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Boiler Insurance Market Report by Boiler Type, Boiler Fuel, Coverage Type, End User, and Region 2024-2032

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    Report

  • 135 Pages
  • August 2024
  • Region: Global
  • IMARC Group
  • ID: 5901421
Description Jump to:
The global boiler insurance market size reached US$ 11.7 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 32.4 Billion by 2032, exhibiting a growth rate (CAGR) of 11.98% during 2023-2032.

Boiler insurance refers to a type of insurance designed to cover the damages and losses caused by explosions inside or outside the boiler. A boiler is a steel pressure vessel in which fluids are heated at extremely high temperatures to generate steam or vapor. The vapors exit the boiler for use in various processes or heating applications, including water heating, central heating, boiler-based power generation, cooking and sanitation. The insurance provides coverage for the physical damages and financial loss incurred by repairing or replacing the damaged equipment after the breakdown. The insurance also covers the cost of replacing perishable goods, which are spoiled due to the failed equipment.

Boiler Insurance Market Trends:

Rapid digitization in the insurance sector, along with increasing requirement for reducing the maintenance and repairing costs associated with boilers and other equipment, is one of the key factors driving the growth of the market. Moreover, small and medium-sized enterprises are expanding their businesses and relying more on third-party liability coverage solutions to mitigate their risks and losses, which is providing a thrust to the market growth. Insurance providers are introducing novel strategies and policies to increase revenue and enhance the overall customer experience.

Additionally, various technological advancements, such as the integration of connected devices with voice-enabled troubleshooting services, are acting as other growth-inducing factors. These novel solutions enable the consumers to use advanced artificial intelligence (AI)-based services to connect directly with the organization and seek redressal in real-time. Other factors, including rapid industrialization, along with the advent of insurance policies with cost-effective premium rates, are acting as other growth-inducing factors.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global boiler insurance market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on boiler type, boiler fuel, coverage type and end user.

Breakup by Boiler Type:

  • Fire-Tube
  • Water-Tube

Breakup by Boiler Fuel:

  • Natural Gas
  • Coal
  • Oil
  • Others

Breakup by Coverage Type:

  • Boiler Cover
  • Boiler and Central Heating Cover
  • Boiler, Central Heating, Plumbing and Wiring Cover

Breakup by End User:

  • Chemicals
  • Refineries
  • Metal and Mining
  • Food and Beverages
  • Others

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Aviva plc, Axa S.A., Bosch Thermotechnology Ltd. (Robert Bosch GmbH), British Gas (Centrica PLC), CORGI HomePlan Ltd (OVO Group Ltd), Domestic & General Group Limited, Future Generali India Insurance Co. Ltd., HomeServe Membership Ltd., Tata AIG General Insurance Company Limited (Tata Sons Private Limited), The Hartford Steam Boiler Inspection and Insurance Company and YourCare Services Ltd.

Key Questions Answered in This Report

1. How big is the global boiler insurance market?
2. What is the expected growth rate of the global boiler insurance market during 2024-2032?
3. What are the key factors driving the global boiler insurance market?
4. What has been the impact of COVID-19 on the global boiler insurance market?
5. What is the breakup of the global boiler insurance market based on the boiler type?
6. What is the breakup of the global boiler insurance market based on the boiler fuel?
7. What is the breakup of the global boiler insurance market based on the coverage type?
8. What is the breakup of the global boiler insurance market based on the end user?
9. What are the key regions in the global boiler insurance market?
10. Who are the key players/companies in the global boiler insurance market?

