Utility Boiler Market Report 2026

The utility boiler market size has grown strongly in recent years. It will grow from $31.7 billion in 2025 to $33.79 billion in 2026 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to expansion of coal-based power generation, rising industrial steam demand, deployment of subcritical boiler systems, investments in thermal power plants, growth of centralized power generation.

The utility boiler market size is expected to see strong growth in the next few years. It will grow to $43.11 billion in 2030 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to increasing shift toward ultra-supercritical boilers, rising investments in cleaner thermal technologies, expansion of power generation capacity, growing focus on emission reduction compliance, increasing modernization of aging boiler infrastructure. Major trends in the forecast period include increasing adoption of supercritical boiler technologies, rising focus on high-efficiency steam generation, growing integration of advanced emission control systems, expansion of large-capacity utility boilers, enhanced focus on operational reliability.

The growing demand for electricity is expected to drive the expansion of the utility boiler market in the coming years. Electricity refers to the flow of electric charge through conductors, used to power various systems and infrastructure across residential, commercial, and industrial sectors. This demand is increasing due to ongoing industrialization, as expanding manufacturing facilities, machinery, and production lines require a reliable and substantial power supply. Utility boilers play a vital role in meeting this demand by offering dependable, large-scale steam generation for power plants. They enable continuous energy production, helping to maintain a stable and efficient electricity supply. For example, in December 2024, the International Energy Agency, a France-based intergovernmental organization, reported that global electricity consumption rose by 4.3% in 2024, up from a 2.5% increase in 2023. Thus, the rising electricity demand is contributing significantly to the growth of the utility boiler market.

Leading companies in the utility boiler industry are developing advanced electric hot water boilers aimed at improving energy efficiency and minimizing environmental impact. Electric hot water boilers are systems that use electricity to heat water for a variety of applications in residential, commercial, and industrial settings. For instance, in January 2025, Diversified Heat Transfer Inc., a US-based engineering and manufacturing firm, introduced the EWx series electric hot water boiler. This series sets a new benchmark for sustainable, zero-emission heating in HVAC systems across commercial and industrial environments. Featuring a compact, fully packaged design, the series includes 32 models ranging from 270 kW to 1200 kW, all engineered to pass through a standard 36-inch doorway and requiring minimal side clearance for easy installation. It offers advanced PID electronic controls with a 7-inch touchscreen, supports BacNet and ModBus communication protocols, and uses SCR technology to enable infinite turn-down, reduce cycling, and extend component lifespan delivering an energy-efficient, zero-emission heating solution.

In October 2024, Boccard Société Anonyme, a France-based construction engineering company, acquired Leroux & Lotz Technologies for an undisclosed amount. This acquisition enhances Boccard’s renewable thermal energy portfolio by incorporating Leroux & Lotz’s expertise in utility boiler systems and waste-to-energy solutions. Leroux & Lotz Technologies, also based in France, is an industrial engineering firm specializing in the design, production, and commissioning of high-performance industrial boilers.

Major companies operating in the utility boiler market are Babcock and Wilcox Enterprises Inc, IHI Corporation, CMI Group, Doosan Heavy Industries and Construction Co Ltd, Mitsubishi Hitachi Power Systems Ltd, General Electric Company, Siemens AG, AC Boilers SpA, Thermax Limited, Bharat Heavy Electricals Limited, Walchandnagar Industries Limited, Shanghai Electric Group Co Ltd, Harbin Electric Company Limited, ZBG Boiler (Zhengzhou Boiler Group Co Ltd), John Cockerill SA, Dongfang Boiler Group Co Ltd, Robert Bosch GmbH, Hurst Boiler and Welding Co Inc, Cleaver‑Brooks Inc, Cochran Boilers Limited, Cheema Boilers Limited, Byworth Boilers Ltd, Viessmann Werke GmbH & Co KG, Hoval AG.

North America was the largest region in the utility boiler market in 2025. 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, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the utility boiler market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The utility boiler market consists of sales of boiler accessories, control systems, and boiler tubes. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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