Press release
Increasing Industrialization Boosts Boiler Retrofit Services: A Significant Driver Propelling The Boiler Retrofit Services Market In 2025
Boiler Retrofit Services Market
What Is the Boiler Retrofit Services Market Size and Projected Growth Rate?
The boiler retrofit services market has experienced rapid expansion, forecasted to grow from $0.83 billion in 2024 to $0.95 billion in 2025 at a CAGR of 13.9%. Growth has been driven by the rising need for energy efficiency, stringent environmental regulations, aging infrastructure, increasing fuel costs, government incentives for sustainability, and growing focus on green initiatives.
The boiler retrofit services market is set to grow rapidly, reaching $1.58 billion by 2029, with a CAGR of 13.5%. The market is expected to expand due to stricter environmental regulations, increased demand for energy efficiency, aging industrial infrastructure, a stronger emphasis on sustainability, expanding industrial activities, and rising demand for cost-effective energy solutions. Key industry trends include advancements in energy efficiency technologies, adoption of digital control systems, AI-driven predictive maintenance, improved emission reduction solutions, the shift to renewable fuel retrofits, modular retrofit kits, and tailored retrofit solutions for various industries.
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What Are the Major Segments in 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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What Are The Driving Boiler Retrofit Services Market Evolution?
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 driven by rising global demand for manufactured goods and the push for economic growth and efficiency. Boiler retrofit services modernize outdated boiler systems to improve industrial efficiency and sustainability, ensuring they meet current technological and environmental standards. For example, in February 2024, according to the Ministry of Statistics and Program Implementation in India, industrial production in India increased by 3.8% in December 2023, up from 2.4% in November 2023. This growth in industrial production further drives the need for boiler retrofit services.
Which Firms Dominate The Boiler Retrofit Services Market Segments?
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.
What Boiler Retrofit Services Market Trends Are Gaining Traction Across Different Segments?
Key companies in the boiler retrofit services market are concentrating on providing innovative and cost-effective services, such as offering boiler installations through low-cost finance options, to improve efficiency and meet regulatory standards. Boiler installation on low-cost finance refers to providing financial solutions that make installing new or retrofitted boiler systems more affordable for customers. These financial options aim to make energy-efficient boiler systems more accessible for both homeowners and businesses. For example, in March 2023, Gas Call Services Ltd., a UK-based heating services contractor, introduced BoilerPlan, a service offering boiler installation through low-cost financing. This allows customers to install a new, energy-efficient boiler without paying the full cost upfront, offering a budget-friendly option for homeowners who want to benefit from the energy efficiency and cost savings of a new boiler. Customers can choose from various high-quality boiler models and have them installed by skilled engineers from Gas Call Services.
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Which Is The Largest Region In The Boiler Retrofit Services Market?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Boiler Retrofit Services Market?
2. What is the CAGR expected in the Boiler Retrofit Services Market?
3. What Are the Key Innovations Transforming the Boiler Retrofit Services Industry?
4. Which Region Is Leading the Boiler Retrofit Services Market?
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