Global Boiler Insurance Market to Reach US$ 22.6 Billion by 2028, Impelled by Rapid Digitization in the Insurance Sector

December 08, 2022 | BFSI

IMARC Group’s latest report, titled “Boiler Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global boiler insurance market size reached US$ 10.3 Billion in 2022. Boiler insurance refers to a type of insurance that covers the losses and damages incurred by explosions inside or outside the boiler, which is a steel pressure vessel that produces steam or vapor by heating fluids at extremely high temperatures. The vapors leave the boiler for use in several heating processes and applications, such as cooking, sanitation, heating water, central heating, and boiler-based power generation. The insurance offers coverage for financial loss and physical damages by replacing or repairing the damaged equipment after the breakdown. Since it also covers the cost of replacing perishable goods that are spoiled due to failed equipment, boiler insurance is gaining immense traction across the globe. 

Global Boiler Insurance Market Trends:

Rapid digitization in the insurance sector and the rising demand for lowering the maintenance and repair costs associated with boilers and other equipment represent the primary factors driving the market growth. Moreover, the introduction of novel strategies and policies by insurance providers to increase revenue and improve the overall customer experience is positively influencing the market growth. Additionally, the increasing reliance of small and medium-sized enterprises (SMEs) on third-party liability coverage solutions to reduce their risks and losses has catalyzed market growth. Besides this, numerous technological advancements, such as the incorporation of connected devices with voice-enabled troubleshooting services that help consumers use advanced artificial intelligence (AI)-based services to interact with the business directly and seek resolution quickly, are propelling the market growth. Apart from this, the rising awareness about boiler insurance across the industrial and commercial sectors is another major growth-inducing factor. Furthermore, the escalating demand for boiler insurance due to the surging number of individuals buying boilers for household and commercial purposes is contributing to the market growth. Other factors, including rapid industrialization, the launch of insurance policies with cost-effective premium rates, and inflating consumer disposable incomes, are also anticipated to provide a positive impact on market growth. Looking forward, IMARC Group expects the market value to reach US$ 22.6 Billion by 2028, expanding at a CAGR of 14.3% during 2023-2028.

Market Summary:

  • Based on the boiler type, the market has been bifurcated into fire and water tubes. 
  • On the basis of boiler fuel, the market has been segmented into natural gas, coal, oil, and others. 
  • The market has been divided based on the coverage type into boiler cover, boiler and central heating cover, and boiler, central heating, plumbing, and wiring cover. 
  • Based on the end user, the market has been divided into chemicals, refineries, metal and mining, food and beverages, and others. 
  • Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.  
  • The competitive landscape of the market has also been examined, with some of the key players being Aviva plc, Axa S.A., Bosch Thermotechnology Ltd. (Robert Bosch GmbH), British Gas (Centrica PLC), CORGI HomePlan Ltd (OVO Group Ltd), Domestic & General Group Limited, Future Generali India Insurance Co. Ltd., HomeServe Membership Ltd., Tata AIG General Insurance Company Limited (Tata Sons Private Limited), The Hartford Steam Boiler Inspection and Insurance Company, and YourCare Services Ltd.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Boiler Type, Boiler Fuel, Coverage Type, End User, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Aviva plc, Axa S.A., Bosch Thermotechnology Ltd. (Robert Bosch GmbH), British Gas (Centrica PLC), CORGI HomePlan Ltd (OVO Group Ltd), Domestic & General Group Limited, Future Generali India Insurance Co. Ltd., HomeServe Membership Ltd., Tata AIG General Insurance Company Limited (Tata Sons Private Limited), The Hartford Steam Boiler Inspection and Insurance Company and YourCare Services Ltd.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

30 N Gould St, Ste 
Sheridan, WY (Wyoming) 82801 USA
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800


Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Boiler Insurance Market to Reach US$ 22.6 Billion by 2028, Impelled by Rapid Digitization in the Insurance Sector
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-713-2163


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More