North America Boiler Market

North America Boiler Market Size

The North America boiler market was estimated at USD 7.1 billion in 2024. The market is expected to grow from USD 7.5 billion in 2025 to USD 12.3 billion in 2034, at a CAGR of 5.6%.

• Growing shift from conventional heating units to condensing and advanced boilers on account of energy efficiency goals, their superior thermal efficiency, and ability to recover latent heat will escalate product demand. Increasing demand for hydronic heating solutions including boilers, especially in colder regions owing to their comfort and quiet operation will boost North America boiler market scenario.
  
• Boilers systems are closed-loop heating devices designed to generate hot water or steam by applying heat to water, typically through the combustion of fuels including natural gas, oil, and electric resistance. These systems are used for various applications including space heating, water heating, and industrial process heating.
  
• For instance, in July 2025, AstraZeneca has announced plans to invest USD 50 billion in the U.S. by 2030 to expand its manufacturing and R&D capabilities. This investment includes the development of a new pharmaceutical manufacturing facility in Virginia and the expansion of research and development, and cell therapy production.
  
• Rapid integration of IoT, predictive maintenance, and remote diagnostics features in boiler units are gaining traction across commercial and institutional buildings. Commercial facilities are adopting modular boiler configurations to meet load fluctuations and improve redundancy which allow for staged heating & better performance control, which in turn will proliferate North America boiler market outlook.
  
• Strict emission norms and regulatory mandates toward development of low-NOx and ultra-low-emission heating systems will boost product deployment. Industries including food processing, chemical, and paper manufacturing are customizing their boiler units which are being deployed for precise thermal energy requirement are propelling North America boiler market trajectory.
  
• For reference, in December 2024, the U.S. Department of Agriculture committed USD 4.73 billion through the Empowering Rural America Program to support clean energy initiatives. The investment enables rural electric cooperatives to lower electricity costs for households and businesses while significantly reducing climate-related emissions.
  
• Rising urban revitalization projects and university campuses are integrating centralized boiler systems as part of the district heating infrastructure will positively influence business scenario. Multi-unit residential buildings across major metropolitan areas are pushing for high-efficiency boiler systems.
  
• The North America boiler market was valued at USD 5.6 billion in 2019 and grew at a CAGR of over 7% through 2024. Rapid expansion of data centers which are exploring heat recovery boilers to reuse waste heat for building climate control or local district heating systems, which in turn will amplify business landscape.
  
• The region’s climate policies are driving adoption of low-carbon or electric boiler solutions particularly in public sector buildings. The government is encouraging key industry developers to get ENERGY START certification for their boilers units, which will stimulate business outlook.
  

North America Boiler Market Trends

• Increasing stringency of government regulations aimed at reducing carbon emissions and promoting cleaner energy use will drive industry scenario. These regulations are pushing end users, including commercial and industrial sectors, to replace or upgrade existing boiler systems to meet evolving environmental standards.
  
• In the U.S., the EPA enforces the Boiler Maximum Achievable Control Technology standard, which require industrial, commercial, and institutional boilers to limit hazardous air pollutants including particulate matter, carbon monoxide, and nitrogen oxides. Moreover, in Canada, the federal carbon pricing program plays a critical role in encouraging energy users to adopt more efficient and low carbon technologies.
  
• Manufacturers are pushing ENERGY STAR certified boilers, which comply with or exceed federal and state energy performance requirements will fortify business outlook. In addition, this alignment with recognized environmental standards boosts consumer confidence and supports utility rebate programs.
  
• For citation, in December 2022, the Federal Energy Management Program offers acquisition guidance for residential gas boilers that fall under ENERGY STAR efficiency standards. This guidance specifically applies to natural gas boilers with input ratings below 300,000 Btu/h, while excluding commercial boilers with higher input capacities.
  
• The rising demand for space heating in commercial establishments including office complexes, educational institutions, healthcare facilities, retail centers, and hospitality venues are gaining significant traction, which will fuel business prospects. Surging demand for boiler systems which are preferred over forced-air systems in large buildings owing to their quieter operation, and ease of zone control.
  
• Continuous retrofits and renovations of older buildings along with increased use of mixed-use developments, vertical commercial buildings, and expansion of multi-family apartments will contribute to the demand for these heating units. Rising energy costs, sustainability targets, and the availability of incentives from utilities and government programs will boost North America boiler market share.
  
