Boiler & Heat Exchanger Manufacturing in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

Boiling hot: A continued rebounding industrial and general manufacturing market is forecast to boost industry demand

Manufacturers produce boilers and heat exchangers for heating liquids for the industrial, energy and commercial markets. During recent years, the industry has experienced high levels of volatility. Manufacturers rely on various industries, resulting in a diversified revenue stream. The 2020 pandemic affected multiple downstream markets, particularly vehicle manufacturing. Similarly, rising inflation and interest rates have hindered growth in the nonresidential construction sector. However, the war in Ukraine led to a global slowdown in oil production, boosting demand for the domestic oil and gas sector, a major market of the industry. As a result, boiler and heat exchanger manufacturing revenue is expected to grow at a CAGR of 1.7% to $10.0 billion over the five years to 2023, including a dip of 2.6% in 2023 alone.

This industry primarily manufactures boilers and heat exchangers. Boilers are closed vessels where the fluid is heated, while heat exchangers enable thermal energy to be transferred between fluids while keeping them separate. Industry products are used in a variety of industrial, energy and commercial markets.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.