Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Industrial Boiler Maintenance Market size was valued at USD 21.62 billion in 2024 and is expected to reach USD 40.27 billion by 2037, registering around 4.9% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of industrial boiler maintenance is assessed at USD 22.52 billion.
The reason behind the growth is impelled by the increasing power generation. This may result in increasing use of industrial boilers as they are used in power plants to generate electricity, which may lead to higher maintenance requirements. For instance, over 2% more energy was produced globally in 2022.
The growing personal disposable income across the globe is believed to fuel the market growth. For instance, people are spending more on products owing to an increase in disposable income which has resulted in the rise in industrial activities. According to estimates, global disposable income and household expenditure are expected to rise by over 2% in 2022.
Industrial Boiler Maintenance Sector: Growth Drivers and Challenges
Growth Drivers
- Increasing Demand for Energy Efficiency – It is expected that owing to rising environmental concerns industries are putting more emphasis on enhancing energy efficiency in their operations, which as a result increased the demand for industrial boiler maintenance. For instance, owing to outdated technology, the energy efficiency of steam boiler systems can be relatively poor since it is considered a crucial factor in industrial boiler and heating solutions in order to maintain top performance and guarantee long tube life. Therefore, a boiler should be scheduled for routine maintenance to ensure its smooth working and minimize the chance of accidents. According to recent data, the world's economy used energy over 1% more efficiently in 2022 than it did in 2021.
- Growing E-Commerce Industry – As a result, the need for warehouses is also rising which frequently requires industrial boilers for various purposes. Moreover, boilers are crucial for a variety of reasons as they supply warehouses with electricity and heating since the energy economy is important for many warehouses. Retail e-commerce sales in 2021 were over USD 5 5 trillion worldwide. Further, this value is expected to rise by more than 55% over the, reaching around USD 8 trillion by 2026.
Challenges
- Exorbitant Installation Cost of Industrial Boiler - The high installation cost is one of the major factors predicted to slow down the market growth. For instance, as site preparation, engineering, and labor expenditures are involved, the capital costs of constructing a boiler to burn waste fuel may be more than those of a straightforward gas-burning boiler. In addition, qualified personnel are needed for the installation, which is more expensive. This as a result can increase the overall cost of installation.
- Safety Concerns associated with Boilers
- Supply Chain Disruptions Leading to Delay in Maintenance and Repairs
Industrial Boiler Maintenance Market: Key Insights
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
4.9% |
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Base Year Market Size (2024) |
USD 21.62 billion |
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Forecast Year Market Size (2037) |
USD 40.27 billion |
|
Regional Scope |
|
Industrial Boiler Maintenance Segmentation
End-User (Food & Beverages, Chemicals & Petrochemicals, Pulp & Paper, Oil & Gas)
The chemicals & petrochemicals segment is estimated to hold 45% share of the global industrial boiler maintenance market in the coming years owing to the increasing chemical sector. For instance, the expanding chemical industry may lead to growing demand for industrial boilers which demand more frequent maintenance since they perform some complex reactions at a specific temperature and pressure.
Industrial boiler maintenance helps to ensure proper functioning, enhance the efficiency of the boilers, and also helps in preventing corrosion produced by chemical processes. According to estimates, by 2025, it is projected that the Indian chemical sector will reach over USD 300 billion.
Boiler Type (Fire-Tube, Water-Tube)
Industrial boiler maintenance market from the water-tube segment is set to garner a notable share of 60% shortly driven by rising demand for water tube boilers in power generation. In the energy sector, electricity is generated using steam boilers as generators, which needs up to 500 kg/s of steam output. Water tube boilers are widely used for power generation since they can handle high-pressure steam.
Power plants where larger capacity is required often utilize water tube boilers since they are more efficient, and can produce more steam, which results in rising demand for industrial boiler maintenance. For instance, water tube boilers installed in power generation require frequent maintenance to mitigate the risks of boiler failures which can lead to severe accidents.
Our in-depth analysis of the global market includes the following segments:
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Type |
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End-User |
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Customize this ReportIndustrial Boiler Maintenance Industry- Regional Synopsis
APAC Market Forecast
Asia Pacific industry is poised to account for largest revenue share of 37% by 2037, impelled by the increasing industrialization. For instance, industrial activities are increasing owing to the rapid population expansion and increased urbanization in nations such as China and India.
This as a result is expected to increase the demand for industrial boilers in the region. As more and more industrial boilers are utilized the need for maintenance may also rise since boilers represent a significant investment, and they require regular maintenance and inspection, to maintain their condition and guarantee the workers' security at the processing facility. In 2023, India's industrial production increased by an average of over 6% as compared to around 133% in 2021 and approximately 57% in 2020.
European Market Statistics
The Europe industrial boiler maintenance market is estimated to be the second largest, during the forecast timeframe led by growing popularity of boilers in food & beverages industry. The European food processing industry extensively uses steam boilers owing to their adaptability to various applications, and they are also an integral part of the food processing industry since they generate steam that aids in the cooking, sanitizing, processing, and packaging in the food industry.
In addition, few sectors in the region extensively use boilers in the beverage industry for manufacturing and processing breweries, distilleries, and canning these boilers may face risk of corrosion, overheating, and boiler failures which increases the need for frequent maintenance.
Companies Dominating the Industrial Boiler Maintenance Landscape
- Babcock & Wilcox Enterprises, Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- General Electric Company
- Hurst Boiler & Welding Co, Inc.
- Mitsubishi Heavy Industries, Ltd.
- Robert Bosch GmbH
- The IBL Group
- Thermax Global
- WIKA Instruments India Pvt. Ltd.
- Stork B.V.
- Jera Power Taketoyo G.K.
In the News
- Thermax Global launched a multi-waste solution, FlexiSource for industrial users to offer flexibility in energy input, and get around the problem of fuel availability brought on by geopolitical developments, other prices, and environmental issues.
- Mitsubishi Heavy Industries, Ltd. introduced the cylindrical type 25 t/h to 35 t/h oil-fired boilers, and also became more proactive in the boiler industry by expanding the line of dual fuel-fired boilers for offshore applications. Furthermore, one of the company’s key products, marine boilers, surpassed a cumulative delivery total of 6,000 units on August 24.
Author Credits: Dhruv Bhatia
- Report ID: 3905
- Published Date: Jan 03, 2025
- Report Format: PDF, PPT
