Boiler Market Analysis

Fuel (Fuel and Gas, Biomass, Non-Fossil, Fossil)

Biomass segment in the boiler market is expected to register over 7.7% growth till 2037. This rise comes from strict rules by governments to cut down on emissions and the cost benefits of gas boilers for home heating. The coal segment is likely to stay second to the biomass segment due to the easy access to cheap coal, especially in places with many coal power stations. The market for coal-fired boilers is projected to surge by 11.2% yearly. Key factors pushing growth in the coal area include a higher need for energy, growing industrial activities, and the low cost of coal as a fuel option.

Application (Metals and Mining, Power Generation, Food, Petrochemicals and Other Chemicals)

The power generation sub segment is estimated to gain the largest market share in the year 2037. The rising need for power generation due to urbanization and industrialization help this sector lead the market. The market for power plant boilers was worth USD 21.3 billion by the beginning of 2023 and is seen to rise at a CAGR of 5.45% in the coming years. Boilers are key in producing power, by turning water into steam which is one of the most significant sources of energy. This steam is powerful enough to then move turbines to make electricity. There is a mix of boilers being used, like those that run on coal, gas, or biomass, based on what kind of fuel is available and what the power plant needs.

Boiler Type (Hot Water Boilers, Steam Boilers, Gas Boilers)

Steam boilers segment is expected to capture boiler market share of over 42% by 2037. The segment growth can be attributed to their superior efficiency. Supercritical boilers work at higher heat and pressure compared to other types of boilers, leading to better efficiency. Their efficiency rate is around 45-47%. This means they use less fuel and cost less to operate. These boilers, along with others, are key in coal power as well. Looking ahead, it's expected that the subcritical type will still be most common due to more coal power projects, especially in growing countries.

Our in-depth analysis of the boiler market includes the following segments: