Oil Fired Boiler Market Research Report By Capacity (Less than 1000 lbs steam per hour, 1000-2000 lbs steam per hour, 2000-3000 lbs steam per hour, Over 3000 lbs steam per hour), By Pressure (Low pressure (less than 1000 psi), Medium pressure (1000-2000 psi), High pressure (over 2000 psi)), By Application (Industrial, Commercial, Institutional, Residential), By Fuel Type (Heavy oil, Light oil, Natural gas, Coal), By Design (Fire tube, Water tube, Scotch marine) and By Regional (North America, Europe, South America, Asia-Pacific, Middle East

Global Oil-Fired Boiler Market Overview

As per MRFR analysis, the Oil Fired Boiler Market Size was estimated at 17.69 (USD Billion) in 2022.

The Oil Fired Boiler Market Industry is expected to grow from 18.25(USD Billion) in 2023 to 24.16 (USD Billion) by 2032. The Oil Fired Boiler Market CAGR (growth rate) is expected to be around 3.17% during the forecast period (2024 - 2032).

Key Oil-Fired Boiler Market Trends Highlighted

Growing utilization of oil-fired boilers coupled with an increase in restructuring of the fossil fuel energy segment is going to be a prevalent scenario in the few years to come. Some of the key contributing factors to this growth comprise the increasing need for safe and practical heating methods, rapid urban and industrial growth of poorer countries, and the escalating environmental issues and their related concerns on sustainability.

The renovation of the market expresses more attention towards the high efficiency and low emissions models. The industry is working towards more environmentally friendly and low-running-cost technologies such as condensing boilers and modulating burners, among others, to compliance with the market obligations. Integration of smart operations and monitoring systems that facilitate Internet of Things (IoT) capability is also increasing in order to allow boilers to be operated under supervision at far distances.

There is room for more investment, particularly in commercial and industrial expansion, which is mostly common in cold cities. The world is experiencing progressive expansion and reconstruction of infrastructure, which creates a market for heating equipment. Additionally, considering the rapid development of the renewable energy market in recent years, it is reasonably expected that there will be a further rise in the demand for oil fired boilers, including as a part of the multi-functional hybrid heating systems.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Oil-Fired Boiler Market Drivers

Increasing Demand for Energy-Efficient Heating Solutions

The growing demand for energy-efficient heating solutions is a key driver of the Oil Fired Boiler Market Industry. As concerns about climate change and environmental sustainability intensify, consumers and businesses are increasingly seeking ways to reduce their carbon footprint and lower their energy consumption. Oil-fired boilers offer a more efficient alternative to traditional heating systems, consuming less fuel and producing fewer emissions.This has led to a surge in demand for oil-fired boilers, particularly in regions with cold climates. Moreover, government regulations and incentives aimed at promoting energy efficiency further drive market growth as consumers and businesses seek to comply with environmental standards and take advantage of financial benefits.

Rapid Industrialization and Urbanization

The rapid pace of industrialization and urbanization worldwide is another major factor driving the growth of the Oil Fired Boiler Market Industry. As industries expand and cities grow, the demand for reliable and efficient heating solutions increases. Oil-fired boilers are widely used in industrial settings for space heating, process heating, and power generation. The growth of manufacturing, mining, and construction industries, particularly in developing countries, is expected to boost the demand for oil-fired boilers in the coming years.Additionally, the increasing population density in urban areas is leading to a greater need for efficient heating systems in residential and commercial buildings.

Technological Advancements and Product Innovations

Technological advancements and product innovations are constantly shaping the Oil Fired Boiler Market Industry. Manufacturers are investing in research and development to improve the efficiency, performance, and safety of oil-fired boilers. The introduction of advanced combustion technologies, such as condensing boilers and modulating burners, has significantly increased the energy efficiency of oil-fired boilers. Additionally, manufacturers are focusing on developing compact and user-friendly designs to meet the evolving needs of consumers.The integration of smart technologies, such as remote monitoring and control systems, is also enhancing the convenience and accessibility of oil-fired boilers.

