Overview and Scope
Boiler insurance refers to a security plan that protects companies from financial losses faced due to boiler and machinery breakdown or failure. It is used to protect companies from financial losses.
Sizing and Forecast
The boiler insurance market size has grown rapidly in recent years. It will grow from $10.6 billion in 2023 to $12.23 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The growth in the historic period can be attributed to industrial growth, risk mitigation, boiler safety concerns, globalization of industries, rise in boiler installations, preventive maintenance, energy sector dynamics..
The boiler insurance market size is expected to see rapid growth in the next few years. It will grow to $21.22 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to renewable energy sources, increasing boiler efficiency, global energy transition, customization of policies, cybersecurity concerns.. Major trends in the forecast period include remote monitoring, boiler retrofits, integration of iot and sensors, digitalization of claims processing, enhanced data analytics for underwriting, market expansion in developing regions..
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Segmentation & Regional Insights
The boiler insurance market covered in this report 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 2023. Asia-Pacific is expected to be the fastest-growing region in the boiler insurance market report during the forecast period. The regions covered in the boiler insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing number of explosions and related damage in industries is driving the boiler insurance market. Boilers are closed vessels that are used to heat water and produce steam that is used for industrial applications. Boilers operate at high temperatures and are needed to be operated with precautions. Sometimes boilers explode upon failure of safety precautions. These fires can be catastrophic and cost huge amounts of companies. Boiler insurance can save companies from financial losses in these conditions. For instance, in January 2022, according to data by ResilInc., a US-based supply chain risks Management Company, in 2021, there were about 1,946 factory fire incidences, which was an increase of 129% from 2020. Additionally, in January 2022, according to Hans India, an India-based media company, over the previous 10 years, a startling 23,000 boiler accidents have been reported worldwide, with India alone accounting for 34% of all fatalities. As a result, the increasing number of explosions and related damages is driving the boiler insurance market forward.
Key Industry Players
Major companies operating in the boiler insurance market are adopting a strategic partnership approach to expand capabilities. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in October 2022, Munich Re, a German-based provider of reinsurance, and HSB Group, a US-based company operating in boiler insurance partnered with Schneider Electric SE, a France-based digital automation and energy management company. Through this partnership, companies aim to blend risk solutions including uptime guarantees and unwarned failure warranties, with IoT technology to serve clients.
The boiler insurance market report table of contents includes:
1. Executive Summary
2. Boiler Insurance Market Characteristics
3. Boiler Insurance Market Trends And Strategies
4. Boiler Insurance Market – Macro Economic Scenario
5. Global Boiler Insurance Market Size and Growth
…..
32. Global Boiler Insurance Market Competitive Benchmarking
33. Global Boiler Insurance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Boiler Insurance Market
35. Boiler Insurance Market Future Outlook and Potential Analysis
36. Appendix
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