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Industrial boilers are used to generate steam or hot water for industrial processes. The industrial boiler market refers to the global industry that designs, manufactures, installs, and services boilers. The boilers are critical for heat generation, power production, and process support in large-scale facilities. Industrial boilers are widely used for process heating, electricity generation, sterilization, drying, and chemical reactions. They are essential infrastructure across multiple industrial value chains. A few industrial boiler types are fire-tube, water-tube, electric, and hybrid. The industrial boilers market serves OEM and aftermarket segments, including installation, retrofitting, maintenance, and digital monitoring. Industries emphasize energy efficiency, emission reduction, and automation adoption. Hence, industrial boilers are evolving into low-carbon and high-efficiency thermal systems.
Global Market Size & Growth Trajectory
The global industrial boiler market size was valued at USD 16.59 billion in 2024. The market is expected to reach USD 23.57 billion at CAGR of 3.6% during 2026–2034. Rapid industrialization, rising energy demand, and infrastructure expansion in emerging economies boost the market growth. Stringent emission regulations and decarbonization initiatives also support the growth. Increasing shift toward energy-efficient heating systems is expected to boost the expansion. The rising requirement for continuous, high-efficiency steam generation in refining, processing, and power transformer applications propels the demand for specialized oil & gas boilers.
Key Players and Competitive Scenario in Industrial Boiler Market
The industrial boiler market is witnessing intense competition. Key players are prioritizing technology advancements to develop efficient and low-emission boilers. They emphasize on offering boilers that can adhere to stringent global environmental regulations. Mergers and acquisitions enable companies to diversify product portfolios. Following are top industrial boiler companies:
Alfa Laval AB
Alfa Laval was founded 140 years ago. The company has customers across 100 countries. It has more than 22,300 employees. The company is listed on Nasdaq Stockholm.Alfa Laval provides products across various areas such as heat transfer and recovery, and water treatment. It emphasizes on reducing environmental impact of industrial processes and improving energy efficiency. The company offers many products, including oil/gas-fired steam boilers, oil/gas-fired composite steam boilers, electric steam boilers, and exhaust gas steam boilers. On June 4, 2025, Alfa Laval announced that it had secured order for the marine boiler system. The system facilitates safe incineration of ammonia emissions.
Andritz AG
ANDRITZ, an international technology group, was founded in 1852. It is headquartered in Austria. The company provides advanced plants, equipment, services, and digital solutions for numerous industries, including pulp and paper, metals, and environmental. The group comprises 30,000 employees across 80 countries. Its ANDRITZ PULP & PAPER segment offers boilers for power generation, panelboard (MDF) production systems, and numerous nonwoven technologies. It has portfolio of products that generate steam and electricity from renewable solid fuels, including biogenic residues, biomass, and sewage sludge. It’s a few power boiler technologies are PowerFluid Circulating Fluidized Bed (CFB) Boilers, EcoFluid Bubbling Fluidized Bed (BFB) Boilers, EcoFluid Bubbling Fluidized Bed (BFB) Boilers for sewage sludge mono-incineration, and FlexSol, water- and air-cooled reciprocating step grate and BioSol, water-cooled vibrating grate boiler. These systems are used to combust various fuels, including biomass, municipal solid waste (MSW), refuse-derived fuel (RDF), and solid recovered fuel (SRF).
Bharat Heavy Electricals Limited (BHEL)
Bharat Heavy Electricals Limited (BHEL) is a manufacturer of electrical equipment and services for power generation and transmission. It offers heavy electrical machinery. The company was founded in 1964. It is headquartered in New Delhi, India. Bharat Heavy Electricals Limited has a significant footprint in over 80 countries. BHEL offers boilers, turbines, generators, transformers, and other products for thermal and hydroelectric power plants. Furthermore, in the power plant boiler market, BHEL designs and manufacture high-efficiency boilers. These boilers provide diverse energy needs. The company is manufacturing and supplying industrial boilers and boiler components across power plants and various industrial sectors worldwide. It provides a wide range of boilers, including fuel-flexible boilers for large-scale projects.
Robert Bosch GmbH
The Bosch Home Comfort Group is a European provider of various smart, sustainable, and energy-efficient solutions. The company offers heating, cooling, comfort, and process heat. The company offers green technologies for residential, commercial, and industrial applications across the world. Bosch offers hot water boilers, heating boilers, steam boilers, and other boiler products for commercial and industrial operations. On December 18, 2025, Bosch Industriekessel GmbH announced a strategic partnership with A.E.P. Thermal Inc. Both companies will combine their technological and expertise. They aim to develop electrode boiler technology for the target markets of Bosch Industriekessel.
Mitsubishi Heavy Industries, Ltd.
Mitsubishi Heavy Industries (MHI) Group offers products and solutions across various industries such as energy, industrial machinery and aerospace & defense. Mitsubishi provides boiler machines across the world. Its machines facilitate efficient and environmentally friendly boiler power generation. The company claims that its systems enable power generation with minimal nitrogen oxides (NOx), soot, and dust emissions. On November 05, 2025, Mitsubishi Power, a power solutions brand of MHI, received a contract to upgrade existing boiler equipment at the O Mon 1 Thermal Power Plant in Vietnam.
Siemens AG
Siemens AG was founded in 1847 and is headquartered in Munich, Germany. The company operates in approximately 190 countries. Its product portfolio includes systems for power generation and transmission, industrial automation equipment, medical devices, and smart infrastructure solutions. Siemens AG operates in the industrial boiler sector. The company offers automation, control systems, and digital solutions. These solutions improve the efficiency and safety of industrial boilers. It integrates advanced technologies to optimize boiler processes. It supports numerous industries worldwide with its engineering expertise and digitalization capabilities.
Conclusion
Industrial boiler market participants are launching advanced boiler systems with smart control technologies and automation. The technologies help meet the rising demand for operational efficiency and remote monitoring. They also focus on developing energy efficient industrial boilers to save energy costs and reduce energy consumption. Industrial boiler manufacturers focus on expanding manufacturing capabilities. These initiatives also help them enhance distribution networks and penetrate emerging markets.
