Industrial Boiler Market Size To Reach $22,714.6 Million By 2033

Industrial Boiler Market Growth & Trends

The global industrial boiler market size is expected to reach USD 22,714.6 million by 2033, registering a CAGR of 3.6% from 2025 to 2033, according to a new report by Grand View Research, Inc. Rapid industrialization in developing economies is expected to boost the demand for the industry during the forecast period. In addition, the growing food and beverage industry is expected to positively impact product demand over the coming years.

Boilers are vessels that produce steam to fulfill heating requirements with the support of numerous energy sources including oil and gas, fossils, non-fossils, and biomass. These vessels are used by numerous industries including food and beverage, power, textiles, FMCG, and thermal power plants. Chemicals and petrochemical is the largest industry to use industrial boilers.

Growing industrialization including the expansion of existing plants and the establishment of new manufacturing plants are likely to drive the market over the forecast period. Growing population coupled with increasing disposable income is likely to boost the growth of the food and beverage industry. As a result, there is a constant expansion of manufacturing plants across the globe, which, in turn, will boost product demand, especially in developed economies.

One of the key challenges faced by the industry is the emission of harmful gases into the environment. However, strict regulations implemented by numerous regulatory bodies have driven manufacturers to modify their products accordingly. The modified products not only comply with the regulations but are also energy efficient. These changes are expected to further boost the adoption of these products, thus, driving the market.

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Industrial Boiler Market Report Highlights

• Package boilers dominated the market and accounted for 64.0% share, due to their compact design, pre-assembled construction, and ease of installation. They are ideal for small to mid-sized industrial applications requiring quick setup and reliable performance.

• Fire tube dominated the market and accounted for 49.2% share in 2024, due to their simple design, lower initial cost, and ease of operation. They are ideal for low to medium steam demands, making them popular in food processing, laundry, and small manufacturing units.

• Boilers with a capacity of 10-150 BHP dominated the market and accounted for 31.7% share in 2024, due to their suitability for small to mid-sized industrial operations. They are commonly used in food processing, pharmaceuticals, and textiles, where moderate steam output is sufficient.

• Natural gas is the dominant fuel in 2024 and accounted for a 39.7% share, due to its cleaner combustion and lower emissions compared to coal and oil. Its widespread availability and relatively stable pricing make it a preferred choice for industries aiming to meet regulatory standards

Industrial Boiler Market Segmentation

Grand View Research has segmented the global industrial boiler market report based on capacity, type, boiler type, fuel, application, and region:

Industrial Boiler  Capacity Outlook (Revenue, USD Million, 2021 - 2033)

• 10-150 BHP

• 151-300 BHP

• 301-600 BHP

• Above 600 BHP

Industrial Boiler  Type (Revenue, USD Million, 2021 - 2033)

• Package Boiler

• Field Erected Boiler

Industrial Boiler  Boiler Type Outlook (Revenue, USD Million, 2021 - 2033)

• Fire Tube

• Water Tube

• Others

Industrial Boiler  Fuel Outlook (Revenue, USD Million; 2021 - 2033)

• Natural Gas

• Coal

• Oil

• Others

Industrial Boiler  Application Outlook (Revenue, USD Million; 2021 - 2033)

• Chemicals & Petrochemicals

• Paper & Pulp

• Food & Beverages

• Metals & Mining

• Others

Industrial Boiler  Regional Outlook (Revenue, USD Million, 2021 - 2033)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • France

  • Italy

  • Spain

  • UK

  • Russia

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Thailand

  • Malaysia

  • Australia

  • Indonesia

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa

  • Saudi Arabia

  • UAE

  • South Africa

List of Key Players in Industrial Boiler Market

• Thermax Ltd.

• Siemens AG

• Bharat Heavy Electricals Ltd.

• Forbes Marshall

• Mitsubishi Heavy Industries Ltd.

• Harbin Oil Corporation

• Cheema Boilers Limited

• IHI Corporation

• AC Boilers

• Dongfang Oil Corporation Ltd.

• Cleaver-Brooks.

• Babcock and Wilcox

• Clayton Industries

• Cochran

• Doosan Heavy Industries and Construction