Global Steam Boiler System Market Size Study & Forecast, by Component (Boiler, Economizer, Superheater, Air Preheater, Feed Pump), by Type (Watertube Boiler, Fire Tube Boiler), by Fuel (Coal, Gas, Biomass, Oil, Electric) and Regional Forecasts 2025-2035

The Global Steam Boiler System Market is valued at approximately USD 22.52 billion in 2024 and is poised to grow at a steady compound annual growth rate (CAGR) of 4.13% over the forecast period 2025 to 2035. Steam boiler systems serve as the backbone for power generation and industrial heating processes, delivering thermal energy through steam to facilitate various functions across manufacturing, chemical processing, refineries, and energy sectors. As industries worldwide push for greater operational efficiency and energy conservation, the adoption of modern boiler systems has accelerated. This surge is further reinforced by global initiatives aimed at reducing carbon footprints, promoting cleaner combustion technologies, and optimizing industrial energy use. The evolution of fuel-flexible and modular steam boilers has opened new frontiers for utilities and process industries to integrate sustainable practices without compromising productivity.

Fuel diversification and heightened environmental concerns have also fueled the transformation of the steam boiler landscape. Increasing utilization of biomass, natural gas, and electric boilers is gaining traction as organizations pivot from coal-based systems to lower-emission alternatives. Additionally, technological enhancements such as integrated economizers, superheaters, and preheaters have amplified thermal efficiency and reduced operational costs. These innovations, coupled with smart monitoring systems and remote diagnostics, are revolutionizing the way industrial boilers are operated and maintained. The modernization of infrastructure, especially in oil refineries, chemical plants, food processing units, and pharmaceutical factories, continues to expand the demand base for advanced steam boiler systems.

Regionally, North America currently leads the global market, attributed to stringent energy regulations, mature industrial ecosystems, and early adoption of green technologies. The U.S., in particular, is seeing strong replacement demand for aging boiler assets in manufacturing and institutional settings. Meanwhile, Europe is experiencing parallel growth due to EU-led decarbonization frameworks and technological revamps across the energy and industrial sectors. Asia Pacific, however, is projected to witness the fastest expansion during the forecast period. Countries like China and India are significantly ramping up industrial capacity, construction activities, and urban infrastructure, creating a favorable environment for boiler system installations. Rapid industrialization, increasing energy consumption, and expanding power generation infrastructure are all critical elements steering APAC’s growth trajectory. Latin America and the Middle East & Africa, though comparatively nascent, are beginning to exhibit measurable momentum thanks to infrastructure investment and industrial modernization efforts.

Major market player included in this report are:
• Siemens AG
• Mitsubishi Power, Ltd.
• General Electric Company
• Bosch Industriekessel GmbH
• Cleaver-Brooks, Inc.
• Babcock & Wilcox Enterprises, Inc.
• Fulton Boiler Works, Inc.
• Thermax Limited
• Hurst Boiler & Welding Company, Inc.
• Miura Co., Ltd.
• Forbes Marshall Pvt. Ltd.
• Clayton Industries
• Rentech Boiler Systems, Inc.
• Alfa Laval AB
• Cochran Ltd.

Global Steam Boiler System Market Report Scope:
• Historical Data – 2023, 2024
• Base Year for Estimation – 2024
• Forecast period – 2025-2035
• Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
• Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study. The report also provides detailed information about crucial aspects, such as driving factors and challenges, which will define the future growth of the market. Additionally, it incorporates potential opportunities in micro-markets for stakeholders to invest, along with a detailed analysis of the competitive landscape and product offerings of key players.

The detailed segments and sub-segments of the market are explained below:

By Component:
• Boiler
• Economizer
• Superheater
• Air Preheater
• Feed Pump

By Type:
• Watertube Boiler
• Fire Tube Boiler

By Fuel:
• Coal
• Gas
• Biomass
• Oil
• Electric

By Region:

North America
• U.S.
• Canada

Europe
• UK
• Germany
• France
• Spain
• Italy
• Rest of Europe

Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia Pacific

Latin America
• Brazil
• Mexico

Middle East & Africa
• UAE
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa

Key Takeaways:
• Market Estimates & Forecast for 10 years from 2025 to 2035.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.

Please note:The single user license is non-downloadable and non-printable. Global Site license allows these actions. Show more