Increasing Electricity Demand Fueling The Growth Of The Market Due To Rising Industrialization And Continuous Energy Needs Driving Market Acceleration in the Utility Boiler Industry, 2025

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How Large Will the Utility Boiler Market Size By 2025?
In recent years, the market size of the utility boiler has seen significant growth. The market is projected to expand from a value of $29.69 billion in 2024 to $31.7 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.8%. Several factors have contributed to this growth during the historic period, including increased electricity demand, heightened industrialization, a surge in renewable energy investments, a keen focus on energy efficiency, and stringent government regulations and standards.

How Big Is the Utility Boiler Market Size Expected to Grow by 2029?
A significant growth is anticipated in the utility boiler market size over the next few years. This market is projected to soar up to $40.62 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.4%. The evolution in the predicted period is credited to the escalating integration of combined heat and power systems, intensifying infrastructural growth, concentrated attention on waste heat recovery, an increased need for retrofit solutions, and a rising shift towards natural gas boilers. The future trends include advancements in boiler technology, the inclusion of smart monitoring systems, technical progress in combustion proficiency, modernization in emission control technologies, and enhancements in high-efficiency heat recovery systems.

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Which Key Market Drivers Powering Utility Boiler Market Expansion and Growth?
The growth of the utility boiler market is expected to be driven by the escalating demand for electricity. Electricity, which is the flow of electrical charge via conductors, is utilized in residential, commercial, and industrial sectors to power various machinery, systems, and infrastructure. The rising need for electricity is primarily a result of industrialization, with growing factories and production processes requiring an increased energy supply for efficient operation. Utility boilers play an integral role in addressing the demand for electricity by ensuring dependable large-scale steam generation for power plants, thereby delivering consistent and effective energy production. As an example, the International Energy Agency, an intergovernmental organization based in France, reported a 4.3% year-over-year growth in global electricity consumption in December 2024, a significant increase from the 2.5% growth experienced in 2023. Therefore, the expanding demand for electricity is fueling the growth of the utility boiler market.

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Which Fast-Growing Trends Are Poised to Disrupt the Utility Boiler Market?
Leading businesses in the field of utility boiler market are prioritizing the creation of cutting-edge products such as electric hot water boilers to boost energy conservation and lower carbon emissions. These boilers are heating mechanisms fueled by electricity, intended for domestic, commercial, and industrial purposes. As an example, in January 2025, Diversified Heat Transfer Inc., an engineering manufacturing organization based in the US, introduced the EWx series of electric hot water boilers. This product established a fresh benchmark for environmentally friendly, emission-free heating in commercial and industrial HVAC systems. The design of the series is compact and fully contained, consisting of 32 models which span from 270 kW to 1200 kW. All models are tailored to pass through a standard 36-inch doorway, requiring little additional space clearance for effortless installation. Additional features include advanced PID electronic controls with a 7-inch touchscreen, BacNet and ModBus protocol compatibility, and SCR technology for optimized turn-down, decreased cycling, and extended component longevity. This results in an efficient and emission-free heating solution for commercial and industrial settings.

What Are the Emerging Segments in the Utility Boiler Market?
The utility boiler market covered in this report is segmented -

1) By Product Type: Pulverized Coal Boiler, Fluidized Bed Boiler, Circulating Fluidized Bed Boiler
2) By Technology: Subcritical, Supercritical, Ultra-Supercritical
3) By Capacity: 30-100 MW, 100-250 MW, 250-500 MW, Greater Than 500 MW
4) By End-Use Industry: Power Generation, Oil And Gas, Chemical Processing, Paper And Pulp

Subsegments:
1) By Pulverized Coal Boiler: Wall-Fired Boiler, Tangentially Fired Boiler, Cyclone Boiler
2) By Fluidized Bed Boiler: Bubbling Fluidized Bed Boiler, Circulating Fluidized Bed Boiler
3) By Circulating Fluidized Bed Boiler: Atmospheric Circulating Fluidized Bed Boiler, Pressurized Circulating Fluidized Bed Boiler

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Who Are the Global Leaders in the Utility Boiler Market?
Major companies operating in the utility boiler market are Mitsui & Co. Ltd., Siemens AG, General Electric Company, Sumitomo Corporation, Mitsubishi Heavy Industries Ltd., Larsen And Toubro Limited (L&T), IHI Corporation, HD Hyundai Heavy Industries Co. Ltd., ANDRITZ AG, Alfa Laval AB, Bharat Heavy Electricals Limited, Forbes Marshall Private Limited, Babcock and Wilcox (B&W), Zhengzhou Boiler Co. Ltd., Fulton Boiler Works Inc., Ansaldo Caldaie S.p.A., Rafako S.A., Hurst Boiler & Welding Co. Inc., INDECK Power Equipment Company, Victory Energy Operations LLC, Industrial Boilers America, Microtech Boilers Pvt. Ltd., Wuxi Zozen Boilers Co. Ltd.

Which are the Top Profitable Regional Markets for the Utility Boiler Industry?
North America was the largest region in the utility boiler market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the utility boiler market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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