Steam Boiler Market Research Report- Forecast to 2032

Steam Boiler Market Research Report Information By Type (Water Tube Boiler, Fire Tube Boiler), By Fuel (Coal-fired Steam Boiler, Gas-fired Steam Boiler, Electric Steam Boiler, Oil-fired Steam Boiler), By Pressure (Low-Pressure Boiler, Medium-Pressure Boiler, High-Pressure Boiler), By End User Industry (Power Generation, Process Industry, Oil and Gas, Pharmaceutical, Metals) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

ID: MRFR/E&P/5507-HCR | 111 Pages | Author: Anshula Mandaokar | March 2024         

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Global Steam Boiler Market Overview:


Steam Boiler Market Size was valued at USD 15.9 Billion in 2022. The Steam Boiler market industry is projected to grow from USD 16.55 Billion in 2023 to USD 22.82 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.10% during the forecast period (2023 - 2032). Rising need for electricity generation as a result of rapid industrialization, population growth, and pharmaceutical industry investment are the key market drivers enhancing the market growth.


Steam Boiler Market Overview


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Steam Boiler Market Trends



  • Growing energy efficient boilers is driving the market growth


Market CAGR for steam boiler is being driven by the rising energy efficient boilers. Steam Boiler manufacturers are progressively manufacturing energy-efficient equipment to lower their carbon footprint and provide consumers with energy savings. The increase in energy-efficient appliances can be ascribed to tight government controls on electric home appliances and technological advancements. Low NOx standards are being developed to prevent or lessen the adverse impacts of NOx gases on the environment. When fuel is burned at high temperatures, such as in water heaters, boilers, furnaces, and even car engines, a highly hazardous family of reactive gases is created because of the obvious negative environmental impacts of NOx, a rising number of boiler manufacturers are attempting to get ahead of the impending legislation. The major players in the steam boiler market are investing in research and development to improve steam boilers' thermal and overall efficiency. Given these considerations, technology advancements and investments in renovating aging power generation infrastructure are expected to provide profitable opportunities for the steam boiler market. Most boiler system units now include Wifi functionality, allowing you to manage the unit from nearly anywhere via an internet connection.


Customers will increasingly be able to manage and monitor their boilers using applications on their mobile devices. With the rise of automation and IoT, firms aim to provide smart boilers that assist boiler attendants and operators promptly identifying possible energy losses and recommending tangible methods to remedy them. The efficiency assistant may even detect crucial conditions and examine the state of components based on their working mode. Global power demand is increasing at a rate of 2.1% per year. Rapid urbanization and industry, particularly in emerging nations, are attributable to rising power consumption.


Furthermore, the growing use of IoT and the Internet has increased demand for linked appliances and gadgets. The Industry 4.0 revolution has increased the use of cyber security, additive manufacturing, autonomous robots, system integration, and simulation. These trends have resulted in high power consumption. According to the IEA, electricity accounted for 19% of total final energy consumption in 2018 and is anticipated to increase to 24% by 2040.Thus, driving the Steam Boiler market revenue.


Steam Boiler Market Segment Insights:


Steam Boiler Type Insights


Based on type, the Steam Boiler Market segmentation includes water tube boiler and fire tube boiler. The water tube boiler segment dominated the market, accounting for 44% of market revenue. A water tube boiler is a type of steam boiler that transports fumes through the outside surface of water-circulating tubes. It is divided into three types: Stirling boilers, Babcock & Wilcox boilers, and Yarrow boilers. Water-tube boilers are the most often used boiler for producing high-pressure steam. This boiler design separates water into small sections, allowing for faster steam generation.


Steam Boiler Fuel Insights


Based on fuel, the Steam Boiler Market segmentation includes coal-fired steam boilers, gas-fired steam boilers, electric steam boilers, and oil-fired steam boilers. The coal-fired steam boiler segment dominated the market. Increasing demand for coal-fired steam boilers from end-use industries such as electricity, food processing, sugar, cement, and steel will drive market expansion during the forecast period. Furthermore, the growth in global energy demand from developing and developed nations is predicted to encourage the expansion of coal-based power generation, which is expected to drive the coal-fired sector throughout the projection period.


Steam Boiler Pressure Insights


Based on pressure, the Steam Boiler Market segmentation includes low-pressure boilers, medium-pressure boilers, and high-pressure boilers. The high-pressure boiler segment dominated the market. The food preparation, textile, oil and gas, chemical, pharmaceutical, steel and iron plant, and power generation industries are expected to drive market growth over the forecast period.


Figure 1: Steam Boiler Market, by Pressure, 2022 & 2032 (USD Billion)


Steam Boiler Market, by Pressure, 2022 & 2032


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Steam Boiler End user Insights


Based on end users, the Steam Boiler Market segmentation includes power generation, process industry, oil and gas, pharmaceutical, and metals. Power generation category generated the most income (70.4%). Fossil fuel-based thermal power plants, these countries' principal means of producing electricity, are anticipated to play a major role in increasing production capacity.


Steam Boiler Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Steam Boiler market area will dominate this market; the need for steam generators for the production of electricity has grown in the North American area due to rising population and power consumption, which has fueled the region's market expansion during the forecast period.


Furthermore, the major countries studied in the market report are The US, Italy, Spain, Canada, German, France, the UK, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: Steam Boiler Market Share By Region 2022 (USD Billion)


Steam Boiler Market Share By Region 2022


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe has the second-largest market share for Steam Boilers. In particular, the F&B and chemicals sectors will boost the market's expansion. Additionally, regional governments and international financial institutions have launched programs to build new industrial hubs, which will support the installation of steam boilers. Furthermore, the German Steam Boiler market dominated, while the UK Steam Boiler market grew fastest in Europe.


