Boiler Insurance Market Report 2023-2028, Business Growth, Top

According to the latest report by IMARC Group, titled “Boiler Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global boiler insurance market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 22.6 Billion by 2028, exhibiting a growth rate (CAGR) of 14.3% during 2023-2028. Boiler insurance, or equipment breakdown insurance, is a type of insurance that provides coverage for physical damage and financial loss that can result from an equipment breakdown. It covers repairs and, in some instances, the replacement of a home boiler. There are two main types of cover; boiler breakdown cover and full central heating cover. The boiler cover only protects the boiler and its controls, while the central heating breakdown cover protects everything connected to it, including radiators and plumbing.

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Global Boiler Insurance Market Trends:

The global market is majorly driven by the increasing demand for energy-efficient heating solutions. In line with this, the stringent government regulations worldwide are accelerating the demand for boiler insurance policies to cover potential risks associated with heating systems. With the rapidly growing industrialization, there’s an escalating number of boilers in use, significantly contributing to market growth. Furthermore, rapid technological advancements and the increasing awareness of the risks associated with boilers are catalyzing the market. Apart from this, the rising commercial construction activities are propelling the market. Besides, the rapid adoption of renewable energy sources like biomass, solar, and geothermal is fueling the demand for boilers, which drives demand for boiler insurance policies. Additionally, the aging boiler infrastructure and growing focus on risk management is providing a boost to the market.

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Global Boiler Insurance Market 2023-2028 Analysis and Segmentation:

Competitive Landscape With Key Players:

• 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

• Insurance Company and YourCare Services Ltd.

Breakup by Boiler Type:

• Fire-Tube

• Water-Tube

Breakup by Boiler Fuel:

• Natural Gas

• Coal

• Oil

• Others

Breakup by Coverage Type:

• Boiler Cover

• Boiler and Central Heating Cover

• Boiler, Central Heating, Plumbing and Wiring Cover

Breakup by End User:

• Chemicals

• Refineries

• Metal and Mining

• Food and Beverages

• Others

Breakup by Region:

• North America (United States, Canada)

• Europe (Germany, France, United Kingdom, Italy, Spain, Others)

• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)

• Latin America (Brazil, Mexico, Others)

• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance

• Market Outlook

• Porter’s Five Forces Analysis

• Market Drivers and Success Factors

• SWOT Analysis

• Value Chain

• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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