• For instance, in January 2023, the U.S. government has enhanced its energy-related tax credits to incentivize homeowners to invest in energy efficiency improvements. Under the revised program, taxpayers can claim a credit equal to 30% of qualified expenses, including residential energy property, qualified upgrades, and home energy audits.
  
• The growth of healthcare & senior living facilities in association with escalating demand for reliable, consistent space heating, and domestic hot water will bolster product deployment. In addition, centralized heating plants using modular or wall-hung boiler systems which are ideal for these environments, offering scalability and zoning flexibility will boost business growth.
  

North America Boiler Market Analysis

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• Based on fuel, the industry is segmented into natural gas, oil, coal, electric, and others. The natural gas boiler market holds a share of 61.6% in 2024 and is expected to grow at a CAGR of over 5% through 2034. These boilers continue to dominate as the primary fuel source owing to their relatively low emissions, cost-effectiveness, and extensive pipeline infrastructure.
  
• The high combustion efficiency of gas-fired boilers makes them the preferred option for retrofits in older schools, hospitals, and government buildings seeking to reduce heating costs. Moreover, these systems are widely compatible with condensing boiler technology, allowing for increased adoption of high-efficiency units in both new and existing buildings will boost North America boiler market growth.
  
• For citation, in March 2025, Natural Resources Canada promotes ENERGY STAR -certified boilers to enhance home energy efficiency and reducing carbon emissions. As per ENERGY STAR-certified gas boilers consumer approximately 10% less energy, while oil-fired models use 4% less, compared to conventional units.
  
• The oil boiler market is anticipated to reach over 1.5 billion by 2034. These boilers still maintain a significantly installed base in rural areas where gas pipeline access is limited. These units continue to be used in backup heating applications in commercial facilities, especially those seeking fuel flexibility or operating in areas prone to winter outages.
  
• For illustration, in 2023, the U.S. foreign direct investment in Canada reached USD 452 billion, while Canadian FDI in the U.S. accounted USD 672 billion. Nearly 50% of Canada’s outbound investment is directed to the U.S., contributing significantly to local economic development and job creation.
  
• The coal based boiler market was valued at USD 134 million in 2024. It represents a shrinking segment in industry owing to environmental regulations, rising carbon costs, and public pressure against fossil fuels. These boilers are primarily found in older industrial plants, power generation facilities, and a limited number of legacy institutions campuses.
  
• The electric boiler market will witness a growth rate of over 12.5% through 2034. These units are gaining traction in areas with clean electric grids and incentives for low-carbon heating. These boilers are preferred for their zero-onsite emissions, silent operation, and compact design, ideal for space-constrained buildings including apartments, clinics, and offices.
  

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• Based on application, the North America boiler market is segmented into residential, commercial, and industrial. The commercial boiler market holds a share of 36.5% in 2024, and the segment will exceed USD 4.5 billion by 2034. Increasing integration of building management system in line with the rise of ESG mandates in real estate is pushing commercial developers to prioritize low-emission heating systems.
  
• There is growing demand for condensing boilers that can handle variable load profiles without compromising efficiency or comfort delivery will strengthen product adoption. In addition, district heating and microgrid infrastructure is driving the adoption of shared boiler solutions in mixed-use and institutional campuses, which will energize business dynamics.
  
• For citation, in May 2025, John Deere announced a strategic plan to invest USD 20 billion over the next ten years to expand its U.S. operations, with a focus on scaling up production, enhancing manufacturing capabilities, and supporting long-term domestic growth initiatives.
  
• The residential boiler market was valued at USD 2.5 billion in 2024. Surging demand for compact units which are gaining traction in urban apartments and townhouses, accelerating homeowners to save space while achieving zoned comfort.
  
• Government and utilities are providing tax incentives and rebates for early replacement and upgrades of aging residential boilers will proliferate industry outlook. Additionally, dual-purpose combi boilers, which provide both space heating and domestic hot water, are becoming a preferred solution in homes that are driving business growth.
  
• For reference, in 2023, the U.S. Department of Energy suggested revisions to 10 CFR Part 430, raising the standby-loss and energy-factor thresholds for electric water heating devices, other equipment, and electric water heaters.
  
