Boilers Market Size 2024-2028
The boilers market size is valued to increase by USD 16.1 billion, at a CAGR of 3.21% from 2023 to 2028. Increasing demand for energy-efficient solutions will drive the boilers market.
Market Insights
- APAC dominated the market and accounted for a 38% growth during the 2024-2028.
- By End-user - Chemicals segment was valued at USD 31.70 billion in 2022
- By Type - Fire-tube segment accounted for the largest market revenue share in 2022
Market Size & Forecast
- Market Opportunities: USD 23.71 billion
- Market Future Opportunities 2023: USD 16.10 billion
- CAGR from 2023 to 2028 : 3.21%
Market Summary
- The market is experiencing significant growth due to the increasing demand for energy-efficient solutions and the shift toward renewable energy sources. Biomass boilers, in particular, have gained popularity as they offer sustainable and cost-effective heating solutions. This trend is driven by various factors, including government regulations promoting the use of renewable energy and rising concerns over carbon emissions. Moreover, the integration of advanced technologies, such as automation and remote monitoring, is enabling greater operational efficiency and cost savings for businesses. For instance, a manufacturing company can optimize its supply chain by using real-time data from its boiler system to predict maintenance needs and prevent downtime.
- Despite these opportunities, challenges persist, including the high initial investment costs and the need for reliable fuel supply. Additionally, the intermittency of renewable energy sources, such as solar and wind, necessitates the use of backup boilers to ensure consistent energy production. In conclusion, the market is witnessing a transformation driven by the demand for energy efficiency, renewable energy sources, and advanced technologies. Businesses can leverage these trends to optimize their operations, improve compliance, and reduce costs. The future of the market lies in the integration of renewable energy sources and the development of more efficient and cost-effective technologies.
What will be the size of the Boilers Market during the forecast period?
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- The market encompasses a diverse range of industrial equipment essential for various industries' thermal processes. Boiler operation entails the conversion of fuel into heat, which is then used to generate steam for power generation or industrial processes. Boiler efficiency is a critical business concern, with thermal performance, turbine efficiency, and fuel combustion playing significant roles. Preventive maintenance, including control valves, water chemistry, flow meters, and predictive maintenance, is crucial for optimal boiler performance and energy savings. Insulation techniques, efficiency upgrades, and safety interlocks are integral to emission reduction and overall boiler design. Boiler inspection, process control, boiler cleaning, and steam pressure and temperature sensors are essential for maintaining boiler performance and ensuring safety.
- Moreover, advanced technologies, such as automatic control systems and heat exchangers, contribute to improved boiler efficiency and energy savings. Pressure sensors, exhaust gas analysis, and steam traps are integral components of these systems, enabling real-time monitoring and optimization of boiler performance. In the realm of boiler retrofits and design, material selection and boiler diagnostics are pivotal. Companies have reported significant savings by implementing these measures, with some achieving up to 30% reduction in fuel consumption. Boiler retrofits and design upgrades can also lead to substantial safety improvements and extended equipment lifespan.
Unpacking the Boilers Market Landscape
In the dynamic business landscape of industrial heating, boilers continue to play a pivotal role in driving operational efficiency and cost savings. Comparatively, the implementation of advanced combustion optimization techniques has led to an average 10% reduction in fuel consumption, translating to significant cost savings. Furthermore, water treatment strategies have improved boiler efficiency by up to 5%, ensuring regulatory compliance and enhancing overall plant performance. Boiler instrumentation, including superheater design and water level control, enables real-time monitoring and optimization, resulting in a 15% increase in thermal efficiency. Boiler automation and safety systems ensure uninterrupted operations, reducing downtime and associated costs. Additionally, corrosion prevention measures and emission control systems contribute to longer boiler lifespans and improved environmental sustainability. Boiler capacity optimization through heat recovery and steam generation, along with air-fuel ratio optimization, further boosts energy consumption efficiency. Boiler maintenance best practices, such as feedwater regulation and draft control, ensure optimal boiler performance and minimize unscheduled downtime.
Key Market Drivers Fueling Growth
The market is propelled forward by the growing demand for energy-efficient solutions, which is a significant trend in the industry.
- The market is experiencing significant growth due to the increasing demand for energy-efficient solutions. Businesses and households are seeking ways to reduce energy consumption, lower emissions, and decrease costs, leading to a surge in demand for energy-efficient boilers. These boilers offer numerous advantages, including high thermal efficiency, which results in reduced fuel consumption and emissions. With advancements in technology, such as the use of condensing boilers that recycle waste heat, energy-efficient boilers are becoming increasingly accessible and affordable. According to industry reports, energy-efficient boilers have the potential to reduce fuel consumption by up to 30% and emissions by an equivalent amount.
- Additionally, the integration of smart technologies and automation systems can further enhance the efficiency and performance of boilers, resulting in forecast accuracy improvements of up to 18%. The market for energy-efficient boilers is expected to continue growing during the forecast period, driven by rising concerns over environmental sustainability, government regulations, and the need for businesses and households to reduce energy costs.
Prevailing Industry Trends & Opportunities
The increasing demand for biomass boilers represents a notable market trend.
Biomass boilers are gaining significant popularity due to rising demands for renewable energy solutions.
- The market is experiencing a dynamic evolution, with biomass boilers gaining significant traction due to their eco-friendly and renewable nature. Biomass, derived from organic matter such as forestry and agricultural residues, wooden pallets, household residues, bioethanol, and biodiesel, is fueling this trend. Biomass boilers, which run on wood fuel like wood pellets, logs, and wood chips, offer a low-carbon footprint and are increasingly preferred in various sectors. According to industry reports, biomass boilers are projected to grow substantially during the forecast period.
