The latest updates to The Business Research Company’s global market reports have incorporated the most current market sizing data for the year 2023, projecting trends up to 2032.

According to The Business Research Company’s Boiler Insurance Global Market Report 2023, the global boiler insurance market is set to expand from $9.21 billion in 2022 to $10.61 billion in 2023, showcasing a compound annual growth rate (CAGR) of 15.3%. This upward trajectory is expected to continue, with the global boiler insurance market reaching $18.10 billion in 2027 at a CAGR of 14.3%.

North America held the largest share of the boiler insurance market, while Asia-Pacific emerged as the fastest-growing region in 2022.

Boiler Insurance Market Driver

The surge in incidents of explosions and related damage within industries is propelling the boiler insurance market. Boilers, vital vessels used for heating water and generating steam for industrial applications, operate at high temperatures and require careful operation. Unfortunately, instances of boiler explosions due to safety negligence have occurred. These incidents can result in catastrophic fires and substantial costs for companies. Boiler insurance serves as a safeguard against such financial losses. For example, data from ResilInc., a US-based supply chain risk management company, revealed that there were approximately 1,946 factory fire incidents in 2021, a 129% increase from 2020. Additionally, over the past decade, an alarming 23,000 boiler accidents were reported globally, with India alone accounting for 34% of all fatalities. The mounting incidents of explosions and their consequential damages are driving the boiler insurance market’s progress.

View More On The Boiler Insurance Market Report 2023 – https://www.thebusinessresearchcompany.com/report/boiler-insurance-global-market-report

Key Boiler Insurance Market Segments

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

Boiler Insurance Market Prominent Players

Notable players in the boiler insurance market include Aviva PLC, Axa S.A., Bosch Thermotechnology Ltd., Centrica PLC, CORGI HomePlan Ltd., Domestic & General Group Limited, Future Generali India Insurance Co Ltd., HomeServe Membership Ltd., Tata AIG General Insurance Company Limited, The Hartford Steam Boiler Inspection and Insurance Company, Your Care Services, Zurich Insurance Group, Liberty Mutual Group, HDFC ERGO General Insurance Company, and The Travelers Indemnity Company.

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Prominent Boiler Insurance Market Trend

The adoption of advanced technologies is a pivotal trend gaining traction in the boiler insurance market. Leading market entities are integrating cutting-edge technologies into their insurance services to maintain their market standing. For instance, in September 2022, Hartford Steam Boiler Inspection and Insurance Company, a US-based firm specializing in engineering and technical risk insurance, especially for boilers, introduced Meshify Protect. This mobile application offers sensor monitoring and alerts for industrial operations. By utilizing IoT technology, the Meshify Protect app streamlines sensor activation, monitors premises’ condition, and provides real-time notifications for potential risks such as water leaks, frozen pipes, extreme temperatures, equipment malfunctions, and other hazardous situations. The app also offers predictive and preventive loss analyses, enabling enhanced industry operations and new business models supported by financial coverages.

The Boiler Insurance Global Market Report 2023 delivers comprehensive insights into the boiler insurance market’s size, trends and drivers, opportunities, strategies, and competitor analysis. Covered countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, with major regions encompassing Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Insurance Agencies Global Market Report 2023

Insurance Brokers & Agents Global Market Report 2023

Insurance (Providers, Brokers And Re-Insurers) Global Market Report 2023

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