Industrial Boiler Market Size Worth USD 23.57 Billion by 2034 | CAGR: 3.6%

The global industrial boiler market size is expected to reach USD 23.57 billion by 2034, according to a new study by Polaris Market Research. The report “Global Industrial Boiler Market Size, Share, Trends, Industry Analysis Report: By Fuel Type (Oil & Gas, Fossil, Non-Fossil, Biomass, and Others), Boiler Type, Function, End-Use Industry, and Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2025 - 2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The industrial boiler market encompasses high-capacity, closed-vessel systems designed to generate steam or heat water for industrial applications such as manufacturing, power generation, chemical processing, and food production. Industrial boilers play a pivotal role in ensuring uninterrupted thermal energy supply, positioning them as a critical component of core process infrastructure. Increasing demand for energy-efficient and fuel-flexible heating systems is contributing to sustained industrial boiler market growth. Technological advancements such as low-NOx burners, condensing heat exchangers, and automation-integrated control systems are enabling compliance with evolving environmental standards and operational optimization.

Stricter emission regulations are accelerating the transition toward cleaner combustion technologies, pushing manufacturers to invest in R&D and innovate around alternative fuels, including biomass, hydrogen, and waste heat recovery systems. Industry trends indicate a rising preference for compact, modular boilers capable of being rapidly deployed and scaled across diverse industrial settings.

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Increasing capital investment in sectors like chemicals, paper, metals, and food processing is creating demand for tailored boiler solutions, further driving industrial boiler market expansion. Moreover, retrofitting and boiler modernization initiatives in legacy facilities are generating significant aftermarket opportunities. Digital integration through Industrial IoT and smart boiler controls is enhancing system diagnostics, predictive maintenance, and energy management, aligning with broader industrial automation trends. The market is also benefiting from long-term public and private investment in infrastructure, power generation, and decarbonization strategies. Growing awareness around lifecycle cost optimization, coupled with demand for reliable and sustainable steam generation, is supporting the long-term trajectory of the industrial boiler market.

Industrial Boiler Market Report Highlights

• In terms of fuel type, in 2024, the fossil fuel segment held the largest market share due to its long-established presence in industries requiring high heat output, such as power generation and manufacturing.
• Based on end-use industry, the chemicals & petrochemicals segment accounted for the largest market share in 2024 due to the sector's high energy requirements for manufacturing processes such as refining, polymer production, and chemical synthesis.
• In 2024, the North America industrial boiler market is accounted for the largest share due to the presence of well-established industrial infrastructure and significant demand across sectors such as food processing, chemicals, and power generation.
• The Asia Pacific industrial boiler market is projected to experience the fastest CAGR during the forecast period driven by the rapid industrialization, and growing energy demand.
• Some of the global key market players are Alfa Laval AB; Andritz AG; Babcock & Wilcox Enterprises; Bharat Heavy Electricals Limited; Byworth Boilers Ltd.; Cleaver-Brooks, Inc.; Dongfang Electric Corporation Limited (DEC LTD.); Mitsubishi Heavy Industries, Ltd.; Robert Bosch GmbH; Siemens AG; Sofinter; Thermax Limited; Wood.

Polaris Market Research has segmented the industrial boiler market report based on fuel type, boiler type, function, end-use industry and region:

By Fuel Type Outlook (Revenue USD Billion 2020 - 2034)

• Oil & Gas
• Fossil
• Non-fossil
• Biomass
• Others

By Boiler Type Outlook (Revenue USD Billion 2020 - 2034)

• Fire Tube
• Water Tube
• Others

By Function Outlook (Revenue USD Billion 2020 - 2034)

• Hot Water
• Steam

By End-Use Industry Outlook (Revenue USD Billion 2020 - 2034)

• Chemicals & Petrochemicals
• Paper & Pulp
• Food & Beverages
• Metals & Mining
• Others

By Regional Outlook (Revenue USD Billion 2020 - 2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America