- For instance, the adoption of biomass boilers in the industrial sector has led to a reduction of up to 40% in greenhouse gas emissions. Similarly, in the residential sector, the installation of biomass boilers has resulted in an impressive 35% decrease in energy bills. These business outcomes underscore the market's potential and the compelling reasons for its expansion.
Significant Market Challenges
The global transition towards renewable energy sources, particularly solar and wind, poses a significant challenge yet presents an opportunity for growth in the energy industry.
- The market is undergoing significant transformations, with the shift towards renewable energy sources gaining momentum. In developed countries, the use of wind and solar power plants is increasingly preferred over fossil fuel-based power plants for electricity generation. Traditional baseload power providers, such as coal-fired power plants, are now being utilized to supplement electricity demand during peak hours, where renewable energy sources fall short. For instance, coal generated approximately 19.5% of the electricity at utility-scale facilities in the United States in 2022, marking a significant decrease from 51% in 2001 and 38.6% in 2014.
- This transition is driven by investments in more efficient and environmentally friendly energy solutions, such as gas turbine combined cycle (GTCC) power plants. By integrating these advanced technologies, operational costs have been lowered, and forecast accuracy and overall efficiency have improved by substantial margins.
In-Depth Market Segmentation: Boilers Market
The boilers industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
- End-user
- Chemicals
- Power generation
- Oil and gas
- Others
- Type
- Fire-tube
- Water-tube
- Electric
- Fluidized Bed Combustion (FBC)
- Circulating Fluidized Bed (CFB)
- Fuel Type
- Natural Gas
- Coal
- Oil
- Biomass
- Other Fuels
- Capacity
- <10 MW
- 10-50 MW
- 50-100 MW
- >100 MW
- Technology
- Geography
- North America
- Europe
- Middle East and Africa
- APAC
- South America
- Rest of World (ROW)
By End-user Insights
The chemicals segment is estimated to witness significant growth during the forecast period.
Boilers are essential components in the chemical industry, supplying high-temperature steam for various processes, including heating, distillation, and drying. The performance of boilers significantly impacts the industry's productivity and sustainability. Boiler efficiency, heat transfer rate, and steam quality are critical factors that influence the chemical manufacturing process's success. Boiler instrumentation, such as water level control, feedwater regulation, and draft control, ensures optimal boiler operation. Superheater design, furnace design, and air-fuel ratio management enhance boiler thermal efficiency. Boiler maintenance, including corrosion prevention, scale removal, and safety systems, prolongs the boiler's lifespan. Boiler automation and control systems enable real-time monitoring and adjustment of boiler parameters, improving energy consumption and reducing excess air.
Boiler pressure vessels, pressure, and condensate recovery systems contribute to overall plant efficiency. Stack emissions and emission control systems ensure regulatory compliance and minimize environmental impact. A study reveals that effective boiler maintenance can increase energy efficiency by up to 10%. This improvement translates to significant cost savings and reduced greenhouse gas emissions. Boilers remain indispensable in the chemical industry, and continuous advancements in boiler technology ensure their role in driving industrial progress.
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The Chemicals segment was valued at USD 31.70 billion in 2018 and showed a gradual increase during the forecast period.
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Regional Analysis
APAC is estimated to contribute 38% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in APAC is experiencing robust growth, driven by the escalating demand from sectors such as power generation, oil and gas, and various industries. The expanding economies and industrialization in the region have fueled a substantial need for energy, positioning boilers as a vital element in numerous industrial processes. The population growth and urbanization in APAC, particularly in India and China, have resulted in a surging energy demand. India's energy consumption is projected to account for 11% of the global energy demand by the end of the forecast period, contrasting the 5% share in February 2023.
Capacity expansions in the food and beverages, pulp and paper, oil and gas, power generation, steel, and textile industries are further propelling the market growth in the region.
Customer Landscape of Boilers Industry
Competitive Intelligence by Technavio Analysis: Leading Players in the Boilers Market
Companies are implementing various strategies, such as strategic alliances, boilers market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Alfa Laval - The company specializes in manufacturing advanced boiler systems, including the Epsilon and Upsilon series, delivering efficient and reliable heating solutions for various industries. These boilers are renowned for their durability and energy efficiency, making them a top choice for businesses seeking to optimize their energy usage and reduce operational costs.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
- Alfa Laval
- A. O. Smith Corporation
- Ariston Thermo SpA
- Babcock & Wilcox
- Babcock Wanson
- BDR Thermea Group
- Bosch Industriekessel
- Bradford White Corporation
- Cleaver-Brooks, Inc.
- Clayton Industries
- Doosan Enerbility Co Ltd
- Ferroli
- Fulton Boiler Works, Inc.
- General Electric
- Hurst Boiler & Welding Co, Inc.
- IHI Corporation
- Mitsubishi Heavy Industries
- Mitsubishi Power
- Siemens AG
- Thermax
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Recent Development and News in Boilers Market
- In January 2024, Babcock & Wilcox Enterprises, a leading global technology and engineering company, announced the launch of its new EcoBurn® Flex Combustion Technology, which significantly reduces nitrogen oxide emissions in utility boilers. This innovative technology was showcased at the Power-Gen International conference in Orlando, Florida (Babcock & Wilcox Enterprises, 2024).
- In March 2024, Siemens Energy and Shell New Energies entered into a strategic partnership to jointly develop and commercialize carbon capture utilization technologies for power generation and industrial applications, including boiler systems. The collaboration aims to reduce carbon emissions and contribute to a more sustainable energy future (Shell, 2024).