Oil-Fired Boiler Market Segment Insights

Oil Fired Boiler Market Capacity Insights   

The Oil Fired Boiler Market is segmented by capacity into less than 1000 lbs steam per hour, 1000-2000 lbs steam per hour, 2000-3000 lbs steam per hour, and over 3000 lbs steam per hour. The 1000-2000 lbs steam per hour segment is expected to be the fastest-growing segment, with a CAGR of 3.45% over the forecast period. The growth of the less than 1000 lbs steam per hour segment can be attributed to the increasing demand for small and medium-sized boilers in commercial and industrial applications. These boilers are typically used for space heating, process heating, and power generation.The growth of the 1000-2000 lbs steam per hour segment can be attributed to the increasing demand for boilers in the power generation industry. These boilers are typically used to generate steam for turbines that generate electricity. The 2000-3000 lbs steam per hour segment accounted for a significant share of the market in 2023 and is projected to grow at a CAGR of 3.25% through 2032. These boilers are typically used in industrial applications such as chemical processing, food processing, and textile manufacturing. The over 3000 lbs steam per hour segment accounted for a relatively small share of the market in 2023 but is projected to grow at a CAGR of 3.05% through 2032.The growth of the market is being driven by the increasing demand for boilers in commercial, industrial, and power generation applications.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Oil Fired Boiler Market Pressure Insights  

The global oil-fired boiler market is segmented by pressure into low pressure (less than 1000 psi), medium pressure (1000-2000 psi), and high pressure (over 2000 psi). The medium-pressure segment held the largest market share in 2023 and is expected to continue to dominate the market through 2032. The high-pressure segment is expected to grow at the highest CAGR over the forecast period due to the increasing demand for high-pressure boilers in the power generation and industrial sectors. The market growth for the high-pressure segment is primarily driven by the rising demand for electricity and the need for efficient power generation systems.High-pressure boilers are used in thermal power plants to generate steam, which is then used to drive turbines and generate electricity. The increasing adoption of combined cycle power plants, which combine gas turbines and steam turbines, is also contributing to the growth of the high-pressure boiler market. In the oil and gas industry, high-pressure boilers are used for enhanced oil recovery (EOR) techniques such as steam flooding and cyclic steam stimulation. The increasing demand for oil and gas is expected to drive the growth of the high-pressure boiler market in the oil and gas industry.The low-pressure boiler segment is expected to witness steady growth over the forecast period. Low-pressure boilers are used in a wide range of applications, including heating, hot water supply, and process heating. The growing demand for energy-efficient heating systems is expected to drive the growth of the low-pressure boiler market.

Oil Fired Boiler Market Application Insights  

The application segment of the Oil Fired Boiler Market plays a crucial role in understanding the market dynamics and growth potential. Industrial applications accounted for the largest market share in 2023, driven by the high demand for steam and heat in manufacturing processes across various industries, such as power generation, chemical processing, and food and beverage. The commercial segment is expected to witness significant growth over the forecast period due to increasing construction activities and the need for efficient heating solutions in commercial buildings, such as offices, hotels, and retail stores.Institutional applications, including hospitals, schools, and government buildings, are also expected to contribute to market growth due to the need for reliable and cost-effective heating systems. The residential segment is projected to have a steady growth rate, driven by the rising demand for oil-fired boilers in single-family homes and multi-family dwellings.

Oil Fired Boiler Market Fuel Type Insights  

The Oil Fired Boiler Market revenue is segmented by fuel type into heavy oil, light oil, natural gas, and coal. Heavy oil holds the largest market share due to its low cost and wide availability. Natural gas is the fastest-growing segment due to its environmental benefits and increasing demand for cleaner energy sources. Light oil and coal are also significant segments, with coal being used primarily in developing countries due to its low cost. The market segmentation provides valuable insights into the different fuel sources used in oil-fired boilers, enabling manufacturers to align their product offerings and strategies accordingly.This data is crucial for understanding the competitive landscape and identifying growth opportunities in the Oil Fired Boiler Market.

Oil Fired Boiler Market Design Insights  

The Oil Fired Boiler Market segmentation by Design comprises Fire tube, Water tube, and Scotch marine. Fire tube boilers are anticipated to dominate the market with a substantial revenue share in 2023, owing to their compact size, lower manufacturing costs, and ability to withstand higher pressure levels. Water tube boilers are projected to grow at a significant rate during the forecast period, attributed to their high efficiency and ability to handle large volumes of steam. Scotch marine boilers are expected to witness steady growth, primarily driven by their use in marine applications.The Oil Fired Boiler Market is expected to grow from USD 18.25 billion in 2023 to USD 24.16 billion by 2032, at a CAGR of 3.17%.

