The Boiler Insurance Global Market Report 2023, provides comprehensive information on the boiler insurance market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global boiler insurance market is poised for significant expansion, with its size anticipated to increase from $9.21 billion in 2022 to $10.61 billion in 2023, reflecting an impressive Compound Annual Growth Rate (CAGR) of 15.3%. This growth, however, is not without its challenges. The ongoing Russia-Ukraine conflict has introduced disruptions to the global economic landscape, particularly in the context of COVID-19 recovery. This geopolitical tension has triggered widespread economic sanctions and created ripple effects, resulting in heightened commodity prices and intricate supply chain disturbances. The net result is a palpable inflationary impact on goods and services, reverberating across various markets worldwide.
Nonetheless, the global boiler insurance market is expected to continue its upward trajectory, with a projected size of $18.10 billion by 2027, maintaining a robust CAGR of 14.3%.
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The burgeoning trend within the boiler insurance market revolves around the widespread adoption of cutting-edge technologies. Leading companies within this domain are strategically integrating these advanced technologies into their insurance services, thereby fortifying their market positions. A noteworthy example of this proactive approach can be seen in the initiatives undertaken by Hartford Steam Boiler Inspection and Insurance Company, a prominent entity operating in the sphere of engineering and technical risk insurance, particularly in the context of boilers.
In September 2022, this US-based enterprise introduced Meshify Protect, a sophisticated mobile application tailored for sensor monitoring and real-time alerts within industrial operations. This innovative app facilitates seamless sensor activation, ensuring constant vigilance over critical parameters. It swiftly dispatches notifications concerning a spectrum of potential issues, ranging from water leaks and frozen pipes to extreme temperature fluctuations and equipment malfunctions. All of this is made possible through the utilization of cutting-edge IoT (Internet of Things) technology.
Beyond immediate alerts, Meshify Protect is designed to empower insurers and operators alike. It offers invaluable assistance in predictive and preventive loss analyses, a vital tool in optimizing industrial operations. Furthermore, it serves as a catalyst for the development of innovative business models, underpinned by comprehensive financial coverages. This strategic integration of technology not only ensures the safety and security of industry operations but also paves the way for transformative advancements, shaping the future landscape of the boiler insurance market.
The boiler insurance market is segmented:
1) By Type: Boiler Repairs, Boiler Servicing, Plumbing And Drainage Repairs, Other Types
2) By Boiler Type: Fire-Tube, Water-Tube
3) By Plans: Gold, Platinum, Other Plans
4) By End User: Chemicals, Refineries, Metal And Mining, Food And Beverages, Other End Users
North America was the largest region in the boiler insurance market in 2022.
The table of contents in TBRC’s boiler insurance market report includes:
- Executive Summary
- Boiler Insurance Market Characteristics
- Boiler Insurance Market Trends And Strategies
- Boiler Insurance Market – Macro Economic Scenario
- Boiler Insurance Market Size And Growth
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- Africa Boiler Insurance Market
- Boiler Insurance Market Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions In The Boiler Insurance Market
- Boiler Insurance Market Future Outlook and Potential Analysis
- Appendix
Top 5 Major Key Players Are:
- Aviva PLC
- Axa S A
- Bosch Thermotechnology Ltd
- Centrica PLC
- CORGI HomePlan Ltd
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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