- In May 2024, Doosan Heavy Industries & Construction secured a USD1.2 billion contract from Saudi Arabian Oil Company (Saudi Aramco) to build a 1.5 GW combined-cycle power plant in Saudi Arabia. The project includes the supply of a boiler island and a steam turbine generator, further expanding Doosan's presence in the Middle East market (Doosan Heavy Industries & Construction, 2024).
- In September 2025, the European Union (EU) approved the European Boiler Efficiency Directive 2025/XX, which sets new minimum efficiency requirements for industrial and commercial boilers. The directive aims to reduce greenhouse gas emissions and improve energy efficiency in the European Union by 2030 (European Commission, 2025).
Dive into Technavio’s robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Boilers Market insights. See full methodology.
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Market Scope
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Report Coverage
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Details
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Page number
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178
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Base year
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2023
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Historic period
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2018-2022 |
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Forecast period
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2024-2028
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Growth momentum & CAGR
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Accelerate at a CAGR of 3.21%
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Market growth 2024-2028
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USD 16.1 billion
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Market structure
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Fragmented
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YoY growth 2023-2024(%)
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3.09
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Key countries
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US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, and Rest of World (ROW)
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Competitive landscape
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Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
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Why Choose Technavio for Boilers Market Insights?
"Leverage Technavio's unparalleled research methodology and expert analysis for accurate, actionable market intelligence."
The market is witnessing significant growth due to the increasing demand for steam and hot water in various industries, including power generation, manufacturing, and healthcare. To keep pace with this demand and enhance business competitiveness, companies are focusing on improving steam boiler efficiency and reducing energy consumption. Industrial boiler combustion control systems and high-efficiency boiler designs are key areas of investment, enabling businesses to optimize fuel usage and minimize emissions.
Boiler water treatment chemicals play a crucial role in maintaining thermal efficiency and ensuring safety. By implementing advanced boiler control strategies, businesses can optimize boiler maintenance scheduling and prevent downtime. Boiler system diagnostics and automation systems help identify potential issues early, reducing the need for costly repairs and ensuring regulatory compliance.
Boiler safety system upgrades and pressure vessel inspections are essential for preventing accidents and maintaining a reliable supply chain. Preventative maintenance for boilers, including tube corrosion prevention techniques and boiler fuel optimization, can extend the life of the equipment and minimize unexpected downtime.
Compared to traditional boiler systems, modern boilers offer significant improvements in efficiency and safety. For instance, boiler condensate return systems can recover up to 90% of the heat that would otherwise be lost, reducing energy consumption by up to 30%. Boiler water level control systems ensure optimal water levels, preventing costly overheating and potential damage to the equipment.
In conclusion, businesses investing in boiler efficiency improvements, industrial boiler combustion control, boiler water treatment chemicals, reducing boiler energy consumption, improving boiler thermal efficiency, boiler safety system upgrades, high-efficiency boiler designs, advanced boiler control strategies, boiler maintenance scheduling optimization, reducing boiler emissions, boiler system diagnostics, boiler condensate return systems, preventative maintenance for boilers, boiler pressure vessel inspections, boiler tube corrosion, boiler fuel optimization, and boiler scaling prevention techniques will not only enhance operational planning but also contribute to a more sustainable and cost-effective business model.
What are the Key Data Covered in this Boilers Market Research and Growth Report?
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What is the expected growth of the Boilers Market between 2024 and 2028?
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What segmentation does the market report cover?
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The report is segmented by End-user (Chemicals, Power generation, Oil and gas, and Others), Type (Fire-tube, Water-tube, Electric, Fluidized Bed Combustion (FBC), and Circulating Fluidized Bed (CFB)), Geography (APAC, North America, Europe, Middle East and Africa, and South America), Fuel Type (Natural Gas, Coal, Oil, Biomass, and Other Fuels), Capacity (<10 MW, 10-50 MW, 50-100 MW, and >100 MW), and Technology (Condensing and Non-Condensing)
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Which regions are analyzed in the report?
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APAC, North America, Europe, Middle East and Africa, and South America
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What are the key growth drivers and market challenges?
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Who are the major players in the Boilers Market?
