According to a new report published by Allied Market Research titled, “Steam Boiler Market by Type, Fuel Type, Pressure, and End-Use Industry: Opportunity Analysis and Industry Forecast, 2020–2027,” The steam boiler market was valued at $15.6 billion in 2019, and is projected to reach $20.0 billion by 2027, growing at a CAGR of 3.3% from 2020 to 2027.
A steam boiler is a device designed to generate steam by heating water using the energy produced from the combustion of fuels. The steam generated is used across various applications, including heating systems and power generation. Key components of a steam boiler include the shell, furnace, grate, heating surface, and a range of mounting and auxiliary accessories. These systems are widely utilized across several industries such as food processing, rice milling, pharmaceuticals, metal forging, chemicals, and power generation.
The growth of the steam boiler market is largely driven by the expansion of end-use industries like oil & gas, chemicals, metal mining, food processing, and pharmaceuticals. Additionally, the increasing demand for steam boilers in colder regions as a reliable heating source further supports market growth. However, the market faces challenges due to stringent environmental regulations targeting emissions from coal and other conventional fuels, as well as the rapid adoption of renewable energy alternatives.
Among the various boiler types, the water tube boiler segment accounted for the largest market share—approximately 73.3% in 2019—and is expected to continue leading the market during the forecast period. This dominance is attributed to the rising demand for boilers that offer high thermal efficiency and the ability to generate high-temperature steam, especially in the power generation sector. Water tube boilers also offer several advantages over fire tube boilers, such as faster steam generation, ease of transport, better efficiency, and adaptability to fluctuating loads, which further enhances their appeal across industrial applications.
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The steam boiler market is experiencing strong growth due to the continued expansion of industrial sectors such as oil & gas, food processing, pharmaceuticals, chemicals, and metal manufacturing. These industries rely heavily on steam for a wide range of processes, including sterilization, heating, power generation, and material processing. As global industrialization accelerates—particularly in emerging economies—so does the demand for efficient and reliable steam generation systems.
Another major driver is the increasing demand for heating solutions in colder regions, where steam boilers are widely used for space heating and hot water supply. This seasonal and geographic need boosts the market, especially in residential and commercial applications. Additionally, technological advancements in boiler systems—such as automation, remote monitoring, and improved fuel efficiency—are making steam boilers more attractive by reducing operational costs and enhancing safety and performance.
The market is also being propelled by the growing need for high-efficiency, low-emission boilers in the power generation industry. The shift toward energy-efficient systems, driven by both economic and environmental concerns, has led to increased adoption of water tube boilers and other advanced designs that support high-pressure, high-temperature steam production. While environmental regulations pose challenges to traditional coal-fired boilers, they are simultaneously encouraging innovation and adoption of cleaner, more efficient steam boiler technologies.
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The global steam boiler market is segmented into type, fuel type, pressure, end-use industry, and region. Depending on type, the market is bifurcated into water tube boiler and fire tube boiler. On the basis of fuel type, it is categorized into coal fired, oil fired, gas fired, and others. By pressure, it is classified into low pressure and high pressure. Based on end-use industry, it is fragmented into power generation, oil & gas, chemical, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of fuel type, the gas fired segment holds the highest growth rate of 3.6%, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rise in awareness and implementation of stringent government regulations toward low emission fuels. In addition, gas fired steam boiler possesses advantages such as faster steam production, less greenhouse gas emissions, better operational performance, high efficiency, and others.
On the basis of pressure, the high-pressure segment holds the largest market share of about 69.7%, in terms of revenue, and is expected to grow at a CAGR of 3.3%. This is attributed to increase in demand for high pressure steam boilers from various industries, including food & processing, pulp & paper, chemical, pharmaceutical, manufacturing, and others.
On the basis of end-use industry, the power generation segment holds the highest growth rate, in terms of revenue, and is expected to grow at a CAGR of 3.5%. This is attributed to increase in electricity demand from various customers ranging from individual residential customer to industrial customers across the globe.
On the basis of region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the highest CAGR of 3.6% and anticipated to maintain this trend during the forecast period. This is attributed to numerous factors such as presence of huge consumer base and the availability of key players in the region. Moreover, rise in demand for electricity from developing countries, such as China, Japan, Australia, and India, is anticipated to contribute to the growth of the steam boiler market in the Asia-Pacific region.
The global steam boiler market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include General Electric, Babcock & Wilcox Enterprises, Inc., IHI Corporation, Forbes Marshall, Mitsubishi Heavy Industries, Ltd., Viessmann Limited, Alfa Laval AB, Thyssenkrup, Hurst Boiler & Welding, Inc. and Thermax Limited.
Other players operating in the value chain of the global steam boiler market are Fulton Boiler, Clayton Industries, Cleaver-Brooks, Inc., Cochran Ltd., Dongfeng Electric, and Walchandnagar Industries Limited.
The report provides a detailed analysis of these key players in the global steam boiler industry. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
