Growth and Innovation in Boilers

The boiler market expands rapidly, driven by technology, sustainability, and regulatory demands in various sectors.

Boiler Services

Market Analysis

The global boiler market is experiencing robust growth, with valuations ranging from $16.55 billion to $100.3 billion in 2024. Major regions, such as North America, Europe, and Asia Pacific, are witnessing strong demand driven by industrial expansion, replacement of outdated units, and heightened energy efficiency requirements. In the U.S., the market is set to rise from $4.5 billion in 2024 to $7.9 billion by 2034, growing at a 5.7% CAGR. Market drivers include environmental regulations, decarbonization policies, and government incentives. However, challenges persist due to volatile raw material costs, supply chain uncertainties, and the shift towards electrification.
~
$
4.5
B

Market Value 2024 (U.S)

~
$
7.9
B

Market Value 2030 (U.S)

5.7
%

CAGR (U.S)

Key Market Drivers

Increasing concerns about carbon emissions

Replacement of outdated steam-generating units with energy-efficient boilers

Aging infrastructure

Market Inhibitors

Fluctuating raw material prices

Uncertainties in the supply chain

Stringent emission regulations

Our Insights

The boiler services sector faces a pivotal moment shaped by regulatory demands, technological evolution, and intensifying competition. Businesses must prioritize agile compliance strategies, invest in digitalization, and proactively address cybersecurity. Differentiation hinges on specialized offerings and tailored solutions, particularly for high-demand industries. Consolidation presents both a threat and an opportunity—scale and partnerships will be key for midsize players. Sustainability, predictive maintenance, and energy efficiency should be emphasized in both service delivery and marketing. Ultimately, continuous investment in innovation, regulatory monitoring, and risk mitigation will be essential to thrive, as electrification and alternative heating methods disrupt traditional business models.

Key Players in The Industry

Fulton

Designs and manufactures a wide range of boiler systems.

Weil-McLain

Weil-McLain leads in high-efficiency boilers and hydronic heating solutions, serving residential, commercial, and institutional markets.

Miura America

A leading manufacturer of industrial steam boilers, Miura America specializes in high-efficiency, low NOx modular systems.

Recent
M&A Activity

Key trends include consolidation, a focus on expanding service capabilities and adopting new technologies, and growth in the industrial boiler and HVAC services markets. Consolidation is driven by private equity interest and strategic expansion.
Acquisition
September 29, 2023
Plexus Capital, National Boiler Service (NBS)
Expand customer base and complementary services.
Partnership/MOU
October 18, 2023
Jericho Energy Ventures, Superior Boiler
Scale production of zero-emission hydrogen-fueled boilers.
Acquisition
September 2024
Thermogenics, Pyro Combustion & Controls
Expand US Southwest operations and service capabilities.

Start the Conversation. Explore the Fit.

If you’re weighing capital options — or want a clearer view of your strategic landscape — we’re happy to share what we’re seeing in your industry. No expectations. Just an informed dialogue built around your priorities.

Request an Exploration Call