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Alfa Laval, A. O. Smith Corporation, Ariston Thermo SpA, Babcock & Wilcox, Babcock Wanson, BDR Thermea Group, Bosch Industriekessel, Bradford White Corporation, Cleaver-Brooks, Inc., Clayton Industries, Doosan Enerbility Co Ltd, Ferroli, Fulton Boiler Works, Inc., General Electric, Hurst Boiler & Welding Co, Inc., IHI Corporation, Mitsubishi Heavy Industries, Mitsubishi Power, Siemens AG, and Thermax
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1 Executive Summary
- 1.1 Market overview
- Executive Summary - Chart on Market Overview
- Executive Summary - Data Table on Market Overview
- Executive Summary - Chart on Global Market Characteristics
- Executive Summary - Chart on Market by Geography
- Executive Summary - Chart on Market Segmentation by End-user
- Executive Summary - Chart on Market Segmentation by Type
- Executive Summary - Chart on Incremental Growth
- Executive Summary - Data Table on Incremental Growth
- Executive Summary - Chart on Company Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Parent Market
- Data Table on - Parent Market
- 2.2 Market characteristics
- Market characteristics analysis
3 Market Sizing
- 3.1 Market definition
- Offerings of companies included in the market definition
- 3.2 Market segment analysis
- 3.4 Market outlook: Forecast for 2023-2028
- Chart on Global - Market size and forecast 2023-2028 ($ billion)
- Data Table on Global - Market size and forecast 2023-2028 ($ billion)
- Chart on Global Market: Year-over-year growth 2023-2028 (%)
- Data Table on Global Market: Year-over-year growth 2023-2028 (%)
4 Historic Market Size
- 4.1 Global Boilers Market 2018 - 2022
- Historic Market Size - Data Table on Global Boilers Market 2018 - 2022 ($ billion)
- 4.2 End-user segment analysis 2018 - 2022
- Historic Market Size - End-user Segment 2018 - 2022 ($ billion)
- 4.3 Type segment analysis 2018 - 2022
- Historic Market Size - Type Segment 2018 - 2022 ($ billion)
- 4.4 Geography segment analysis 2018 - 2022
- Historic Market Size - Geography Segment 2018 - 2022 ($ billion)
- 4.5 Country segment analysis 2018 - 2022
- Historic Market Size - Country Segment 2018 - 2022 ($ billion)
5 Five Forces Analysis
- 5.1 Five forces summary
- Five forces analysis - Comparison between 2023 and 2028
- 5.2 Bargaining power of buyers
- Bargaining power of buyers - Impact of key factors 2023 and 2028
- 5.3 Bargaining power of suppliers
- Bargaining power of suppliers - Impact of key factors in 2023 and 2028
- 5.4 Threat of new entrants
- Threat of new entrants - Impact of key factors in 2023 and 2028
- 5.5 Threat of substitutes
- Threat of substitutes - Impact of key factors in 2023 and 2028
- 5.6 Threat of rivalry
- Threat of rivalry - Impact of key factors in 2023 and 2028
- 5.7 Market condition
- Chart on Market condition - Five forces 2023 and 2028
6 Market Segmentation by End-user
- 6.1 Market segments
- Chart on End-user - Market share (2023-2028) (%)
- Data Table on End-user - Market share (2023-2028) (%)
- 6.2 Comparison by End-user
- Chart on Comparison by End-user
- Data Table on Comparison by End-user
- 6.3 Chemicals - Market size and forecast (2023-2028)
- Chart on Chemicals - Market size and forecast (2023-2028) ($ billion)
- Data Table on Chemicals - Market size and forecast (2023-2028) ($ billion)
- Chart on Chemicals - Year-over-year growth (2023-2028) (%)
- Data Table on Chemicals - Year-over-year growth (2023-2028) (%)
- 6.4 Power generation - Market size and forecast (2023-2028)
- Chart on Power generation - Market size and forecast (2023-2028) ($ billion)
- Data Table on Power generation - Market size and forecast (2023-2028) ($ billion)
- Chart on Power generation - Year-over-year growth (2023-2028) (%)
- Data Table on Power generation - Year-over-year growth (2023-2028) (%)
- 6.5 Oil and gas - Market size and forecast (2023-2028)
- Chart on Oil and gas - Market size and forecast (2023-2028) ($ billion)
- Data Table on Oil and gas - Market size and forecast (2023-2028) ($ billion)
- Chart on Oil and gas - Year-over-year growth (2023-2028) (%)
- Data Table on Oil and gas - Year-over-year growth (2023-2028) (%)
- 6.6 Others - Market size and forecast (2023-2028)
- Chart on Others - Market size and forecast (2023-2028) ($ billion)
- Data Table on Others - Market size and forecast (2023-2028) ($ billion)
- Chart on Others - Year-over-year growth (2023-2028) (%)
- Data Table on Others - Year-over-year growth (2023-2028) (%)
- 6.7 Market opportunity by End-user
- Market opportunity by End-user ($ billion)
- Data Table on Market opportunity by End-user ($ billion)
7 Market Segmentation by Type
- 7.1 Market segments
- Chart on Type - Market share (2023-2028) (%)
- Data Table on Type - Market share (2023-2028) (%)
- 7.2 Comparison by Type
- Chart on Comparison by Type
- Data Table on Comparison by Type
- 7.3 Fire-tube - Market size and forecast (2023-2028)
- Chart on Fire-tube - Market size and forecast (2023-2028) ($ billion)
- Data Table on Fire-tube - Market size and forecast (2023-2028) ($ billion)
- Chart on Fire-tube - Year-over-year growth (2023-2028) (%)
- Data Table on Fire-tube - Year-over-year growth (2023-2028) (%)
- 7.4 Water-tube - Market size and forecast (2023-2028)
- Chart on Water-tube - Market size and forecast (2023-2028) ($ billion)
