IMARC Group’s latest report, titled “Boiler Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global boiler insurance market size reached US$ 9.0 Billion in 2021. 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$ 21.5 Billion by 2027, expanding at a CAGR of 15.57% during 2022-2027.
- 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.
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