• The industrial boiler market will exceed USD 3 billion by 2034. The high pressure steam boilers with custom fuel handling and control systems are being deployed in facilities requiring precise temperature and pressure regulations, which in turn will proliferate industry landscape.
  
• Industries with volatile energy demand prefer modular boiler banks that can ramp up or down quickly to match real-time production needs will fortify business potential. Moreover, waste heat recovery boilers are being installed in plants to utilize exhaust from industrial processes, thus improving overall thermal efficiency.
  
• For reference, in March 2025, Johnson & Johnson announced plans to invest USD 55 billion over the next four years to strengthen its capabilities across manufacturing, research and development, and technology, supporting long-term innovation and operational growth.
  

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• The U.S. dominated the boiler market in North America with 82.5% share in 2024 and generated USD 5.8 billion in revenue. Urban electrification initiatives across the country are accelerating the adoption of electric and low-emission boiler systems in new commercial and residential developments.
  
• Aging infrastructure in public schools, municipal buildings, and low-income housing is prompting a steady cycle of boiler retrofits and upgrades across multiple states. Substantial investment in data centers and pharmaceuticals plants is fueling demand for precise process boilers with advanced controls and heat recovery options.
  
• For illustration, in FY 2025, the U.S. Department of Housing and Urban Development allocated USD 35.2 billion over 11% of its total USD 296.2 billion budget toward core priorities including affordable housing, community revitalization, and urban development. This funding underscores HUD’s continued strategic focus on advancing its mission through key operational programs.
  
• The Canada boiler market is expected to reach over USD 1 billion by 2034. The country is experiencing rapid growth fueled by provincial carbon pricing and national building code updates favoring high efficiency and electric systems. Increasing utilization of dual-fuel boilers in remote regions where fuel access may fluctuate seasonally will positively sway business growth.
  
• The Mexico boiler market will witness a CAGR of over 6% till 2034. The country is gaining traction propelled by surging investment in industrial and commercial facilities including food processing, hospitality, textiles, and manufacturing. Industrial parks are upgrading to more efficient boilers to comply with international supply chain sustainability standards, which will boost industry growth.
  
• For illustration, according to Mexico’s Secretariat of Economy, total foreign direct investment reached USD 36.1 billion in 2023, reflecting a 2.3% Y-o-Y increase from USD 35.2 billion in 2022.
  

North America Boiler Market Share

• The top 5 companies in the North America boiler industry are A. O. Smith, Babcock & Wilcox Enterprises, Bosch Thermotechnology, Burnham Holdings, and Miura America, contributing around 38% of the market in 2024. The industry is characterized by moderate to high competition with a mix of established global brands and regional manufacturers competing across residential, commercial, and industrial segments.
  
• Companies differentiate through energy efficiency, fuel flexibility, smart controls, and regulatory compliance. Innovation in condensing technology, low-NOx emissions, and modular systems is a key focus. The market sees frequent product upgrades, especially in response to changing energy codes and decarbonization mandates.
  
• Key players compete by offering ENERGY STAR certified and condensing boiler models that meet evolving federal and state energy codes. In the industrial segment, customization, fuel flexibility, and service reliability are major competitive factors.
  
• Babcock & Wilcox Enterprises is a prominent player in the market particularly in industrial and utility-scale segments. Known for its expertise in advanced combustion technologies and steam generation systems, B&W serves industries including power generation, pulp & paper, petrochemical, and waste-to-energy.
  
• The company distinguishes itself through its engineering depth, large-scale custom boiler solutions, and environmental technologies including carbon capture, low-NOx burners, and flue gas cleaning systems. It focusses on clean energy solutions, including biomass and waste-derived fuel boilers, aligns with growing decarbonization efforts in North America.
  
• Miura America is a prominent boiler manufacturer known for its innovative, modular, and compact steam boiler systems tailored to industrial and commercial applications. The company is engineered for space savings, low emissions, and advanced control integration, often used in industries including food processing, healthcare, pharmaceuticals, and manufacturing.
  
• Its focus on energy optimization, water conservation, and modular scalability resonates strongly with facilities seeking environmental compliance and operational flexibility.
  
