Global Boiler Insurance Market Segments 2024, Forecast To 2033
5 Mar, 2024
The boiler insurance market has grown rapidly, increasing from $10.6 billion in 2023 to $12.23 billion in 2024, achieving a CAGR of 15.4%. Contributing factors include industrial growth, risk mitigation, boiler safety concerns, globalization of industries, rise in boiler installations, preventive maintenance, and energy sector dynamics. Expecting rapid growth, the market is forecasted to reach $21.22 billion in 2028, maintaining a CAGR of 14.8%. Drivers include renewable energy sources, increasing boiler efficiency, global energy transition, customization of policies, and cybersecurity concerns. Major trends include remote monitoring, boiler retrofits, integration of IoT and sensors, digitalization of claims processing, enhanced data analytics for underwriting, and market expansion in developing regions.
Global Boiler Insurance Market Key Driver
The boiler insurance market is growing due to the increasing number of explosions and related damages in industries. In 2021, there were 1,946 factory fire incidents, a 129% increase from 2020. Boiler accidents, responsible for 23,000 reported incidents globally over the past decade, underscore the necessity for boiler insurance, reducing financial losses for companies.
Get A Free Sample Of The Global Boiler Insurance Market ReportGlobal Boiler Insurance Market Segments
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
By Geography: The regions covered in the anti inflammatory therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
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
Major Boiler Insurance Industry Players
Aviva plc; Axa S.A.; Bosch Thermotechnology Ltd.; Centrica plc; CORGI HomePlan Ltd.; Domestic & General Group Limited; Future Generali India Insurance Co. Ltd.; HDFC ERGO General Insurance Company Limited; HomeServe Membership Ltd.; Liberty Mutual Group Inc.; Tata AIG General Insurance Company Limited; The Hartford Steam Boiler Inspection and Insurance Company; The Travelers Indemnity Company; Your Care Services Ltd.; Zurich Insurance Group Ltd.; British Gas Services Ltd.; Allianz SE; Chubb Limited; American International Group Inc.; Münchener Rückversicherungs-Gesellschaft; Swinton Insurance Ltd.; Admiral Insurance Co.; Churchill Insurance Company Limited; Legal & General Group plc; Hartford Steam Boiler Inspection and Insurance Company; Factory Mutual Insurance Company; Allianz Global Corporate & Specialty SE; Berkshire Hathaway Specialty Insurance Co.; AXA XL; Travelers Companies Inc.
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AIOps Boiler Insurance Market Overview
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.
Boiler Insurance Global Market Report 2023 provides data on the global boiler insurance market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The boiler insurance market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.