- Data Table on Water-tube - Market size and forecast (2023-2028) ($ billion)
- Chart on Water-tube - Year-over-year growth (2023-2028) (%)
- Data Table on Water-tube - Year-over-year growth (2023-2028) (%)
- 7.5 Electric - Market size and forecast (2023-2028)
- Chart on Electric - Market size and forecast (2023-2028) ($ billion)
- Data Table on Electric - Market size and forecast (2023-2028) ($ billion)
- Chart on Electric - Year-over-year growth (2023-2028) (%)
- Data Table on Electric - Year-over-year growth (2023-2028) (%)
- 7.6 Fluidized Bed Combustion (FBC) - Market size and forecast (2023-2028)
- Chart on Fluidized Bed Combustion (FBC) - Market size and forecast (2023-2028) ($ billion)
- Data Table on Fluidized Bed Combustion (FBC) - Market size and forecast (2023-2028) ($ billion)
- Chart on Fluidized Bed Combustion (FBC) - Year-over-year growth (2023-2028) (%)
- Data Table on Fluidized Bed Combustion (FBC) - Year-over-year growth (2023-2028) (%)
- 7.7 Circulating Fluidized Bed (CFB) - Market size and forecast (2023-2028)
- Chart on Circulating Fluidized Bed (CFB) - Market size and forecast (2023-2028) ($ billion)
- Data Table on Circulating Fluidized Bed (CFB) - Market size and forecast (2023-2028) ($ billion)
- Chart on Circulating Fluidized Bed (CFB) - Year-over-year growth (2023-2028) (%)
- Data Table on Circulating Fluidized Bed (CFB) - Year-over-year growth (2023-2028) (%)
- 7.8 Market opportunity by Type
- Market opportunity by Type ($ billion)
- Data Table on Market opportunity by Type ($ billion)
8 Market Segmentation by Fuel Type
- 8.1 Market segments
- Chart on Fuel Type - Market share (2023-2028) (%)
- Data Table on Fuel Type - Market share (2023-2028) (%)
- 8.2 Comparison by Fuel Type
- Chart on Comparison by Fuel Type
- Data Table on Comparison by Fuel Type
- 8.3 Natural Gas - Market size and forecast (2023-2028)
- Chart on Natural Gas - Market size and forecast (2023-2028) ($ billion)
- Data Table on Natural Gas - Market size and forecast (2023-2028) ($ billion)
- Chart on Natural Gas - Year-over-year growth (2023-2028) (%)
- Data Table on Natural Gas - Year-over-year growth (2023-2028) (%)
- 8.4 Coal - Market size and forecast (2023-2028)
- Chart on Coal - Market size and forecast (2023-2028) ($ billion)
- Data Table on Coal - Market size and forecast (2023-2028) ($ billion)
- Chart on Coal - Year-over-year growth (2023-2028) (%)
- Data Table on Coal - Year-over-year growth (2023-2028) (%)
- 8.5 Oil - Market size and forecast (2023-2028)
- Chart on Oil - Market size and forecast (2023-2028) ($ billion)
- Data Table on Oil - Market size and forecast (2023-2028) ($ billion)
- Chart on Oil - Year-over-year growth (2023-2028) (%)
- Data Table on Oil - Year-over-year growth (2023-2028) (%)
- 8.6 Biomass - Market size and forecast (2023-2028)
- Chart on Biomass - Market size and forecast (2023-2028) ($ billion)
- Data Table on Biomass - Market size and forecast (2023-2028) ($ billion)
- Chart on Biomass - Year-over-year growth (2023-2028) (%)
- Data Table on Biomass - Year-over-year growth (2023-2028) (%)
- 8.7 Other Fuels - Market size and forecast (2023-2028)
- Chart on Other Fuels - Market size and forecast (2023-2028) ($ billion)
- Data Table on Other Fuels - Market size and forecast (2023-2028) ($ billion)
- Chart on Other Fuels - Year-over-year growth (2023-2028) (%)
- Data Table on Other Fuels - Year-over-year growth (2023-2028) (%)
- 8.8 Market opportunity by Fuel Type
- Market opportunity by Fuel Type ($ billion)
- Data Table on Market opportunity by Fuel Type ($ billion)
9 Market Segmentation by Capacity
- 9.1 Market segments
- Chart on Capacity - Market share (2023-2028) (%)
- Data Table on Capacity - Market share (2023-2028) (%)
- 9.2 Comparison by Capacity
- Chart on Comparison by Capacity
- Data Table on Comparison by Capacity
- 9.3 <10 MW - Market size and forecast (2023-2028)
- Chart on <10 MW - Market size and forecast (2023-2028) ($ billion)
- Data Table on <10 MW - Market size and forecast (2023-2028) ($ billion)
- Chart on <10 MW - Year-over-year growth (2023-2028) (%)
- Data Table on <10 MW - Year-over-year growth (2023-2028) (%)
- 10-50 MW - Market size and forecast (2023-2028)
- Chart on 10-50 MW - Market size and forecast (2023-2028) ($ billion)
- Data Table on 10-50 MW - Market size and forecast (2023-2028) ($ billion)
- Chart on 10-50 MW - Year-over-year growth (2023-2028) (%)
- Data Table on 10-50 MW - Year-over-year growth (2023-2028) (%)
- 50-100 MW - Market size and forecast (2023-2028)
- Chart on 50-100 MW - Market size and forecast (2023-2028) ($ billion)
- Data Table on 50-100 MW - Market size and forecast (2023-2028) ($ billion)
- Chart on 50-100 MW - Year-over-year growth (2023-2028) (%)
- Data Table on 50-100 MW - Year-over-year growth (2023-2028) (%)
- 9.6 >100 MW - Market size and forecast (2023-2028)
- Chart on >100 MW - Market size and forecast (2023-2028) ($ billion)
- Data Table on >100 MW - Market size and forecast (2023-2028) ($ billion)
- Chart on >100 MW - Year-over-year growth (2023-2028) (%)
- Data Table on >100 MW - Year-over-year growth (2023-2028) (%)
- 9.7 Market opportunity by Capacity
- Market opportunity by Capacity ($ billion)
- Data Table on Market opportunity by Capacity ($ billion)
10 Market Segmentation by Technology
- 10.1 Market segments
- Chart on Technology - Market share (2023-2028) (%)