From 2023 to 2032, the Asia-Pacific Steam Boiler Market will develop quickly with the increase in energy consumption across various industrial and processing sectors. Due to their durability and high operating efficiency, steam boilers are also becoming increasingly popular in the chemical, industrial, and other processing industries, which will ultimately fuel the expansion of the steam boiler market throughout the forecast period. Furthermore, China's Steam Boiler market had the highest market share, while India's was the fastest expanding in the Asia-Pacific region.


Steam Boiler Key Market Players & Competitive Insights


Leading market companies are extensively spending R&D on increasing their product lines, which will help the Steam Boiler market grow even more. Important market developments include new product releases, contractual agreements, acquisitions and mergers, greater investments, and collaboration with other organizations. The Steam Boiler industry must produce cost-effective merchandise to flourish and thrive in a more competitive and increasing market climate.


Manufacturing locally to reduce operating costs is an effective business strategy manufacturers use in the worldwide Steam Boiler industry to serve clients and expand the market sector. The Steam Boiler industry has provided some of the most important benefits recently. General Electric Co, GE Renewable Energy and other major competitors in the Steam Boiler market are seeking to improve market demand by investing in R&D efforts.


The corporation General Electric Co. provides both technology and financial services. It functions through the Power, Renewable Energy, Aviation, and Capital sectors. The Power division provides products, services, and technology for energy generation, such as gas and steam turbines, generators, and power generation services. The Renewable Energy division offers  hardware,offshore wind turbines, high-voltage equipment,solutions, products, and services to the hydropower industry, as well as wind turbine platforms,  and software. In May 2022, At the 26th annual ARC Industry Forum in Orlando, General Electric debuted the most recent version of their cutting-edge Manufacturing Execution System (MES), Proficy Plant Applications.


A supplier of technology, engineered solutions, and aftermarket services is Babcock & Wilcox Enterprises Inc (B&W). Its solutions strengthen clients' technology portfolios, match organizations with market shifts, and enable safe global expansion. Boilers, cooling systems,  emissions control, ash & material handling, controls & monitoring, and related parts are among the products the business offers. In addition, B&W offers field technical assistance, retrofit and upgrades, and other services. It provides services to clients in the power generating, industrial, chemical, and oil and gas industries throughout Europe, Asia Pacific,  the Americas, Africa, and other regions. In June 2022, The world's largest net-negative carbon-dioxide (CO2) biomass-to-electricity facility will be built and delivered for Fidelis New Energy by Babcock & Wilcox Enterprises, Inc., using B&W's sophisticated biomass and patented OxyBrightä carbon capture technology.


Key Companies in the Steam Boiler market include



  • GE (US)

  • Bosch (Germany)

  • Thermax (India)

  • Cleaver-Brooks (US)

  • Byworth Boilers (US)

  • Doosan Heavy Industries & Construction (South Korea)

  • Forbes Marshall (India)

  • Fulton Boiler (US)

  • Parker Boiler (US)

  • Fentech Boilers (US)

  • Thermodyne Engineering Systems (India).


Steam Boiler Industry Developments


June 2022: Bosch Industrial Boilers introduced the ELSB electric steam boiler for commercial and industrial steam generation to lower emissions and provide more green technologies. The output of this steam boiler ranges from 350 to 7500 kg of steam per hour.


March 2022: In Tessenderlo, Belgium, Vynova Group installed a cutting-edge hydrogen-fired steam boiler system. The corporation will likely install a second, similar steam boiler. By installing these boilers, Vynova will reduce CO2 emissions at its Tessenderlo manufacturing facility by 10,000 tonnes yearly. The project has received a total investment of about 8 million euros.


Steam Boiler Market Segmentation:


Steam Boiler Type Outlook



  • Water Tube Boiler

  • Fire Tube Boiler


Steam Boiler Fuel Outlook



  • Coal-fired Steam Boiler

  • Gas-fired Steam Boiler

  • Electric Steam Boiler

  • Oil-fired Steam Boiler


Steam Boiler Pressure Outlook



  • Low-Pressure Boiler

  • Medium-Pressure Boiler

  • High-Pressure Boiler


Steam Boiler End user Outlook



  • Power Generation

  • Process Industry

  • Oil and Gas

  • Pharmaceutical

  • Metals


Steam Boiler Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 15.9 Billion
Market Size 2023 USD 16.55 Billion
Market Size 2032 USD 22.82 Billion
Compound Annual Growth Rate (CAGR) 4.10% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, End user, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled  GE (US), Bosch (Germany), Thermax (India), Cleaver-Brooks (US), Byworth Boilers (US), Doosan Heavy Industries & Construction (South Korea), Forbes Marshall (India), Fulton Boiler (US), Parker Boiler (US), Rentech Boilers (US), Thermodyne Engineering Systems (India)
Key Market Opportunities New product launches and R&D amongst major key players
Key Market Dynamics Increase in power plant capacity addition




Frequently Asked Questions (FAQ) :

The Steam Boiler Market size was valued at USD 15.9 Billion in 2022.

The global market is projected to grow at a CAGR of 4.10% during the forecast period, 2023-2032.

North America had the largest share in the global market

The key players in the market are GE (US), Bosch (Germany), Thermax (India), Cleaver-Brooks (US), Byworth Boilers (US), Doosan Heavy Industries & Construction (South Korea), Forbes Marshall (India),.

The Water Tube Boiler dominated the market in 2022.

The power generation had the largest share in the global market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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