Industrial Boilers Market Report 2026

The industrial boilers market size has grown strongly in recent years. It will grow from $16.13 billion in 2025 to $17.23 billion in 2026 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to industrial steam demand, fossil fuel availability, expansion of manufacturing plants, centralized heating systems, traditional boiler designs.

The industrial boilers market size is expected to see strong growth in the next few years. It will grow to $22.39 billion in 2030 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to decarbonization targets, fuel switching initiatives, industrial energy optimization, automation in boiler operations, demand for reliable process heat. Major trends in the forecast period include shift toward high efficiency boilers, adoption of biomass and cleaner fuels, integration of smart boiler controls, demand for compact boiler systems, expansion of process heating applications.

The increasing power generation is expected to drive the industrial boilers market going forward. Power generation refers to the process of producing electricity from primary energy sources such as fossil fuels, nuclear, or renewable sources to supply homes, industries, and infrastructure. It converts mechanical, chemical, or solar energy into electrical energy for consumption. The growth in power generation is driven by rising electricity demand, enabling the supply of energy to industries, households, and infrastructure, thereby supporting economic growth and development. Industrial boilers support power generation by efficiently producing high-pressure steam or hot water, which drives turbines and generates electricity for large-scale power plants and industrial facilities. For example, in May 2024, according to Ember, a UK-based independent, non-profit climate and energy organization, global electricity demand increased by 627 TWh in 2023, reflecting a significant rise in power generation across major regions. Therefore, the increasing power generation will support the growth of the industrial boilers market during the forecast period.

Major companies operating in the industrial boilers market are focusing on developing advanced solutions, such as oxy-combustion carbon-capture boilers, to meet the rising demand for low-carbon power generation and sustainable industrial steam. Oxy-combustion carbon-capture boilers are systems that burn fuel in nearly pure oxygen instead of air, resulting in flue gases composed primarily of CO₂ and water vapor, which can be efficiently captured and liquefied to reduce greenhouse gas emissions. For instance, in June 2025, ENGIE, a France-based energy company, commissioned its new Ch0C gas boiler, a next-generation industrial gas boiler designed for industrial applications such as manufacturing, chemical, and food processing. The Ch0C boiler integrates a high-efficiency combustion system with downstream CO₂ capture, offering comparable thermal output and steam-generation capacity to conventional gas-fired boilers while capturing about 90% of CO₂ emissions. Its design enables industries to maintain operational performance while meeting stricter emission regulations, making it a sustainable alternative to traditional boilers.

In January 2024, Thermon Group Holdings Inc., a US-based provider of industrial heating solutions, acquired Vapor Power International, LLC for an undisclosed sum. This acquisition expands Thermon's product offerings in electric resistance and low-emission technologies, aligning with current trends toward decarbonization and electrification. Vapor Power International LLC is a US-based manufacturer of industrial boilers.

Major companies operating in the industrial boilers market are Siemens AG, Thermax Limited, Harbin Electric Corporation, Bharat Heavy Electricals Limited, General Electric Company, Dongfang Electric Corporation Ltd., Babcock & Wilcox Enterprises Inc., IHI Corporation, Mitsubishi Heavy Industries Ltd., Cleaver-Brooks Inc., John Wood Group Plc., Doosan Heavy Industries & Construction Co. Ltd., Forbes Marshall Pvt. Ltd., Sofinter SPA, AC Boilers S.P.A, Alfa Laval AB, Bosch Industriekessel GmbH, Hurst Boiler & Welding Company Inc., Miura Co. Ltd., Zhengzhou Boiler (Group) Co. Ltd., Mitsui & Co Ltd, ABB Ltd, Viessmann Boilers, Fulton, IBurnham Commercial.

North America was the largest region in the industrial boilers market in 2025. The regions covered in the industrial boilers market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the industrial boilers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The industrial boilers market consists of sales of heating components such as burners, combustion chambers, heat exchangers, control systems, supply lines, circulator pumps, exhaust stacks, and related products. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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