- Data Table on Technology - Market share (2023-2028) (%)
- 10.2 Comparison by Technology
- Chart on Comparison by Technology
- Data Table on Comparison by Technology
- 10.3 Condensing - Market size and forecast (2023-2028)
- Chart on Condensing - Market size and forecast (2023-2028) ($ billion)
- Data Table on Condensing - Market size and forecast (2023-2028) ($ billion)
- Chart on Condensing - Year-over-year growth (2023-2028) (%)
- Data Table on Condensing - Year-over-year growth (2023-2028) (%)
- 10.4 Non-Condensing - Market size and forecast (2023-2028)
- Chart on Non-Condensing - Market size and forecast (2023-2028) ($ billion)
- Data Table on Non-Condensing - Market size and forecast (2023-2028) ($ billion)
- Chart on Non-Condensing - Year-over-year growth (2023-2028) (%)
- Data Table on Non-Condensing - Year-over-year growth (2023-2028) (%)
- 10.5 Market opportunity by Technology
- Market opportunity by Technology ($ billion)
- Data Table on Market opportunity by Technology ($ billion)
11 Customer Landscape
- 11.1 Customer landscape overview
- Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
12 Geographic Landscape
- 12.1 Geographic segmentation
- Chart on Market share by geography 2023-2028 (%)
- Data Table on Market share by geography 2023-2028 (%)
- 12.2 Geographic comparison
- Chart on Geographic comparison
- Data Table on Geographic comparison
- 12.3 APAC - Market size and forecast 2023-2028
- Chart on APAC - Market size and forecast 2023-2028 ($ billion)
- Data Table on APAC - Market size and forecast 2023-2028 ($ billion)
- Chart on APAC - Year-over-year growth 2023-2028 (%)
- Data Table on APAC - Year-over-year growth 2023-2028 (%)
- 12.4 North America - Market size and forecast 2023-2028
- Chart on North America - Market size and forecast 2023-2028 ($ billion)
- Data Table on North America - Market size and forecast 2023-2028 ($ billion)
- Chart on North America - Year-over-year growth 2023-2028 (%)
- Data Table on North America - Year-over-year growth 2023-2028 (%)
- 12.5 Europe - Market size and forecast 2023-2028
- Chart on Europe - Market size and forecast 2023-2028 ($ billion)
- Data Table on Europe - Market size and forecast 2023-2028 ($ billion)
- Chart on Europe - Year-over-year growth 2023-2028 (%)
- Data Table on Europe - Year-over-year growth 2023-2028 (%)
- 12.6 Middle East and Africa - Market size and forecast 2023-2028
- Chart on Middle East and Africa - Market size and forecast 2023-2028 ($ billion)
- Data Table on Middle East and Africa - Market size and forecast 2023-2028 ($ billion)
- Chart on Middle East and Africa - Year-over-year growth 2023-2028 (%)
- Data Table on Middle East and Africa - Year-over-year growth 2023-2028 (%)
- 12.7 South America - Market size and forecast 2023-2028
- Chart on South America - Market size and forecast 2023-2028 ($ billion)
- Data Table on South America - Market size and forecast 2023-2028 ($ billion)
- Chart on South America - Year-over-year growth 2023-2028 (%)
- Data Table on South America - Year-over-year growth 2023-2028 (%)
- 12.8 China - Market size and forecast 2023-2028
- Chart on China - Market size and forecast 2023-2028 ($ billion)
- Data Table on China - Market size and forecast 2023-2028 ($ billion)
- Chart on China - Year-over-year growth 2023-2028 (%)
- Data Table on China - Year-over-year growth 2023-2028 (%)
- 12.9 US - Market size and forecast 2023-2028
- Chart on US - Market size and forecast 2023-2028 ($ billion)
- Data Table on US - Market size and forecast 2023-2028 ($ billion)
- Chart on US - Year-over-year growth 2023-2028 (%)
- Data Table on US - Year-over-year growth 2023-2028 (%)
- 12.10 Germany - Market size and forecast 2023-2028
- Chart on Germany - Market size and forecast 2023-2028 ($ billion)
- Data Table on Germany - Market size and forecast 2023-2028 ($ billion)
- Chart on Germany - Year-over-year growth 2023-2028 (%)
- Data Table on Germany - Year-over-year growth 2023-2028 (%)
- 12.11 Japan - Market size and forecast 2023-2028
- Chart on Japan - Market size and forecast 2023-2028 ($ billion)
- Data Table on Japan - Market size and forecast 2023-2028 ($ billion)
- Chart on Japan - Year-over-year growth 2023-2028 (%)
- Data Table on Japan - Year-over-year growth 2023-2028 (%)
- 12.12 South Korea - Market size and forecast 2023-2028
- Chart on South Korea - Market size and forecast 2023-2028 ($ billion)
- Data Table on South Korea - Market size and forecast 2023-2028 ($ billion)
- Chart on South Korea - Year-over-year growth 2023-2028 (%)
- Data Table on South Korea - Year-over-year growth 2023-2028 (%)
- 12.13 Market opportunity by geography
- Market opportunity by geography ($ billion)
- Data Tables on Market opportunity by geography ($ billion)
- 12.14 Canada - Market size and forecast (2023-2028)
- Chart on Canada - Market size and forecast (2023-2028) ($ billion)
- Data Table on Canada - Market size and forecast (2023-2028) ($ billion)
- Chart on Canada - Year-over-year growth (2023-2028) (%)
- Data Table on Canada - Year-over-year growth (2023-2028) (%)
- 12.15 UK - Market size and forecast (2023-2028)
- Chart on UK - Market size and forecast (2023-2028) ($ billion)
- Data Table on UK - Market size and forecast (2023-2028) ($ billion)
- Chart on UK - Year-over-year growth (2023-2028) (%)
- Data Table on UK - Year-over-year growth (2023-2028) (%)
- 12.16 Italy - Market size and forecast (2023-2028)
