 Million in 2023. The Boiler System Market industry is projected to grow from USD 24,381.8 Million in 2024 to USD 37,823.9 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 5.6% during the forecast period (2024 - 2032). 

The main parameter causing a surge in the performance of the Boiler System Market is the increasing demand for power generation, given the rapid industrialization and population increase across the globe. The pharmaceutical industries worldwide have also seen a surge in investments, which is also likely to positively impact the performance of the Boiler System Market over the forecast period.

Steam Boiler manufacturers are gradually producing energy-efficient equipment to reduce their carbon footprint and provide consumers with energy savings. Over the coming years, such steam boilers will be the reason for offering substantial opportunities for numerous global market players. The rise in energy-efficient appliances can be attributed to stringent government controls on electric home appliances and technological developments. New low NOx guidelines are being deployed to stop or lower the adverse impacts of NOx gases on the environment. A very hazardous family of reactive gases is produced when fuel is burned at high temperatures, such as in water heaters, furnaces, boilers, and even car engines. Given NOx's apparent negative environmental impacts, many boiler manufacturers are attempting to get ahead of the impending legislation. The boilers function to produce vapors from the water that flows via tubes. They are heated by the combustion of several fossil fuels, like natural gas and coal, which are a major demand globally.

Boiler System Market Trends Insights 

The growing trend of having a compact boiler design and restoration of age-old boilers is driving the market forward. 

The primary issue for plant installations of boilers and expansions is the lack of available space. In process industries, components such as boilers, economizers, superheaters, and air preheaters need to have a compact design to make the most efficient use of available space. When capacity installations are added, the available floor space becomes restricted for utility machines. The requirement to optimize space usage has led to a significant increase in the demand for steam boilers with compact and fuel-efficient designs. Boiler manufacturers prioritize the promotion of tailored steam boilers to meet the specific needs of diverse industries, including power generation, oil & gas, chemical, and process industries. 

Apart from this, the restoration of age-old boilers is also thought to be necessary to cater to the needs of new-age power generation. The power infrastructure in developed countries like the United States of America, Canada, the United Kingdom, and Germany has been aging for years, and it has low efficiency levels and high carbon emissions. These aging power plants are slated to be shut down in the near future. However, there are plans in place for the extension and replacement of the plant, as well as for the expansion of the scope for new and renovated boilers, while measures are in place for upgrading such boilers. With this, the Boiler System Market will experience steady growth as a result of the increased investments that are being made in the enhancement of power plants, the construction of new power plants, and the expansion of existing ones.

Boiler System Market Segment Insights

The Boiler System Market is primarily segmented based on type and capacity. 

Based on type, the Boiler System Market is further sub-segmented into oil, gas, coal, and electric. Out of which, the electric segmentation of boiler systems is predicted to dominate the market segment during the forecast period, owing to the increased use of electrical equipment and machinery, economic growth, and industrialization. Consequently, the requirement for power-generating systems, particularly steam boiler systems, is increasing. Additionally, the rise in the addition of power plant capacity due to the development of new power plants and the recovery of present ones globally is projected to aggravate global demand. Apart from this, the coal segment of the said market is expected to have the highest growth rate owing to the demand for and substantial usage of fossil fuels for electricity production in developing nations.

Based on capacity, the said market segment is further divided into less than 50 to 100 MMBtu/hr capacity and more than 50 to 100 MMBtu/hr capacity. Out of these, the segment with a capacity of less than 50 to 100 MMBtu/hr owes the major market share. The market value of boilers with a capacity of less than 50 to 100 MMBtu/hr is expected to reach around USD 10 billion by 2032. This projection takes into account the increasing use of tax incentives to promote the adoption of energy-efficient heating technology. Government agencies and business groups are actively pursuing the development and expansion of industrial and commercial buildings. These considerations will additionally encourage the manufacturing of boilers with a capacity of more than 50 - 100 MMBtu/hr to reduce fuel consumption and provide great energy efficiency. 

Boiler System Market Region Insights

The Boiler System Market is primarily studied across four major regions, namely North America, Europe, Asia-Pacific, and the Rest of the World. Out of which, the Asia-Pacific region dominates the global market share and is expected to experience the highest growth in the Boiler System Market in terms of value, with a compound annual growth rate (CAGR) of around 4% during the forecast period. In the near future, the growing petrochemical and chemical sectors in emerging nations, namely India and China, are projected to drive up the need for industrial steam boilers. 

