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Steam Boiler Market Size By Capacity (≤ 10 MMBtu/hr, > 10 - 50 MMBtu/hr, > 50 - 100 MMBtu/hr, > 100 - 250 MMBtu/hr, > 250 MMBtu/hr), By Fuel (Natural Gas, Oil, Coal), By Technology (Condensing, Non-Condensing), Application & Forecast, 2023 - 2032

  • Report ID: GMI3177
  • Published Date: Mar 2023
  • Report Format: PDF

Industry Statistics

Steam Boiler Market size surpassed USD 12 billion in 2022 and is projected to grow at 5.5% CAGR from 2023 to 2032, driven by the tightening government mandates on limiting carbon emissions.

Steam Boiler Market

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In recent years, growing climate concerns have directed world government focus towards bringing sizable reductions to their respective carbon footprints through strict emission control policies. These initiatives have subsequently created a notable impetus for energy-efficient steam boilers globally. The global market for boilers is likely to witness 5.5% CAGR and will cross USD 180 billion by 2032.

Steep initial investments needed for steam boilers may constrain industry outlook

Despite the overall steam boiler market scenario turning favorable for steam boilers, the high prices and installation costs associated with them are notably holding back the business statistics. Steam boilers across both commercial and residential spaces also entail tight maintenance and upkeep schedules to operate without any issues, which further affects the prices. Additionally, the availability of more aggregable alternatives further sways consumer demand away from the market. 

Competitive prices to define natural gas fuel sector growth

Steam Boiler Market Share, By Fuel

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The steam boiler market from natural gas segment is anticipated to witness 6.3% growth during 2023-2032, primarily backed by the increasingly competitive natural gas prices worldwide. In addition, growing world government focus towards the rollout of more sustainable heating technologies is also playing in favor of the industry growth. Moreover, many government agencies have issued mandates to replace old boilers in residential and commercial establishments to curb carbon emissions. The existence of consolidated gas supply networks in nations and the ease-of-extraction of natural gas further adds momentum to the replacement initiatives, supplementing the business scenario.

Strong demand for ≤ 10 MMBtu/hr capacity steam boiler in commercial establishments

Steam Boiler Market Share, By Capacity

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The ≤ 10 MMBtu/hr steam boiler market is poised to attain 6.2% gains through 2032, led by a effective demand from the commercial sector. Many commercial establishments prefer these units owing to the key benefits they offer, including ease-of-installation, low initial investment, and affordable maintenance. Business owners are becoming more aware of their expenditures and environmental impact, which is pushing them to adopt more efficient and reliable heating units.

Strict pollution control norms to strengthen Asia Pacific market development

Steam Boiler Market Share, By Region

The Asia Pacific steam boiler market is slated to observe 5.7% growth rate between 2023 and 2032, on account of the introduction of strict government norms and guidelines for emission reduction and pollution control. Regional governments are also heavily investing towards their healthcare infrastructure to make themselves more pandemic proof and capable of capitalizing on the influx of medical tourism to the region.

According to the Indian Brand Equity Foundation, India’s medical tourism sector is on its way to reach a valuation of more than USD 13.5 billion by 2026. With space heating and cooling being a critical element of any healthcare facility, a major chunk of this investment is likely to flow towards the region’s steam boiler industry.

Frequent product launches to outline the industry’s competitive scenario

The list of major steam boiler market players includes names such as Babcock & Wilcox Enterprises, Atlantic Boilers, Bosch Industriekessel, Babcock Wanson, Cleaver-Brooks, Clayton Industries, Doosan Heavy Industries & Construction, Cochran,  Forbes Marshall, FERROLI, Hoval, General Electric, John Cockerill, Hurst Boiler & Welding Co., Mitsubishi Heavy Industries, John Wood Group PLC, PARKER BOILER, Miura America, Thermax Limited, The Fulton Companies, Weil-McLain, and VIESSMANN among others.

Given the rollout of tight emission norms, many leaders have taken to frequently launching new product iterations to capture customer demand. The new boilers provide users precise control over the pressure of the steam, fully modulating multi-stage input of power, easy installation, and remote monitoring of operating.

Impact of COVID-19 on the steam boiler market trends

COVID-19 had a severely negative impact on the global industry as supply chain disruptions and social distancing mandates made a direct impact on the world’s energy consumption. With almost all commercial establishments laying vacant for the better part of two years, property owners did not see any use for their space heating solutions. However, the pandemic also created a novel opportunity for the market as property owners were forced to switch to heating solutions that kept the space heated while ensuring that they do not spread the virus inadvertently.

Now, with the pandemic quickly becoming a distant memory and many organizations resuming work from office practices, the need for space heating is likely to increase notable, creating novel opportunities for the market for steam boilers. 

This market research report on steam boiler includes in-depth coverage of the industry with estimates & forecast in terms of “Units”, “MMBTU/hr” & “USD” from 2019 to 2032 for the following segments:

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Market, By Fuel

  • Natural Gas
  • Oil
  • Coal
  • Others

Market, By Capacity

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

Market, By Technology

  • Condensing
  • Non-Condensing

Market, By Application

  • Commercial
  • Industrial

 The above information has been provided for the following regions and country:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Poland
    • Italy
    • Spain
    • Austria
    • Germany
    • Sweden
    • Russia
  • Asia Pacific
    • China
    • India
    • Philippines
    • Japan
    • South Korea
    • Australia
    • Indonesia
  • Middle East & Africa
    • Saudi Arabia
    • Iran
    • UAE
    • Nigeria
    • South Africa
  • Latin America
    • Argentina
    • Chile
    • Brazil


Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of steam boiler crossed a valuation of USD 12 billion and is poised to grow at 5.5% CAGR during 2023 to 2032, driven by government efforts to phase out GHG emissions.

The steam boiler industry from natural gas segment is anticipated to attain 6.3% gains through 2032, primarily on account of the increasingly competitive natural gas prices globally.

Asia Pacific steam boiler industry size is slated to observe 5.7% growth from 2023 - 2032, backed by strict pollution control mandates and growing investments towards key commercial application avenues such as healthcare and education.

The list of major steam boiler participants includes names such as Babcock & Wilcox Enterprises, Atlantic Boilers, Bosch Industriekessel, Babcock Wanson, Cleaver-Brooks, Clayton Industries, Doosan Heavy Industries & Construction, Cochran, General Electric, Mitsubishi Heavy Industries, and VIESSMANN among others.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 34
  • Tables & Figures: 3494
  • Countries covered: 27
  • Pages: 1650
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