Press release
Boiler Insurance Market Poised for 15 % Growth, Set to Hit $24.4 Billion by 2029
Boiler Insurance Market
The escalating incidences of explosions and associated harm in industries are propelling the boiler insurance market. Boilers, which are sealed containers utilized to heat water and generate steam for industrial uses, operate at elevated temperatures and necessitate careful handling. In certain cases, a failure to follow safety measures can result in boiler explosions. These terrifying events can lead to severe financial burdens for businesses, a situation alleviated by boiler insurance. Citing a report from Hans India, an Indian media company, in January 2022, an alarming figure of 23,000 boiler accidents occurred worldwide in the last decade, with 34% of fatality cases from India alone. As such, the surge in explosions and associated damage is boosting the boiler insurance market.
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What is the future CAGR of the boiler insurance market, and how will it impact industry expansion?
The market size of boiler insurance has seen a fast-paced expansion in the recent past. The size of this market is expected to rise from $12.18 billion in 2024 to $14.06 billion in 2025, corresponding to a Compound Annual Growth Rate (CAGR) of 15.4%. Key contributors to the growth during this historical period include industrial expansion, risk management, concerns over boiler safety, globalization of various industries, increase in boiler installation, preventive upkeep, and changes in the energy domain.
Anticipated to witness a swift expansion in the forthcoming years, the boiler insurance market is poised to inflate to $24.4 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 14.8%. This promising progression in the projected period can be credited to factors such as the growing adoption of renewable energy sources, improvement in boiler efficiency, global energy transition, customized insurance policies, and problems related to cyber security. Key developments forecasted for this period encompass remote monitoring, boiler retrofitting, incorporation of IoT and sensors, digitizing of claims handling, enhanced underwriting through data analytics, and market proliferation into emerging areas.
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What are the most significant trends transforming the boiler insurance market today?
The increasing use of cutting-edge technologies is becoming a significant trend in the boiler insurance market. Major players in this sector are incorporating these innovative technologies into their insurance offerings to maintain their competitive advantage. For instance, in September 2022, the US-based Hartford Steam Boiler Inspection and Insurance Company, renowned for its specialization in engineering and technical risk insurance, specifically for boilers, launched Meshify Protect, an application for sensor monitoring and alerts in industrial operations. The Meshify Protect app simplifies sensor activation, oversees location conditions, and promptly alerts about water leakage, frozen pipes, drastic temperature changes, equipment breakdown, and other potentially damaging circumstances utilizing IoT technology. What's more, this app provides insurers and operators with assistance for predictive and preventive loss evaluations that can aid in fine-tuning industrial operations and facilitating novel business models, all under the umbrella of financial protection.
Which key market segments comprise the boiler insurance market and drive its revenue growth?
The boiler insurance market covered in this report is segmented -
1) By Type: Boiler Repairs, Boiler Servicing, Plumbing And Drainage Repairs, Other Types
2) By Boiler Type: Fire-Tube, Water-Tube
3) By Plans: Gold, Platinum, Other Plans
4) By End User: Chemicals, Refineries, Metal And Mining, Food And Beverages, Other End Users
Subsegments:
1) By Boiler Repairs: Emergency Repairs, Routine Repairs
2) By Boiler Servicing: Annual Maintenance, Safety Inspections
3) By Plumbing And Drainage Repairs: Pipe Repairs, Drain Cleaning Services
4) By Other Types: Installation Coverage, Parts Replacement
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What regions are at the forefront of boiler insurance market expansion?
North America was the largest region in the boiler insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the boiler insurance market report during the forecast period. The regions covered in the boiler insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the boiler insurance market?
Major companies operating in the boiler insurance market include Aviva plc, Axa S.A., Centrica plc, CORGI HomePlan Ltd., Domestic & General Group Limited, Future Generali India Insurance Co. Ltd., HDFC ERGO General Insurance Company Limited, HomeServe Membership Ltd., Liberty Mutual Group Inc., Tata AIG General Insurance Company Limited, The Travelers Indemnity Company, Zurich Insurance Group Ltd., British Gas Services Ltd., Allianz SE, Chubb Limited, American International Group Inc., Münchener Rückversicherungs-Gesellschaft, Swinton Insurance Ltd., Admiral Insurance Co., Churchill Insurance Company Limited, Legal & General Group plc, Hartford Steam Boiler Inspection and Insurance Company, Factory Mutual Insurance Company, Allianz Global Corporate & Specialty SE, Berkshire Hathaway Specialty Insurance Co., AXA XL, Travelers Companies Inc.
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What Is Covered In The Boiler Insurance Global Market Report?
• Market Size Forecast: Examine the boiler insurance market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the boiler insurance market for a structured understanding.
• Key Players Overview: Analyze major players in the boiler insurance market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the boiler insurance market.
• Segment Contributions: Evaluate how different segments drive overall growth in the boiler insurance market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the boiler insurance market.
• Industry Challenges: Identify potential risks and obstacles affecting the boiler insurance market.
• Competitive Landscape: Review strategic developments in the boiler insurance market, including expansions, agreements, and new product launches.
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