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Boiler Insurance Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Boiler Type
6.1 Fire-Tube
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Water-Tube
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Boiler Fuel
7.1 Natural Gas
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Coal
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Oil
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Others
7.4.1 Market Trends
7.4.2 Market Forecast
8 Market Breakup by Coverage Type
8.1 Boiler Cover
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Boiler and Central Heating Cover
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Boiler, Central Heating, Plumbing and Wiring Cover
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by End User
9.1 Chemicals
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Refineries
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Metal and Mining
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Food and Beverages
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Others
9.5.1 Market Trends
9.5.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia-Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 Aviva plc
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 Financials
15.3.1.4 SWOT Analysis
15.3.2 Axa S.A.
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 Financials
15.3.2.4 SWOT Analysis
15.3.3 Bosch Thermotechnology Ltd. (Robert Bosch GmbH)
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.4 British Gas (Centrica PLC)
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.5 CORGI HomePlan Ltd (OVO Group Ltd)
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.6 Domestic & General Group Limited
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 SWOT Analysis
15.3.7 Future Generali India Insurance Co. Ltd.
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.8 HomeServe Membership Ltd.
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.8.3 Financials
15.3.8.4 SWOT Analysis
15.3.9 Tata AIG General Insurance Company Limited (Tata Sons Private Limited)
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.10 The Hartford Steam Boiler Inspection and Insurance Company
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.11 YourCare Services Ltd.
15.3.11.1 Company Overview
15.3.11.2 Product Portfolio
List of Figures
Figure 1: Global: Boiler Insurance Market: Major Drivers and Challenges
Figure 2: Global: Boiler Insurance Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Boiler Insurance Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 4: Global: Boiler Insurance Market: Breakup by Boiler Type (in %), 2023
Figure 5: Global: Boiler Insurance Market: Breakup by Boiler Fuel (in %), 2023
Figure 6: Global: Boiler Insurance Market: Breakup by Coverage Type (in %), 2023
Figure 7: Global: Boiler Insurance Market: Breakup by End User (in %), 2023
Figure 8: Global: Boiler Insurance Market: Breakup by Region (in %), 2023
Figure 9: Global: Boiler Insurance (Fire-Tube) Market: Sales Value (in Million US$), 2018 & 2023
Figure 10: Global: Boiler Insurance (Fire-Tube) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 11: Global: Boiler Insurance (Water-Tube) Market: Sales Value (in Million US$), 2018 & 2023
Figure 12: Global: Boiler Insurance (Water-Tube) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 13: Global: Boiler Insurance (Natural Gas) Market: Sales Value (in Million US$), 2018 & 2023
Figure 14: Global: Boiler Insurance (Natural Gas) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 15: Global: Boiler Insurance (Coal) Market: Sales Value (in Million US$), 2018 & 2023
Figure 16: Global: Boiler Insurance (Coal) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 17: Global: Boiler Insurance (Oil) Market: Sales Value (in Million US$), 2018 & 2023
Figure 18: Global: Boiler Insurance (Oil) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 19: Global: Boiler Insurance (Other Boiler Fuels) Market: Sales Value (in Million US$), 2018 & 2023
Figure 20: Global: Boiler Insurance (Other Boiler Fuels) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 21: Global: Boiler Insurance (Boiler Cover) Market: Sales Value (in Million US$), 2018 & 2023
Figure 22: Global: Boiler Insurance (Boiler Cover) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 23: Global: Boiler Insurance (Boiler and Central Heating Cover) Market: Sales Value (in Million US$), 2018 & 2023
Figure 24: Global: Boiler Insurance (Boiler and Central Heating Cover) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 25: Global: Boiler Insurance (Boiler, Central Heating, Plumbing and Wiring Cover) Market: Sales Value (in Million US$), 2018 & 2023
Figure 26: Global: Boiler Insurance (Boiler, Central Heating, Plumbing and Wiring Cover) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 27: Global: Boiler Insurance (Chemicals) Market: Sales Value (in Million US$), 2018 & 2023
Figure 28: Global: Boiler Insurance (Chemicals) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 29: Global: Boiler Insurance (Refineries) Market: Sales Value (in Million US$), 2018 & 2023
Figure 30: Global: Boiler Insurance (Refineries) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 31: Global: Boiler Insurance (Metal and Mining) Market: Sales Value (in Million US$), 2018 & 2023
Figure 32: Global: Boiler Insurance (Metal and Mining) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 33: Global: Boiler Insurance (Food and Beverages) Market: Sales Value (in Million US$), 2018 & 2023
Figure 34: Global: Boiler Insurance (Food and Beverages) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 35: Global: Boiler Insurance (Other End Users) Market: Sales Value (in Million US$), 2018 & 2023
Figure 36: Global: Boiler Insurance (Other End Users) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 37: North America: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 38: North America: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 39: United States: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 40: United States: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 41: Canada: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 42: Canada: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 43: Asia-Pacific: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 44: Asia-Pacific: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 45: China: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 46: China: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 47: Japan: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 48: Japan: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 49: India: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 50: India: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 51: South Korea: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 52: South Korea: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 53: Australia: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 54: Australia: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 55: Indonesia: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 56: Indonesia: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 57: Others: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 58: Others: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 59: Europe: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 60: Europe: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 61: Germany: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 62: Germany: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 63: France: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 64: France: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 65: United Kingdom: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 66: United Kingdom: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 67: Italy: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 68: Italy: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 69: Spain: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 70: Spain: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 71: Russia: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 72: Russia: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 73: Others: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 74: Others: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 75: Latin America: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 76: Latin America: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 77: Brazil: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 78: Brazil: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 79: Mexico: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 80: Mexico: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 81: Others: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 82: Others: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 83: Middle East and Africa: Boiler Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 84: Middle East and Africa: Boiler Insurance Market: Breakup by Country (in %), 2023
Figure 85: Middle East and Africa: Boiler Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 86: Global: Boiler Insurance Industry: SWOT Analysis
Figure 87: Global: Boiler Insurance Industry: Value Chain Analysis
Figure 88: Global: Boiler Insurance Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: Boiler Insurance Market: Key Industry Highlights, 2023 and 2032
Table 2: Global: Boiler Insurance Market Forecast: Breakup by Boiler Type (in Million US$), 2024-2032
Table 3: Global: Boiler Insurance Market Forecast: Breakup by Boiler Fuel (in Million US$), 2024-2032
Table 4: Global: Boiler Insurance Market Forecast: Breakup by Coverage Type (in Million US$), 2024-2032
Table 5: Global: Boiler Insurance Market Forecast: Breakup by End User (in Million US$), 2024-2032
Table 6: Global: Boiler Insurance Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 7: Global: Boiler Insurance Market: Competitive Structure
Table 8: Global: Boiler Insurance Market: Key Players

