Growing Number Of Explosions And Related Damage In Industries Drives The Market: The Driving Engine Behind Boiler Insurance Market Evolution in 2025

Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.

Boiler Insurance Market Size Growth Forecast: What to Expect by 2025?
The scale of the boiler insurance market has experienced significant expansion recently. The market size is forecasted to increase from $12.18 billion in 2024 to $14 billion in 2025, reflecting a compound annual growth rate (CAGR) of 15.0%. The growth observed in the past can be linked to factors such as industrial development, risk management, concerns related to boiler safety, the internationalization of industries, a surge in boiler setups, preventative upkeep, and dynamics within the energy sector.

How Will the Boiler Insurance Market Size Evolve and Grow by 2029?
Expected to witness a swift expansion over the forthcoming years, the boiler insurance market size is projected to reach $24.22 billion by 2029, with a compound annual growth rate (CAGR) of 14.7%. The surge during the forecasted duration is accredited to aspects such as the adoption of renewable energy sources, the elevation in boiler efficiency, worldwide energy transition, personalization of policies, and the looming threat of cybersecurity. Key trends to be identified in this period encompass remote observation, boiler revamps, the incorporation of IoT and sensors, digital transformation in claims management, improved data analytics tools for underwriting, and the proliferation of the market in the growing regions.

View the full report here:
https://www.thebusinessresearchcompany.com/report/boiler-insurance-global-market-report

What Drivers Are Propelling the Growth of Boiler Insurance Market Forward?
The escalating incidents of explosions and correlative destruction in various industries act as a catalyst propelling the boiler insurance market. Closed vessels, boilers are predominantly utilized to heat water and generate steam for industry-related uses. Owing to their operation at intense temperatures, these boilers must be utilized judiciously with the utmost care. However, a failing in adhering to safety precautions could lead to devastating explosions. These could incur colossal financial losses to companies, a risk mitigated by boiler insurance. For illustration, Hans India, an Indian media company, disclosed in January 2022 that an alarming 23,000 boiler accidents have been globally documented over the previous decade. India alone represented 34% of all casualties. Consequently, the upward trend in the frequency of explosions and associated damages pushes the growth of the boiler insurance market.

Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=9204&type=smp

What Long-Term Trends Will Define the Future of the Boiler Insurance Market?
The trend of integrating advanced technologies into the boiler insurance market is becoming increasingly notable. Several leading companies are adopting this trend by introducing advanced tech into their insurance services to ensure market competitiveness. In a prime example from September 2022, the Hartford Steam Boiler Inspection and Insurance Company, known for providing insurance covering engineering and technical risks especially for boilers in the US, has launched Meshify Protect. This mobile app is designed for sensor monitoring and alerts related to industrial operations. It enables easy sensor activation, monitors various conditions, and delivers immediate notifications regarding water leaks, frozen pipes, extreme temperatures, equipment malfunctions, and other potential hazards using the Internet of Things technology. With the help of this application, insurers and operators can benefit from predictive and preventive loss analyses for optimizing industry operations - these are complemented by financial coverage possibilities- as well as enabling new business models thanks to this technology.

What Are the Key Segments in the Boiler Insurance Market?
The boiler insurancemarket 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

Tailor your insights and customize the full report here:
https://www.thebusinessresearchcompany.com/customise?id=9204&type=smp

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

Purchase the full report today:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=9204

This Report Supports:
1.Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions.
2.Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning.
3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks.
4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work.

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 7882 955267,
Asia: +91 88972 63534,
Americas: +1 310-496-7795 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.