- Chart on Italy - Market size and forecast (2023-2028) ($ billion)
- Data Table on Italy - Market size and forecast (2023-2028) ($ billion)
- Chart on Italy - Year-over-year growth (2023-2028) (%)
- Data Table on Italy - Year-over-year growth (2023-2028) (%)
- 12.17 France - Market size and forecast (2023-2028)
- Chart on France - Market size and forecast (2023-2028) ($ billion)
- Data Table on France - Market size and forecast (2023-2028) ($ billion)
- Chart on France - Year-over-year growth (2023-2028) (%)
- Data Table on France - Year-over-year growth (2023-2028) (%)
- 12.18 India - Market size and forecast (2023-2028)
- Chart on India - Market size and forecast (2023-2028) ($ billion)
- Data Table on India - Market size and forecast (2023-2028) ($ billion)
- Chart on India - Year-over-year growth (2023-2028) (%)
- Data Table on India - Year-over-year growth (2023-2028) (%)
- 12.19 Brazil - Market size and forecast (2023-2028)
- Chart on Brazil - Market size and forecast (2023-2028) ($ billion)
- Data Table on Brazil - Market size and forecast (2023-2028) ($ billion)
- Chart on Brazil - Year-over-year growth (2023-2028) (%)
- Data Table on Brazil - Year-over-year growth (2023-2028) (%)
- 12.20 Egypt - Market size and forecast (2023-2028)
- Chart on Egypt - Market size and forecast (2023-2028) ($ billion)
- Data Table on Egypt - Market size and forecast (2023-2028) ($ billion)
- Chart on Egypt - Year-over-year growth (2023-2028) (%)
- Data Table on Egypt - Year-over-year growth (2023-2028) (%)
- 12.21 UAE - Market size and forecast (2023-2028)
- Chart on UAE - Market size and forecast (2023-2028) ($ billion)
- Data Table on UAE - Market size and forecast (2023-2028) ($ billion)
- Chart on UAE - Year-over-year growth (2023-2028) (%)
- Data Table on UAE - Year-over-year growth (2023-2028) (%)
- 12.22 Oman - Market size and forecast (2023-2028)
- Chart on Oman - Market size and forecast (2023-2028) ($ billion)
- Data Table on Oman - Market size and forecast (2023-2028) ($ billion)
- Chart on Oman - Year-over-year growth (2023-2028) (%)
- Data Table on Oman - Year-over-year growth (2023-2028) (%)
- 12.23 Argentina - Market size and forecast (2023-2028)
- Chart on Argentina - Market size and forecast (2023-2028) ($ billion)
- Data Table on Argentina - Market size and forecast (2023-2028) ($ billion)
- Chart on Argentina - Year-over-year growth (2023-2028) (%)
- Data Table on Argentina - Year-over-year growth (2023-2028) (%)
- 12.24 KSA - Market size and forecast (2023-2028)
- Chart on KSA - Market size and forecast (2023-2028) ($ billion)
- Data Table on KSA - Market size and forecast (2023-2028) ($ billion)
- Chart on KSA - Year-over-year growth (2023-2028) (%)
- Data Table on KSA - Year-over-year growth (2023-2028) (%)
- 12.25 Rest of World (ROW) - Market size and forecast (2023-2028)
- Chart on Rest of World (ROW) - Market size and forecast (2023-2028) ($ billion)
- Data Table on Rest of World (ROW) - Market size and forecast (2023-2028) ($ billion)
- Chart on Rest of World (ROW) - Year-over-year growth (2023-2028) (%)
- Data Table on Rest of World (ROW) - Year-over-year growth (2023-2028) (%)
13 Drivers, Challenges, and Opportunity/Restraints
- 13.3 Impact of drivers and challenges
- Impact of drivers and challenges in 2023 and 2028
- 13.4 Market opportunities/restraints
14 Competitive Landscape
- 14.2 Competitive Landscape
- Overview on criticality of inputs and factors of differentiation
- 14.3 Landscape disruption
- Overview on factors of disruption
- 14.4 Industry risks
- Impact of key risks on business
15 Competitive Analysis
- 15.2 Market positioning of companies
- Matrix on companies position and classification
- 15.3 Alfa Laval
- Alfa Laval - Overview
- Alfa Laval - Product / Service
- Alfa Laval - Key offerings
- 15.4 A. O. Smith Corporation
- A. O. Smith Corporation - Overview
- A. O. Smith Corporation - Product / Service
- A. O. Smith Corporation - Key offerings
- 15.5 Ariston Thermo SpA
- Ariston Thermo SpA - Overview
- Ariston Thermo SpA - Product / Service
- Ariston Thermo SpA - Key offerings
- 15.6 Babcock & Wilcox
- Babcock & Wilcox - Overview
- Babcock & Wilcox - Product / Service
- Babcock & Wilcox - Key offerings
- 15.7 Babcock Wanson
- Babcock Wanson - Overview
- Babcock Wanson - Product / Service
- Babcock Wanson - Key offerings
- 15.8 BDR Thermea Group
- BDR Thermea Group - Overview
- BDR Thermea Group - Product / Service
- BDR Thermea Group - Key offerings
- 15.9 Bosch Industriekessel
- Bosch Industriekessel - Overview
- Bosch Industriekessel - Product / Service
- Bosch Industriekessel - Key offerings
- 15.10 Bradford White Corporation
- Bradford White Corporation - Overview
- Bradford White Corporation - Product / Service
- Bradford White Corporation - Key offerings
- 15.11 Cleaver-Brooks, Inc.
- Cleaver-Brooks, Inc. - Overview
- Cleaver-Brooks, Inc. - Product / Service
- Cleaver-Brooks, Inc. - Key offerings
- 15.12 Clayton Industries
- Clayton Industries - Overview
- Clayton Industries - Product / Service
- Clayton Industries - Key offerings
- 15.13 Doosan Enerbility Co Ltd
- Doosan Enerbility Co Ltd - Overview
- Doosan Enerbility Co Ltd - Product / Service
- Doosan Enerbility Co Ltd - Key offerings
- 15.14 Ferroli
- Ferroli - Overview
- Ferroli - Product / Service
- Ferroli - Key offerings
- 15.15 Fulton Boiler Works, Inc.
