Industrial Boilers Companies

The industrial boiler market is projected to reach USD 20.75 billion by 2030 from USD 17.22 billion in 2025, at a CAGR of 3.8% during the forecast period. The market for industrial boiler is driving due to increase to increasing demand for energy-efficient steam and heat generation across various industries. Rapid industrialization, especially in emerging economies, is driving the need for reliable and high-capacity boilers in sectors such as power generation, chemicals, food processing, pharmaceuticals, and refineries. The transition toward cleaner and more sustainable energy sources, such as natural gas, biomass, and hydrogen, is also influencing market expansion, as industries seek to comply with stringent environmental regulations and reduce carbon emissions.

Industrial Boiler Companies

The industrial boiler market is dominated by key manufacturers including Babcock & Wilcox Enterprises,. (US),  Siemens (Germany), Wood (UK), Dongfang Electric Corporation Limited (DEC LTD.) (China), Robert Bosch GmbH (Bosch) (Germany), Mitsubishi Heavy Industries, Ltd. (MHI) (Japan), Thermax Limited (India), Sofinter (Italy), Bhel (India), Cleaver-Brooks, Inc. (US) among others. These players have followed many product launches, deals, and expansions, from January 2020 to February 2025, to expand the market share and global reach.

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In January  2023, Babcock & Wilcox Enterprises, Inc. partnered with Fidelis, an energy transition company driving decarbonization through infrastructure development and investments in renewable fuels and low or negative-carbon-intensity products, intending to produce clean, zero-carbon-intensity hydrogen.

In March 2025, Wood has launched a new office in Darwin to drive its expansion in the Northern Territory (NT), supporting a growing portfolio of onshore and offshore projects in maintenance, operations, and engineering.

Babcock-Wilcox Enterprises, Inc. (US) is a growing environmental and thermal technologies provider. It has over 155 years of experience providing diversified energy and emissions control solutions to a broad range of electrical utility,  industrial, municipal and other customers. The company operates through 3 business segments:  B&W Renewable, B&W Environmental, and B&W Thermal. The company offers industrial boilers under the B&W Thermal segment. It offers various boilers under the brand Stirling, Towerpack and others. The company also provide aftermarket parts, construction, maintenance, engineered upgrades and field services for installed base as well as the installed base of other OEMs. In B&W Thermal segment it offers watertube and firetube waste heat boilers, package boilers, and other boilers to medium and heavy industrial customers. Babcock & Wilcox Enterprises, Inc. has a global presence with manufacturing facilities in North America, Europe, and Asia Pacific.

Siemens (Germany), is one of the largest industrial manufacturing companies in Europe. The company operates globally, specializing in automation and digitalization for process and manufacturing industries, intelligent infrastructure for buildings and decentralized energy systems, smart mobility solutions for rail transport, as well as medical technology and digital healthcare services. The company has strengthened its position due to its varied business segments, including smart infrastructure digital industries, , Siemens Healthineers, mobility, and Siemens Financial Services (SFS). The company offers industrial boilers under the smart infrastructure segment. Siemens AG has office buildings, production and manufacturing plants, warehouses, research & development facilities, and sales offices in more than 200 countries across Europe , Americas, Asia Pacific, Middle East & Africa.

Market Ranking

The industrial boiler market is highly competitive, with ten main players collectively holding 30-40% of the total market share. Babcock & Wilcox, Siemens, Mitsubishi Heavy Industries, Dongfang Electric Corporation, and Wood Group holding significant market shares. These companies play a crucial role in supplying advanced boiler technologies for power generation, manufacturing, chemical processing, and other industrial applications. Their expertise in designing high-efficiency and low-emission boilers has positioned them as key contributors to market growth.

Related Reports:

Industrial Boiler Market by Fuel (Natural Gas, Coal, Oil), Boiler Type (Fire Tube, Water Tube), Function (Hot Water, Steam), Boiler Horsepower, End-use Industry (Chemical & Petrochemical, Food, Pulp & Paper) And Region - Global Forecast to 2030