PUBLISHER: The Business Research Company | PRODUCT CODE: 1710098
PUBLISHER: The Business Research Company | PRODUCT CODE: 1710098
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.
The main types in the boiler retrofit services market are boiler repair, boiler upgrade, and boiler replacement. Boiler repair refers to the process of diagnosing, fixing, and restoring a malfunctioning or broken boiler to proper working condition. The various services include outsourced and in-house, and several applications including industrial, ships, public utility, and others.
The boiler retrofit services market research report is one of a series of new reports from The Business Research Company that provides boiler retrofit services market statistics, including the boiler retrofit services industry global market size, regional shares, competitors with boiler retrofit services market share, detailed boiler retrofit services market segments, market trends, and opportunities, and any further data you may need to thrive in the boiler retrofit services industry. These boiler retrofit services market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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.
The rapid pace of industrialization is anticipated to drive growth in the boiler retrofit services market. Industrialization refers to the transition of an economy from a primarily agricultural base to one focused on manufacturing and industrial activities. This surge in industrialization is fueled by the growing global demand for manufactured goods and the pursuit of economic growth and efficiency. Boiler retrofit services improve industrial efficiency and sustainability by updating outdated boiler systems to comply with current technological and environmental standards. For example, in February 2024, the Ministry of Statistics and Program Implementation, an Indian government agency, reported that India's industrial production rose to 3.8% in December 2023, up from 2.4% in November 2023. Thus, the increasing industrialization is expected to boost the boiler retrofit services market.
Leading companies in the boiler retrofit services market are concentrating on delivering innovative and cost-effective solutions, such as boiler installation with low-cost financing options, to improve efficiency and comply with regulatory standards. Boiler installation with low-cost financing involves offering financial arrangements that make it more affordable for customers to install new or retrofit boiler systems. These financial solutions aim to make energy-efficient boilers more accessible and affordable for both homeowners and businesses. For example, in March 2023, Gas Call Services Ltd, a UK-based heating services contractor, introduced BoilerPlan, a new service offering boiler installations with low-cost financing. This service allows customers to install a new, energy-efficient boiler in their homes without paying the full amount upfront. BoilerPlan provides a convenient and budget-friendly option for homeowners who may not have immediate financial resources but want to benefit from a new boiler's energy efficiency and cost savings. Customers can choose from a range of high-quality boilers from leading brands and have them installed by Gas Call Services' skilled engineers.
In September 2022, Altrad Group, a France-based provider of industrial services, acquired Doosan Babcock Limited for an undisclosed amount. This acquisition enables Altrad to expand its range of services, especially in engineering and maintenance for industries such as nuclear, thermal, oil and gas, and petrochemicals. It aligns with Altrad's objective of offering more comprehensive solutions to its clients. Doosan Babcock Limited is a specialized engineering company that delivers a variety of services to the nuclear, thermal, oil and gas, petrochemical, and process sectors.
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.
North America was the largest region in the boiler retrofit services market in 2023. The regions covered in the boiler retrofit services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the boiler retrofit services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The boiler retrofit services market includes revenues earned by entities by providing services such as heat recovery system installation, burner management systems, energy-saving controls and automation, and emissions control upgrades. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Boiler Retrofit Services Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on boiler retrofit services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for boiler retrofit services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The boiler retrofit services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.