According to a recent report published by Allied Market Research, titled, “Boiler Insurance Market by Boiler Type, End User, Boiler Fuel and Coverage Type: Opportunity Analysis and Industry Forecast, 2020–2027,” the global boiler insurance market size was valued at $8.86 billion in 2019, and is projected to reach $20.68 billion by 2027, growing at a CAGR of 15.3% from 2020 to 2027.
Boiler insurance is a type of insurance which is mainly design to cover all kind of damages and loss which has occurred in the boiler due to explosion inside or outside the boiler. In addition to this, major key players of the market are providing coverage of various machinery, equipment, systems and other parts of the boiler to sustain in the market and to grow their market value. Furthermore, boiler insurance helps end users to pay out for the costs of services and boiler repairs when the boiler encounters a problem which is positively impacting the boiler insurance market growth.
The key factors that drive the growth of the global boiler insurance market trends include growing awareness about the boiler insurance among the industrial and commercial sector across the globe and rise in need to reduce the repairing and maintenance cost of the boiler among the end users. In addition to this, new services offered by major players of the market propels the growth of the market. However, lower awareness about boiler insurance among the general public of emerging countries such as Asia-Pacific and LAMEA and growing stringent regulation by the government hampers the boiler insurance market growth. Furthermore, surge in small & medium-sized enterprises expanding their businesses and rise in demand of third-party liability coverage in emerging economies is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
The natural gas segment is expected to garner a significant share during the forecast period. This is attributed to rise in demand for natural gas boilers across various emerging countries and rise in demand for natural gas boiler across various industries such as food & beverages, manufacturing and others sector. However, others segment is expected to witness significant growth rate during the forecast period, owing to rise in adoption of electric based boilers in developed nation of North America and Europe and surge in need to reduce the greenhouse gas emission generated from coal and oil-based boilers.
Region wise, the boiler insurance market share was dominated by North America in 2019, and is expected to retain its position during the forecast period. This is attributed to rise in demand for fire-tube and water-tube boiler across various commercial and industrial sector in different countries of North America drives the growth of the market. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to growing demand for effective space heating coupled with extreme climatic scenario across the region which boosts the Asia-Pacific boiler insurance market growth.
With the ongoing unprecedented global health crisis, negative consequences are being witnessed in all industrial sectors and global economy. Changes in consumer preferences in terms of buying new boilers will be completely different, due to job losses and pay cuts, forcing customers to postpone purchases for boilers and boiler insurance, continuing social distancing, and avoiding crowded places. Thus, these are some of the fluctuating trends among consumers in the post pandemic world. Ongoing severe health and financial crisis have changed the preference of public towards adoption of boiler insurance which is the major factor that hampers the growth of the market. In addition to this, lack of awareness about the boiler and machinery insurance in developing countries of LAMEA and Asia-Pacific is also restraining the growth of the market. Various chemicals and metal & mining industries are closing due to huge loss suffered form the COVID-19 pandemic and lack of sale in the company which also negatively impacts the growth of the market.
Key Findings Of The Study
- By coverage type, the boiler & central heating cover segment accounted for the largest boiler insurance market share in 2019.
- Region wise, North America generated the highest revenue in 2019.
The key players operating in the global boiler insurance market include AXA, AVIVA, British Gas, Domestic & General, Future Generali, Homeserve, The Hartford Steam Boiler Inspection & Insurance Company, Tata AIG General Insurance Company Limited, Warranty People and Yourrepair. These players have adopted various strategies to increase their market penetration and strengthen their foothold in the boiler insurance industry.
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