Boiler Market Analysis

Boiler Market Analysis

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Boiler market value from the > 50 - 100 MMBtu/hr capacity segment is anticipated to reach approximately USD 10 billion by 2032, considering the growing implementation of tax incentives to boost the deployment of energy-efficient heating technologies. Government organizations and private entities have also been targeting to develop and expand industrial and commercial buildings. These factors will further stimulate the production of boilers with > 50 - 100 MMBtu/hr capacity to ensure less fuel consumption and offer high energy. Global residential boiler industry is poised to cross USD 139.8 billion by 2032.
 

Boiler market from the natural gas fuel segment is slated to depict over 7.5% growth rate through 2032, on account of the introduction of stringent government norms to curb emissions. The installation of gas boilers is also considered an economical means for residential heating, with lesser environmental impact. Supply disruptions and rapid increase in prices following Russia’s invasion of Ukraine, however, has resulted in the downward revision of natural gas prospects in energy transitions. These factors may hinder the development of natural gas-fired boilers to some extent.
 

Industrial boiler market value surpassed around USD 10 billion in 2022. This growth is attributed to the rapid industrialization and increased investment in manufacturing facilities for automotive and other industries. Citing an instance, in January 2023, General Motors unveiled plans to invest USD 918 million in 4 manufacturing sites in the U.S. to support EV production. Furthermore, the rising emphasis on the expansion of industrial buildings will amplify the usage of steam boilers in automobile production and other industrial applications.
 

Asia Pacific held over 30% share of the global boiler market in 2022, impelled by the rising focus on production facility expansion and the steady growth of the manufacturing sector. For example, in August 2022, Japan-based factories boosted output as manufacturing showed resilience amid high material and energy costs and a global economic slowdown. These factors, alongside rapid urbanization and the subsequent rise in construction projects, are likely to assert a positive influence on regional market trends over the forecast period. North America residential boiler industry is likely to cross USD 3.6 billion by 2032.