Industrial Boilers Market gains traction from process industry growth

The global industrial boiler market size was estimated at USD 16,551.7 million in 2024 and is projected to reach USD 22,714.6 million by 2033, growing at a CAGR of 3.6% from 2025 to 2033. This growth is primarily driven by rising industrial output in developing economies, where expanding infrastructure and escalating energy needs are boosting investments in steam-intensive processes.

Key Market Trends & Insights

  • Asia Pacific dominated the global industrial boiler market with the largest revenue share of 41.4% in 2024.
  • In North America, the U.S. industrial boiler market led due to an advanced industrial ecosystem and strong adoption of high-capacity boilers across major industries.
  • By type, the package boiler segment is anticipated to grow at a CAGR of 3.9% from 2025 to 2033.
  • By fuel, the electric boiler segment is projected to grow at a CAGR of 4.9% from 2025 to 2033.
  • By application, the paper & pulp segment is expected to witness a CAGR of 5.1% from 2025 to 2033.

Market Size & Forecast

  • 2024 Market Size: USD 16,551.7 Million
  • 2033 Projected Market Size: USD 22,714.6 Million
  • CAGR (2025–2033): 3.6%
  • Largest Regional Market (2024): Asia Pacific

Industries such as chemicals, food & beverage processing, and metal production continue to scale operations, increasing the demand for efficient and high-capacity steam generation systems. Additionally, growing industrial requirements for energy efficiency and adherence to stringent emission norms are propelling the shift toward cleaner and more advanced boiler technologies.

The rising focus on sustainability and carbon reduction is further accelerating adoption of modern, high-efficiency industrial boilers. Regulatory mandates are pushing industries to replace outdated units with low-emission alternatives, while advancements like condensing boilers, automation, and smart control integrations enhance efficiency, reduce wastage, and optimize operational costs.

Order a free sample PDF of the Industrial Boiler Market Intelligence Study, published by Grand View Research.

Key Industrial Boiler Company Insights

Several leading companies contribute to shaping the global industrial boiler market, including Thermax Ltd., Siemens AG, and Bharat Heavy Electricals Ltd.

Thermax Ltd. is recognized for offering energy-efficient, environmentally friendly boiler solutions, especially biomass-fired and waste heat recovery systems. The company has a strong footprint in emerging regions and continues to invest in R&D for innovative, low-emission technologies.

Siemens AG significantly influences the sector through advanced automation, digitalization, and smart control technologies that optimize boiler performance. Its solutions are widely adopted across power, chemical, and manufacturing industries seeking enhanced efficiency and reduced emissions.

Key Industrial Boiler Companies

  • Thermax Ltd.
  • Siemens AG
  • Bharat Heavy Electricals Ltd.
  • Forbes Marshall
  • Mitsubishi Heavy Industries Ltd.
  • Harbin Boiler Corporation
  • Cheema Boilers Limited
  • IHI Corporation
  • AC Boilers
  • Dongfang Boiler Corporation Ltd.
  • Cleaver-Brooks
  • Babcock and Wilcox
  • Clayton Industries
  • Cochran
  • Doosan Heavy Industries and Construction_

Conclusion

The industrial boiler market is experiencing steady growth driven by rising industrialization, increased energy demand, and stricter emission regulations. Advancements in energy-efficient technologies and smart automation are reshaping operational standards, encouraging industries to adopt modern boiler systems. With expanding industrial activities and a shift towards sustainable solutions, the market is expected to maintain consistent growth throughout the forecast period.

Explore Horizon Databook – The world’s most expansive market intelligence platform developed by Grand View Research.

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