Power Plant Boiler Market - Global Forecast 2025-2032

The power plant boiler market is experiencing pivotal transitions, influenced by evolving energy policies, technological innovation, and emerging sustainability mandates. Senior decision-makers face a landscape where operational agility and strategic foresight determine long-term competitiveness.

Market Snapshot: Power Plant Boiler Market Size and Growth

The global power plant boiler market grew from USD 22.09 billion in 2024 to USD 23.59 billion in 2025 and is set to maintain a steady growth trajectory at a CAGR of 6.70%, projecting USD 37.14 billion by 2032. This upward momentum is supported by increased electricity demand, stringent emission regulations, and continuous advancements in thermal conversion technology.

Scope & Segmentation of the Power Plant Boiler Market

This report delivers a comprehensive analysis of the primary keyword: power plant boiler market, providing a structured view across technologies, applications, and geographies.

• Fuel Types:
  • Biomass: Agricultural waste, energy crops, wood biomass
  • Coal: Circulating fluidized bed, pressurized fluidized bed combustion, pulverized coal
  • Natural Gas: Cogeneration, combined cycle, simple cycle
  • Oil: Heavy fuel oil, light fuel oil
  • Waste Heat: Blast furnace gas, steel melting shop gas
• Boiler Types:
  • Fire tube: Locomotive, scotch marine
  • Fluidized bed
  • Once through
  • Waste heat recovery
  • Water tube: Single drum, two drum, three drum
• Pressure Categories:
  • Subcritical
  • Supercritical: 550°C class, 600°C class
  • Ultra supercritical: 600°C class, 620°C class
• Regional Coverage:
  • Americas: United States, Canada, Mexico, Brazil, Argentina, Chile, Colombia, Peru
  • Europe, Middle East & Africa: United Kingdom, Germany, France, Russia, Italy, Spain, Netherlands, Sweden, Poland, Switzerland, United Arab Emirates, Saudi Arabia, Qatar, Turkey, Israel, South Africa, Nigeria, Egypt, Kenya
  • Asia-Pacific: China, India, Japan, Australia, South Korea, Indonesia, Thailand, Malaysia, Singapore, Taiwan
• Leading Companies:
  • General Electric Company
  • Harbin Electric Corporation
  • Mitsubishi Hitachi Power Systems, Ltd.
  • Doosan Heavy Industries & Construction Co., Ltd.
  • Babcock & Wilcox Enterprises, Inc.
  • Bharat Heavy Electricals Limited
  • Thermax Limited
  • ABB Ltd
  • Kawasaki Heavy Industries Ltd
  • Andritz AG

Key Takeaways for Decision Makers

• Energy demand growth and decarbonization efforts are redefining power generation mix, compelling utilities and manufacturers to diversify technology portfolios and prioritize flexible configurations.
• Advanced boiler designs—featuring supercritical and ultra supercritical technologies—are increasingly adopted for higher operational efficiency and lower emission intensity.
• Digital transformation is enabling integrated control, predictive analytics, and real-time asset management, contributing to reduced outages and maintenance costs.
• Segment diversification is required as market demand intensifies for hybrid solutions, including biomass co-firing and waste heat recovery, to balance sustainability and capacity needs.
• Strategic partnerships with fuel suppliers and EPC contractors, alongside value-added service contracts, are enhancing after-sales support and lifecycle profitability for market leaders.
• Regional divergence in policy, feedstock availability, and infrastructure maturity influences technology choice, deployment scale, and investment modeling across continents.

Tariff Impact on Supply Chains and Industry Competitiveness

The introduction of new United States tariffs in 2025 has increased cost pressures on equipment manufacturers, particularly those reliant on imported boiler components and specialized alloys. This development has driven a surge in nearshoring and domestic fabrication as firms work to minimize tariff exposure and strengthen local supply resilience. Flexible, vertically integrated vendors have gained a competitive edge, while policy navigation and sourcing optimization are now central to risk management and project certainty.

Methodology & Data Sources

The research approach integrates primary interviews and expert panels with rigorous quantitative validation from regulatory filings, industry association data, and scenario modeling. Qualitative insights from stakeholders ensure the analysis accurately reflects both emerging trends and the strategic priorities of industry participants.

Why This Report Matters

• Gain actionable intelligence for capital planning, technology adoption, and compliance strategies built on robust power plant boiler market analysis.
• Benchmark operational performance, supply chain options, and market presence against leading regional and global competitors.
• Inform investment and partnership decisions based on a deep understanding of segment dynamics, regulatory risks, and competitive differentiation.

Conclusion

The power plant boiler market is being transformed by technology, regulation, and sustainability priorities. Senior leaders who act on these insights will be positioned to manage risk, enhance operational excellence, and unlock future growth opportunities.

Additional Product Information:

• Purchase of this report includes 1 year online access with quarterly updates.
• This report can be updated on request. Please contact our Customer Experience team using the Ask a Question widget on our website.