Press release
Boiler Insurance Market Poised to Hit $24.39 Billion by 2029 with Accelerating Growth Trends
Boiler Insurance Market Size
Boiler Insurance Market Size Growth Forecast: What to Expect by 2025?
In recent times, the boiler insurance market has witnessed rapid expansion. An increase from $12.18 billion in 2024 to $14.06 billion in 2025 is predicted, equating to a compound annual growth rate (CAGR) of 15.4%. The spike in the historical period can be traced back to industrial expansion, reduction of risk, concerns surrounding boiler safety, the global spread of industries, a surge in boiler installations, proactive upkeep, and shifts in the energy sector.
How Will the Boiler Insurance Market Size Evolve and Grow by 2029?
Anticipated to see a swift surge in the foroming years, the boiler insurance market is expected to expand to a whopping $24.4 billion by the year 2029, with an impressive compound annual growth rate (CAGR) of 14.8%. This robust growth within the projection period can be ascribed to factors such as renewable energy sources, enhancements in boiler efficiency, the worldwide shift towards energy transition, personalized policies, and issues surrounding cybersecurity. The projected period will likely see dominant trends such as remote monitoring, boiler retrofits, the incorporation of IoT and sensors, the digital transformation of claims processing, improved data analytics for underwriting, and market development in burgeoning regions.
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What Drivers Are Propelling the Growth of Boiler Insurance Market Forward?
The boiler insurance market is being propelled by the rising frequency of explosions and associated industrial damage. Boilers are sealed containers that heat water and generate steam for industrial usages. Due to operating at elevated temperatures, it is crucial to handle them cautiously. A lack of safety measures often results in boiler explosions. These fires can have devastating consequences and impose significant financial burdens on companies. Boiler insurance can aid businesses in mitigating the financial losses under such circumstances. For example, Hans India reported in January 2022 that an astonishing 23,000 boiler mishaps have been documented globally over the preceding decade, with India responsible for 34% of total fatalities. Hence, the escalating number of explosions and corresponding damages is facilitating further growth of the boiler insurance market.
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Which Emerging Trends Are Transforming the Boiler Insurance Market in 2025?
Embracing cutting-edge technologies is a leading trend that is gaining traction in the boiler insurance market. To maintain their market standing, significant firms are incorporating high-tech solutions into their insurance offerings. For example, in September 2022, Hartford Steam Boiler Inspection and Insurance Company, a firm based in the US that specializes in engineering and technical risk insurance, notably for boilers, launched Meshify Protect. This mobile app, designed for sensor monitoring and alert generation in industrial operations, simplifies sensor activation, oversees site conditions, and promptly notifies about issues such as water leaks, frozen pipes, extremely high or low temperatures, equipment malfunctions, and other potentially dangerous situations via IoT technology. Furthermore, the app offers insurance companies and operators assistance with predictive and preventative loss analyses that can be leveraged to optimize industrial operations, and enable new business models, all financially backed.
What Are the Key Segments in the Boiler Insurance Market?
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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Who Are the Key Players Shaping the Boiler Insurance Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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
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