The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Rapid Growth in Market Size

• The boiler insurance market has experienced rapid expansion in recent years.
• Expected to grow from $10.6 billion in 2023 to $12.23 billion in 2024.
• Compound annual growth rate (CAGR) of 15.4% attributed to various factors.

Factors Driving Growth

Industrial Expansion and Risk Mitigation

• Industrial growth contributes to increased boiler installations.
• Concerns over boiler safety fuel demand for insurance.
• Globalization of industries adds to the market’s growth trajectory.
• Emphasis on preventive maintenance to mitigate risks.

View More On The Boiler Insurance Market Report 2024 – https://www.thebusinessresearchcompany.com/report/boiler-insurance-global-market-report

Upward Trajectory Forecasted

• Projected to reach $21.22 billion by 2028 with a CAGR of 14.8%.
• Factors such as renewable energy sources and cybersecurity concerns contribute to this growth.
• Anticipated trends include remote monitoring, IoT integration, and enhanced data analytics.

Growing Number Of Explosions And Related Damage In Industries Drives The Market

• Increase in explosions and related damages necessitates boiler insurance.
• Boilers are critical for industrial processes but pose risks if safety measures fail.
• Statistics highlight the severity of the issue:
  • 1,946 factory fire incidents in 2021, up 129% from 2020.
  • Over 23,000 boiler accidents reported worldwide in the past decade, with India alone responsible for 34% of fatalities.
• Major companies like Aviva PLC and Axa S.A. are prominent players in this market.

Adoption Of Advanced Technologies

• Integration of advanced technologies is a notable trend.
• Companies incorporate technology to enhance insurance services.
• Example: Hartford Steam Boiler Inspection and Insurance Company introduced Meshify Protect, a mobile application for sensor monitoring.
• Segmentation of the boiler insurance market includes types, boiler types, plans, and end-users.

Regional Dynamics

• North America led the boiler insurance market in 2023.
• Asia-Pacific expected to witness the fastest growth during the forecast period.

Conclusion
The boiler insurance market reflects the increasing importance of risk mitigation in industrial settings. With a steady rise in incidents of boiler-related damages, companies are recognizing the necessity of insurance coverage to safeguard their operations. Moreover, the integration of advanced technologies like IoT further enhances the efficacy of insurance services, enabling proactive risk management. As the market continues to expand, especially in regions like Asia-Pacific, stakeholders must stay attuned to emerging trends and evolving safety needs to ensure comprehensive coverage and support for industries worldwide.

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The Boiler Insurance Global Market Report 2024  provides comprehensive insights on the boiler insurance market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the boiler insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
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