What are the latest figures on the boiler retrofit services market’s size and projected CAGR?
The boiler retrofit services market size has grown rapidly in recent years. It will grow from $0.83 $ billion in 2024 to $0.95 $ billion in 2025 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to rise in need for energy efficiency improvements, stringent environmental regulations, rise in aging infrastructure, rise in fuel costs, rise in government incentives for green initiatives, and rise in focus on sustainability.
The boiler retrofit services market size is expected to see rapid growth in the next few years. It will grow to $1.58 $ billion in 2029 at a compound annual growth rate (CAGR) of 13.5%. The growth in the forecast period can be attributed to increasing environmental regulations, rising energy efficiency demands, aging industrial infrastructure, growing focus on sustainability, expanding industrial activities, and rising need for cost-effective energy solutions. Major trends in the forecast period include advancements in energy efficiency technologies, adoption of digital control systems, integration of AI for predictive maintenance, enhanced emission reduction solutions, adoption of renewable fuel retrofits, adoption of modular retrofit kits, and customized retrofit solutions tailored to specific industry needs.
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Which Market drivers have played a significant role in driving the boiler retrofit services market?
The rapid industrialization is expected to propel the growth of the boiler retrofit services market going forward. Industrialization refers to the process by which an economy transforms from primarily agricultural-based to one dominated by manufacturing and industrial activity. The rapid industrialization is due to rising global demand for manufactured goods and the drive for economic growth and efficiency. Boiler retrofit services enhance industrial efficiency and sustainability by modernizing outdated boiler systems to meet current technological and environmental standards. For instance, in February 2024, according to the Ministry of Statistics and Program Implementation, an India-based government ministry, India’s industrial production increased to 3.8% in December 2023, up from 2.4% in November 2023. Therefore, increasing industrialization is expected to drive growth in the boiler retrofit services market.
What are the key segments within the boiler retrofit services market?
The boiler retrofit servicesmarket covered in this report is segmented –
1) By Type: Boiler Repair, Boiler Upgrade, Boiler Replacement
2) By Service: Outsourced, In-house
3) By Application: Industrial, Ships, Public Utility, Other Applications
Subsegments:
1) By Boiler Repair: Routine Maintenance and Inspections, Emergency Repair Services, Leak Detection and Repair, Component Replacement
2) By Boiler Upgrade: Efficiency Upgrades, Control System Upgrades, Fuel Conversion Services, Emission Control Upgrades
3) By Boiler Replacement: Complete System Replacement, Removal and Disposal Services, Installation of New Boilers, Integration with Existing Systems
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Which key players are shaping the boiler retrofit services market?
Major companies operating in the boiler retrofit services market are Mitsubishi Heavy Industries Ltd., Siemens Energy AG, Vattenfall AB, Doosan Group, Alfa Laval AB, Viessmann Group, Thermax Ltd., Forbes Marshall Private Limited, Babcock & Wilcox Enterprises Inc., Hoval Group, Horizon Services LLC, Cleaver-Brooks Company Inc., Fulton Boiler Works Inc., The Jamar Company, AC Boilers SpA, Rentech Boiler Systems Inc., Griffith Energy Services Inc., Hurst Boiler & Welding Co. Inc., Superior Boiler Works LLC, Victory Energy Operations LLC, Clayton Industries, Bosch Thermotechnik GmbH, Parker Boiler Co., PARAT Halvorsen AS, Ram Mechanical Ltd., Hi-Tech Boilers Pvt. Ltd.
Which transformative trends will shape the boiler retrofit services market landscape?
Major companies operating in the boiler retrofit services market are focused on offering innovative and cost-friendly services, such as boiler installation on low-cost finance options, to enhance efficiency and meet regulatory standards. Boiler installation on low-cost finance refers to providing financial options that make it more affordable for customers to install new or retrofit boiler systems. These financial solutions aim to make energy-efficient boiler systems more accessible and affordable for homeowners and businesses. For instance, in March 2023, Gas Call Services Ltd., a UK-based heating services contractor, launched BoilerPlan, its new product offering boiler installation on low-cost finance. The new service will enable customers to install a brand-new, energy-efficient boiler in their homes without paying the full cost upfront. BoilerPlan offers a convenient and budget-friendly solution for homeowners who lack the immediate financial resources but wish to enjoy the benefits of a new boiler’s energy efficiency and cost savings. Customers can select from various high-quality boilers from leading brands and have them installed by GasCall Services’ skilled engineers.
How do regional factors impact the boiler retrofit services market, and which region is the largest contributor?
North America was the largest region in the boiler retrofit services market in 2024. The regions covered in the boiler retrofit services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Boiler Retrofit Services Market Report 2025 Offer?
The boiler retrofit services market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Boiler retrofit services refer to the process of upgrading or altering current boiler systems to boost their efficiency, functionality, safety, and adherence to environmental standards. These services involve adding new parts, such as burners, control units, and heat recovery systems, or designing changes to optimize the boiler’s operation and prolong its life.
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