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Boiler Insurance Market Forecast 2025-2034: Comprehensive Analysis And Growth Opportunities
Boiler Insurance
What Is the Projected Growth of the Boiler Insurance Market?
The size of the boiler insurance market has seen rapid expansion in recent years. The market, which was valued at $12.18 billion in 2024, is expected to rise to $14.06 billion in 2025, representing a compound annual growth rate of 15.4%. This considerable growth during the historical period is due to factors such as industrial development, risk reduction strategies, concerns over boiler safety, the globalization of industries, an increase in boiler installations, routine preventative maintenance, and changes in the energy sector.
In the coming years, the boiler insurance market is predicted to witness swift expansion. The anticipated growth rate is set at a compound annual growth rate (CAGR) of 14.8%, projecting a market value of $24.4 billion by 2029. This predicted growth during the forecast period can be attributed to factors like the adoption of renewable energy sources, improved boiler efficiency, worldwide energy transition, tailored policies, and concerns about cybersecurity. Key emerging trends within this forecast period encompass remote monitoring, boiler upgrades, the incorporation of Internet of Things (IoT) and sensors, digitization of claim processes, advanced data analytics for underwriting, and market penetration into developing regions.
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What Are the Different Boiler Insurance Market Segments?
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 Are the Primary Drivers Shaping the Boiler Insurance Market?
The boiler insurance market is being fueled by a rise in explosions and associated industry destruction. Boilers, enclosed vessels designed to heat water and generate steam for industrial uses, function at elevated temperatures and therefore necessitate careful operation. Boiler explosions can occur if safety measures fail, often resulting in disastrous fires and significant monetary losses for companies. Boiler insurance can shield firms from these potential financial consequences. For example, Hans India, an Indian media outlet, reported in January 2022 that over the past decade, an alarming 23,000 boiler accidents have been documented globally, and India alone was responsible for 34% of total fatalities. Consequently, the escalation in explosions and associated harms is propelling the boiler insurance market's growth.
Which Companies Are Leading 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.
What Are the Major Trends Shaping the Boiler Insurance Market?
Embracing cutting-edge technologies is an emerging trend in the boiler insurance market that continues to gain traction. To maintain their competitive stance, leading companies are incorporating such technologies into their insurance offerings. An example of this is from September 2022 when the US-based Hartford Steam Boiler Inspection and Insurance Company, known for its specialization in engineering and technical risk insurance - particularly for boilers, launched Meshify Protect. This mobile app offers sensor monitoring and industry operation alerts. Meshify Protect simplifies the process of sensor activation, examines site conditions, and promptly sends alerts about water leakage, frozen pipes, extremely high or low temperatures, machinery malfunctions, and other potentially hazardous circumstances using IoT technology. In addition, this app provides insurers and operators with predictive and preventive loss analyses useful in enhancing industry operations and facilitating innovative business models, all under financial coverage.
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What Are the Top Revenue-Generating Geographies in the Boiler Insurance Market?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Boiler Insurance Market?
2. What is the CAGR expected in the Boiler Insurance Market?
3. What Are the Key Innovations Transforming the Boiler Insurance Industry?
4. Which Region Is Leading the Boiler Insurance Market?
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