Boiler Insurance Market Size, Share, Industry Analysis, Trends, Report 2023-2028

The latest report published by IMARC Group, titled "Boiler Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on boiler insurance market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global boiler insurance market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 22.6 Billion by 2028, exhibiting a growth rate (CAGR) of 14.3% during 2023-2028.

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Boiler insurance is a specific type of coverage designed to protect homeowners and businesses against the costs associated with repairing or replacing a boiler and its associated central heating system components. This type of insurance is particularly relevant in regions where boilers are a common method of heating buildings. The coverage typically includes the cost of labor and parts for repairs, and in some cases, it may cover the cost of a complete replacement if the boiler is deemed beyond repair. The need for boiler insurance arises from the fact that boiler repairs can be expensive and unexpected. Boilers, being mechanical devices, are prone to wear and tear, breakdowns, and functional issues over time. Regular maintenance can mitigate these risks, but even well-maintained boilers can experience problems. Boiler insurance policies often include annual maintenance checks, which can help prevent breakdowns and prolong the life of the boiler.

Market Trends:

The increasing recognition of the potential costs and inconveniences associated with boiler breakdowns is driving the global market. Homeowners and businesses are increasingly aware of the high expenses related to repairing or replacing a malfunctioning boiler, including the costs of labor, parts, and potential property damage. Boiler insurance offers a cost-effective solution by covering these expenses, thereby providing peace of mind and financial security to policyholders. Furthermore, the rise in property development and the construction sector also plays a significant role in driving the boiler insurance market. New constructions often include boiler insurance as part of their property management and maintenance plans, ensuring long-term protection and maintenance of heating systems. Furthermore, the increasing complexity and technological advancement of modern heating systems have made repairs more specialized and expensive.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• 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
• YourCare Services Ltd

Boiler Insurance Market Segmentation:

Our report has categorized the market based on region, 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)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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This release was published on openPR.