• Over the past 3 years, the market has observed a gradual increase in market concentration, particularly in the commercial and industrial segment. This is largely driven by the rising demand for high-efficiency, low-emission, and smart-controlled boiler systems, which favor companies with strong R&D capabilities, wide product portfolio, and robust distribution networks.
  

North America Boiler Market Companies

• In the first quarter 2025, Babcock & Wilcox Enterprises revenue from continuing operations totaled USD 181.2 million, reflecting a 10% year-over-year increase compared to USD 164.3 million in Q1 2024. This growth was primarily driven by a USD 8.5 million contribution from a major natural gas project, a USD 6 million rise in construction activity, and USD 10 million increase in parts sales.
  
• In 2024, Lennox announced its fourth quarter financial results, reporting a revenue of USD 1.3 billion and a record operating income of USD 245 million. GAAP diluted earnings per share reached USD 5.52. Core revenue increased by 22% year-over-year, reaching USD 1.3 billion. Adjusted segment profit surged 41% to USD 248 million, with segment margin expanding by 250 basis points to a record 18.4%.
  
• Ariston Holding net revenue for FY totaled USD 3.1 billion, reflecting a 12.7% year-over-year decline on an organic basis. Fourth quarter revenues stood at USD 849.7 million, down 6.8% YoY, showing a positive sequential trend. Adjusted EBIT for the year was USD 1.16 million, marking a 48% decrease compared to 2023.
  

Major players operating in the North America boiler market are:

• A. O. Smith
• Ariston Holding
• Babcock & Wilcox Enterprises
• Babcock Wanson
• Bosch Thermotechnology
• Bradford White Corporation
• Burnham Holdings
• Clayton Industries
• Cleaver-Brooks
• Daikin Industries
• Fulton
• Hurst Boiler & Welding
• LAARS Heating Systems
• Lennox International
• Lochinvar
• Miura America
• Navien
• NTI Boilers
• PB Heat
• Rentech Boiler Systems
• Rinnai America
• U.S. Boiler Company
• Viessmann
• WM Technologies
  

North America Boiler Industry News

• In April 2025, Lennox is strengthening its presence in the Dallas-Fort Worth region through strategic investment in distribution infrastructure, customer service, and training capabilities. These initiatives are aimed at enhancing operational efficiency and supporting long-term growth. As part of this effort, the company has opened an expanded regional distribution center near the airport to improve product availability and service levels across the DFW metroplex.
  
• In January 2025, Bosch Home Comfort introduced the Buderus SSB Gen 2 Boiler, featuring a series of enhancement over the previous generation to deliver improved performance. With output capacities ranging from 798 to 8,192 MBH, the Buderus SSB Gen 2 is engineered to offer exceptional quality, versatility, and reliability, meeting the diverse needs of applications.
  
• In July 2024, Bradford White Corporation announced the acquisition of FloLogic, a North Carolina-based provider of advanced plumbing leak detection and automatic shut-off solutions for residential and light commercial applications. This strategic acquisition reinforces Bradford White’s Commitment to innovation and product excellence, while expanding its portfolio of smart technology solutions.
  
• In May 2024, Daikin Industries announced the formation of a strategic partnership, approved by the boards of both companies. As part of the agreement, Daikin will acquire 4.67% equity stake in Miura, while Miura will take a 49% ownership interest in Daikin Applied Systems, Daikin’s wholly owned subsidiary. This partnership aims to integrate the companies’ respective strengths in product, technologies, and service networks to deliver comprehensive energy solutions.
  

The North America boiler market research reports include in-depth coverage of the industry with estimates & forecast in terms of volume (Units) & revenue (USD Million) from 2021 to 2034, for the following segments:

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Market, By Fuel

• Natural gas
• Oil
• Coal
• Electric
• Others

Market, By Capacity

• ≤ 10 MMBTU/hr
• > 10 - 50 MMBTU/hr
• > 50 - 100 MMBTU/hr
• > 100 - 250 MMBTU/hr
• > 250 MMBTU/hr

Market, By Application

• Residential
• Commercial
  • Offices
  • Healthcare facilities
  • Educational institutions
  • Lodgings
  • Retail stores
  • Others
• Industrial
  • Food processing
  • Pulp & paper
  • Chemical
  • Refinery
  • Primary metal
  • Others
• Others

The above information has been provided for the following countries:

• U.S.
• Canada
• Mexico