Oil Fired Boiler Market Regional Insights  

The regional segmentation of the Oil Fired Boiler Market offers valuable insights into the market's geographical distribution and growth dynamics. North America holds a significant share of the market, driven by the presence of established industries and stringent environmental regulations. Europe is another prominent region with a growing focus on energy efficiency and emission reduction. APAC is expected to witness substantial growth in the coming years due to rapid industrialization and urbanization. South America and MEA also present opportunities for market expansion as developing economies invest in infrastructure and power generation.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Oil-Fired Boiler Market Key Players And Competitive Insights

Major players in the fired Boiler Market industry are constantly striving to develop advanced technologies and expand their product portfolios to cater to the evolving needs of customers. Leading Oil Fired Boiler Market players are investing heavily in research and development to enhance the efficiency, reliability, and environmental friendliness of their products. The Oil Fired Boiler Market industry is characterized by intense competition, with key players adopting various strategies such as mergers and acquisitions, partnerships, and joint ventures to gain a competitive edge. These strategic moves are aimed at expanding market share, accessing new technologies, and strengthening distribution networks. The Oil Fired Boiler Market landscape is expected to witness further consolidation in the coming years, as leading players seek to optimize their operations and enhance their market positions.Among the leading players in the Oil Fired Boiler Market, Viessmann is a prominent company that has established a strong reputation for its innovative and high-quality oil-fired boilers. The company's commitment to sustainability and energy efficiency is evident in its product offerings, which include condensing boilers and biomass boilers. Viessmann's global presence and extensive distribution network enable it to cater to customers in various regions around the world.A notable competitor in the Oil Fired Boiler Market is Bosch Thermotechnology, which has a diverse product portfolio that includes oil-fired boilers, gas boilers, and heat pumps. The company's focus on research and development has led to the development of advanced technologies, such as the Logamax plus GB162 oil-fired boiler, which offers exceptional efficiency and ease of use. Bosch Thermotechnology's strong brand recognition and extensive distribution network contribute to its success in the Oil Fired Boiler Market.

Key Companies in the Oil Fired Boiler Market Include

• CleaverBrooks


• Doosan


• Miura Boiler


• Irsap


• Ygnis


• Thermax


• Riello Burners


• Hargassner


• SpiraxSarco


• Woodwarm


• Weil-McLain


• Babcock Wilcox Enterprises


• Energy Recovery


• Viessmann


• Bosch Thermotechnology

Oil-Fired Boiler Market Industry Developments

The global oil-fired boiler market is projected to grow from USD 18.25 billion in 2023 to USD 24.16 billion by 2032, exhibiting a CAGR of 3.17% during the forecast period. Rising demand for efficient and cost-effective heating solutions in various industries, coupled with government regulations promoting the adoption of cleaner energy sources, is driving market growth. Moreover, increasing urbanization and industrialization, particularly in emerging economies, are further fueling demand for oil-fired boilers.Recent developments in the market include the introduction of high-efficiency boilers with advanced combustion technologies, which reduce emissions and improve energy efficiency. Additionally, the growing adoption of renewable energy sources, such as solar and wind power, is creating opportunities for the integration of oil-fired boilers with hybrid systems to provide reliable and cost-effective heating solutions.

Oil Fired Boiler Market Segmentation Insights

• Oil-Fired Boiler Market Capacity Outlook
  
  
  
  • Less than 1000 lbs of steam per hour
  
  
  • 1000-2000 lbs steam per hour
  
  
  • 2000-3000 lbs steam per hour
  
  
  • Over 3000 lbs of steam per hour
  
  
  
  

• Oil-Fired Boiler Market Pressure Outlook
  
  
  
  • Low pressure (less than 1000 psi)
  
  
  • Medium pressure (1000-2000 psi)
  
  
  • High pressure (over 2000 psi)
  
  
  
  

• Oil Fired Boiler Market Application Outlook
  
  
  
  • Industrial
  
  
  • Commercial
  
  
  • Institutional
  
  
  • Residential
  
  
  
  

• Oil Fired Boiler Market Fuel Type Outlook
  
  
  
  • Heavy oil
  
  
  • Light oil
  
  
  • Natural gas
  
  
  • Coal
  
  
  
  

• Oil-Fired Boiler Market Design Outlook
  
  
  
  • Fire tube
  
  
  • Water tube
  
  
  • Scotch marine
  
  
  
  

• 
  

  Oil Fired Boiler Market Regional Outlook

  
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia-Pacific
  
  
  • Middle East and Africa