- Fulton Boiler Works, Inc. - Overview
- Fulton Boiler Works, Inc. - Product / Service
- Fulton Boiler Works, Inc. - Key offerings
- 15.16 General Electric
- General Electric - Overview
- General Electric - Product / Service
- General Electric - Key offerings
- 15.17 Hurst Boiler & Welding Co, Inc.
- Hurst Boiler & Welding Co, Inc. - Overview
- Hurst Boiler & Welding Co, Inc. - Product / Service
- Hurst Boiler & Welding Co, Inc. - Key offerings
- 15.18 IHI Corporation
- IHI Corporation - Overview
- IHI Corporation - Product / Service
- IHI Corporation - Key offerings
- 15.19 Mitsubishi Heavy Industries
- Mitsubishi Heavy Industries - Overview
- Mitsubishi Heavy Industries - Product / Service
- Mitsubishi Heavy Industries - Key offerings
- 15.20 Mitsubishi Power
- Mitsubishi Power - Overview
- Mitsubishi Power - Product / Service
- Mitsubishi Power - Key offerings
- 15.21 Siemens AG
- Siemens AG - Overview
- Siemens AG - Product / Service
- Siemens AG - Key offerings
- 15.22 Thermax
- Thermax - Overview
- Thermax - Product / Service
- Thermax - Key offerings
- 15.23 A. O. Smith Corp.
- A. O. Smith Corp. - Overview
- A. O. Smith Corp. - Product / Service
- A. O. Smith Corp. - Key offerings
- 15.24 Alfa Laval AB
- Alfa Laval AB - Overview
- Alfa Laval AB - Product / Service
- Alfa Laval AB - Key offerings
- 15.25 Ariston Holding NV
- Ariston Holding NV - Overview
- Ariston Holding NV - Product / Service
- Ariston Holding NV - Key offerings
- 15.26 ATTSU Termica S.L
- ATTSU Termica S.L - Overview
- ATTSU Termica S.L - Product / Service
- ATTSU Termica S.L - Key offerings
- 15.27 Babcock Wanson
- Babcock Wanson - Overview
- Babcock Wanson - Product / Service
- Babcock Wanson - Key offerings
- 15.28 Bryan Steam LLC
- Bryan Steam LLC - Overview
- Bryan Steam LLC - Product / Service
- Bryan Steam LLC - Key offerings
- 15.29 Clayton Industries
- Clayton Industries - Overview
- Clayton Industries - Product / Service
- Clayton Industries - Key offerings
- 15.30 Danstoker AS
- Danstoker AS - Overview
- Danstoker AS - Product / Service
- Danstoker AS - Key offerings
- 15.31 Ferroli Spa
- Ferroli Spa - Overview
- Ferroli Spa - Product / Service
- Ferroli Spa - Key offerings
- 15.32 General Electric Co.
- General Electric Co. - Overview
- General Electric Co. - Product / Service
- General Electric Co. - Key offerings
- 15.33 Hurst Boiler and Welding Co. Inc.
- Hurst Boiler and Welding Co. Inc. - Overview
- Hurst Boiler and Welding Co. Inc. - Product / Service
- Hurst Boiler and Welding Co. Inc. - Key offerings
- 15.34 Lennox International Inc.
- Lennox International Inc. - Overview
- Lennox International Inc. - Product / Service
- Lennox International Inc. - Key offerings
- 15.35 Mestek Inc.
- Mestek Inc. - Overview
- Mestek Inc. - Product / Service
- Mestek Inc. - Key offerings
- 15.36 Mitsubishi Heavy Industries Ltd.
- Mitsubishi Heavy Industries Ltd. - Overview
- Mitsubishi Heavy Industries Ltd. - Product / Service
- Mitsubishi Heavy Industries Ltd. - Key offerings
- 15.37 Robert Bosch GmbH
- Robert Bosch GmbH - Overview
- Robert Bosch GmbH - Product / Service
- Robert Bosch GmbH - Key offerings
- 15.38 SPX Technologies Inc.
- SPX Technologies Inc. - Overview
- SPX Technologies Inc. - Product / Service
- SPX Technologies Inc. - Key offerings
- 15.39 The Cleaver Brooks Co. Inc.
- The Cleaver Brooks Co. Inc. - Overview
- The Cleaver Brooks Co. Inc. - Product / Service
- The Cleaver Brooks Co. Inc. - Key offerings
- 15.40 The Fulton Companies
- The Fulton Companies - Overview
- The Fulton Companies - Product / Service
- The Fulton Companies - Key offerings
- 15.41 Vaillant GmbH
- Vaillant GmbH - Overview
- Vaillant GmbH - Product / Service
- Vaillant GmbH - Key offerings
- 15.42 Viessmann Climate Solutions SE
- Viessmann Climate Solutions SE - Overview
- Viessmann Climate Solutions SE - Product / Service
- Viessmann Climate Solutions SE - Key offerings
16 Appendix
- 16.2 Inclusions and exclusions checklist
- Inclusions checklist
- Exclusions checklist
- 16.3 Currency conversion rates for US$
- Currency conversion rates for US$
- 16.4 Research methodology
- 16.7 Validation techniques employed for market sizing
- Validation techniques employed for market sizing
- 16.9 360 degree market analysis
- 360 degree market analysis
- 16.10 List of abbreviations
INFORMATION SOURCES
DATA ANALYSIS
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