Leading manufacturers in the Asia-Pacific region are endeavoring to minimize their environmental footprint by transitioning to gas boilers. These machines exhibit a level of efficiency that is five times greater than that of ordinary coal plants, leading to a significant decrease of 65% in CO2 emissions. Additional reductions can be achieved by utilizing clean fuels, such as hydrogen, which are already being employed in certain facilities. These companies have made a firm commitment to achieving complete utilization of hydrogen as a fuel source by the year 2025. Adopting gas-based boilers has the potential to significantly transform the electricity supply in the Asia-Pacific region. Several nations, including Vietnam and Indonesia, continue to allocate resources towards the construction of new coal power plants to meet the increasing energy needs. Nevertheless, despite its emissions, natural gas will serve as a vital interim fuel in the upcoming years, as indicated by various ongoing regional programs to improve gas infrastructure in underdeveloped areas.

Apart from the APAC region, the North American and the European regions are also stated to have a steady growth rate in the Boiler System Market and are predicted to be ranked second and third in terms of revenue, respectively, followed by the Asia-Pacific region.

Boiler System Market Key Players & Competitive Insights 

Major key competitors in the said market segment employ crucial strategies, including partnerships, joint ventures, mergers and acquisitions, product launches, and business expansion deals to expand their business operations across the globe and have a strong command over a certain region in the market.  

Boiler System Market Key Companies Insights 

• Danstoker Boilers (Denmark)


• Bosch Industriekessel (Germany)


• Babcock & Wilcox Enterprises, Inc. (U.S.)


• AC Boilers S.p.A (Italy)


• Mitsubishi Hitachi Power Systems, Ltd. (Japan)


• ATTSU Termica (Spain)


• Rentech Boilers (U.S.)


• Byworth Boilers (U.K.)


• Proodos Industrial Boilers (Greece)


• Siemens AG (Germany)

Recent Developments 

In July 2022, Bosch Industries introduced their new product in the market called ELSB electric steam boiler, which reduces emissions and offers a green operation system.

In January 2023, Babcock & Wilcox Enterprises signed a partnership deal with Fidelis to produce clean and zero-carbon intensity hydrogen.

In December 2022, Mitsubishi Heavy Industries signed a joint venture deal with Mitsubishi Electric to have their footprints in power generation.

In May 2022, The UK government has introduced the (BUS) Boiler Upgrade Scheme to help with the net-zero transition. The plan allows property owners to move away from fossil fuel systems and towards more efficient heating systems in a cost-effective manner. 

In April 2022, Fulton launched its new Classic vertical steam boiler in Great Britain. Classic comes with oil or gas-fired burners as well as LPG/Propane; it has outputs between 100kW and 300kW (160 – 480kg/h) at 10.34 Barg with efficiencies up to 84%. In just twenty minutes after starting up from cold, the full output of steam will be reached by Classic steam boilers, which imply their ability to meet the fast demand for steam in various industrial processes, including those found at pharmaceuticals, health care centers as well as food processing plants.

In April 2022, However, Thermax was awarded an order worth INR 522 crore for utility boilers and ancillary equipment at a small refinery and petrochemical complex in Rajasthan, India, during April 2022. Two numbers of high-pressure utility boilers tuned to supply of8400 TPD (260 TPH x2), having integral economizers, are being designed & manufactured by Thermax Babcock & Wilcox Energy Solutions Private Limited (TBWES). The package will be installed on the customer’s Captive Power Plant (CPP) site, meeting their captive power requirement through steam generation.

In August 2021, Baxi group — part of BDR Thermea Group — demonstrates its hydrogen boiler at the first house powered entirely by hydrogen in Britain. Baxi invited social landlords to see their boiler in action. Baxi Heating has committed to having only low-carbon energy-ready products by 2025, implying that gas boilers would be ‘hydrogen-ready’ and easily convert for hydrogen use.

In July 2021, Kawasaki Thermal Engineering (KTE) launched a high-efficiency type of once-through boilers from the "IF" and "WILLHEAT" series on the global market. “IF” series and “WILLHEAT” boilers provide a 99% efficiency and save significant amounts of energy.

Boiler System Market Segmentation

Boiler System Market, By Type

• Oil


• Gas


• Coal


• Electric


• Others

Boiler System Market, By End-Use Industry

• Paper and Pulp


• Oil and Gas


• Chemical


• Commercial


• Food & Beverage


• Metal & Mining


• Energy & Power


• Others

Boiler System Market, By Region

North America

• US


• Canada


• Mexico

Europe

• Germany


• France


• UK


• Rest of Europe

Asia-Pacific

• China


• Japan


• India


• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa


• South America