Press release
What factors are driving the growth of the India steam boiler systems market?
India Steam Boiler Systems Market
India Steam Boiler Systems Market is forecasted to reach USD 28.28 Bn by 2032. This growth stems from rising energy demand, expansion in industrial infrastructure, and modernization of thermal facilities in both private and public sectors.
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Market to Hit USD 28.28 Bn by 2032
India Steam Boiler Systems Market was USD 19.68 Bn in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 4.63% from 2025 to 2032, reaching USD 28.28 Bn by 2032. Rising power generation capacity, predicted to reach over 450 GW by 2030, and more government investment on infrastructure, which hit INR 10 lakh crore in 2024-2025 a 33% increase from the year before are driving the Indian market for steam boiler systems. Due to the upgrading of fossil fuel-based systems, particularly in the United States and Canada, the steam boiler market in North America is expected to rise gradually and reach a valuation of USD 5.72 billion in 2024. Under the EU Green Deal, where condensing boilers are required in certain member states, regulatory pressure to cut emissions is driving growth in the steam boiler industry in Europe, which is valued at USD 7.12 billion.
Market Segmentation
By Boiler Type: The better 92% thermal efficiency and high-pressure handling capability of water tube boilers will allow them to dominate the Indian market in 2024, with a market share of over 42%. These boilers are widely used in the petrochemical, thermal power plant, and steel industries.
By Technology: At a compound annual growth rate (CAGR) of 5.7%, condensing boilers are predicted to reach USD 9.9 billion by 2032, having contributed roughly 35% of the market in 2024. With a 90-98% thermal efficiency and an 18% fuel consumption decrease, these boilers are perfect for businesses looking to cut costs and emissions.
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Market Regional Analysis
North India, holds approximately 25% of the market share in 2024, backed by rapid industrialization in Uttar Pradesh, Haryana, and Punjab. The region is witnessing a boom in food processing, sugar mills, and small-scale textile units, where steam boilers are essential for heat and energy generation.
West India, dominates the market with over 30% share, led by Gujarat and Maharashtra, both industrial powerhouses. In Gujarat, the chemical, refining, and dyeing sectors are primary users, contributing USD 2.1 billion to the region's steam boiler revenues in 2024.
South India, is projected to grow at a CAGR of 5.2%, driven by technological innovation hubs and strong manufacturing presence in Tamil Nadu, Karnataka, and Telangana.
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Market Competitive Landscape
Thermax Limited: On March 15, 2025, Opened a new ₹320 crore plant in Pune, aiming to boost hybrid boiler production. Holds 11.2% domestic market share.
BHEL: On Feb 28, 2025, Awarded a major contract by NTPC to supply 800 MW boilers, securing over 52% share in utility-scale installations.
Siemens AG: On Jan 10, 2025, launched AI-based boiler optimization software in India, reducing fuel costs by 15% for early adopters.
Doosan Heavy Industries: On March 1, 2025, Signed MoU with L&T to jointly manufacture supercritical boilers in India. Reported revenue: KRW 16.8 trillion.
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Market Recent Trends and Developments
Integration of IoT-enabled boiler systems is on the rise, with over 18% of new installations in 2024 featuring smart sensors and real-time monitoring.
Rise in biomass-compatible boilers, especially in states with strong agro-waste supply chains like Punjab and Madhya Pradesh.
Retrofit and modernization projects accounted for USD 1.4 billion in investments in 2024 alone.
Indian manufacturers are filing more patents - over 35 new boiler technology patents were filed between 2022-2024.
Conclusion
Condensing technology adoption surged by 22% YoY in Maharashtra due to stricter emission norms and demand for fuel-efficient operations.
North India's agro-industrial zones in Punjab and UP are pushing biomass boiler adoption by 17%, driven by residue-based fuel availability.
South India's smart manufacturing sector is transitioning toward IoT-enabled boilers, contributing to 15% of smart boiler installations in 2024.
East India's mining and cement hubs are investing in high-pressure steam systems, boosting regional market revenues to USD 900 million.
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