Companies Mentioned

  • Aviva plc
  • Axa S.A.
  • Bosch Thermotechnology Ltd. (Robert Bosch GmbH)
  • British Gas (Centrica PLC)
  • CORGI HomePlan Ltd (OVO Group Ltd)
  • Domestic & General Group Limited
  • Future Generali India Insurance Co. Ltd.
  • HomeServe Membership Ltd.
  • Tata AIG General Insurance Company Limited (Tata Sons Private Limited)
  • The Hartford Steam Boiler Inspection
  • Insurance Company
  • YourCare Services Ltd.

Methodology

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Table Information

Report AttributeDetails
No. of Pages135
PublishedAugust 2024
Forecast Period2023 - 2032
Estimated Market Value ( USD ) in 2023 $ 11.7 Billion
Forecasted Market Value ( USD ) by 2032 $ 32.4 Billion
Compound Annual Growth Rate12.0%
Regions CoveredGlobal
No. of Companies Mentioned12

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About the Boiler Insurance Market

Boiler Insurance is a type of property insurance that covers the cost of repairing or replacing a boiler in the event of a breakdown. It is typically taken out by homeowners and landlords to protect against the cost of unexpected repairs or replacements. Boiler Insurance policies typically cover the cost of parts and labour, as well as any additional costs associated with the repair or replacement. The policy may also cover the cost of any damage caused by the breakdown, such as damage to carpets or furniture. Boiler Insurance policies may also include additional benefits such as cover for accidental damage, cover for alternative accommodation if the boiler breakdown results in the property becoming uninhabitable, and cover for the cost of call-out fees. Some companies offering Boiler Insurance include British Gas, Aviva, Direct Line, and AXA. Show Less Read more

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