Industrial Boilers Market Size Projected to Reach $24.6 billion by 2034 | 3.7%

Industrial boilers use electricity, coal, gas, biomass, and other sources to produce steam for heating purposes. Rising adoption of boilers in the food and beverage industries, stringent government regulations, and increasing popularity of solar panels drives the market growth. However, the huge installation cost hinders the market growth.

According to Straits Research, the global Industrial Boilers Market was valued at $17.1 billion in 2025 and is projected to reach $24.6 billion by 2034, registering a CAGR of 3.7% during the forecast period (2026–2034).

Impact of COVID-19

The demand for boiler is decelerating amidst the COVID-19 pandemic as most of the manufacturers are forced to shut down their operations. Halt in the trade activities has reduced the availability of raw materials.However, the market is projected to witness a slight growth on account of rising consumer demand for clean energy, which has compelled the manufacturers to produce electricity using boilers.

Key Highlights

• The fire tube segment is likely to hold the highest market share
• The food and beverage segment dominates the market
• North America leads Industrial boiler market on account of rapid industrialization
• Asia-Pacific is projected to hold the largest market share as several manufacturers are establishing their presence in the region due to easy access to raw materials and availability of low-cost labor

Market Segments

1. By Type
   1. Fire Tube
   2. Water Tube
   3. Cast Iron
   4. Combination/Hybrid
2. By Heat Source
   1. Coal
   2. Biomass
   3. Oil & Gas
   4. Electric
   5. Wood Fired
   6. Electric
3. By Application
   1. Food & Beverage
   2. Textile
   3. Heating
   4. Building Materials
   5. Chemical Industry
   6. Paper