Market Overview:
The global boiler insurance market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for boiler insurance due to the growing awareness about its benefits among consumers, and also the increasing number of accidents and damages caused by boilers. The global boiler insurance market can be segmented on the basis of type, application, and region. On the basis of type, it can be divided into boiler repairs, boiler servicing, plumbing & drainage repairs, and others. The plumbing & drainage repairs segment is expected to grow at a higher CAGR during the forecast period as compared to other segments owing to an increase in accidents caused by faulty plumbing systems or blocked drains. By application, it can be classified into commercial and personal applications.
Product Definition:
Boiler insurance is a type of property insurance that covers damage to or destruction of a boiler, as well as the costs of repairing or replacing the boiler. Boiler insurance is important because it can help protect business owners from the high costs associated with repairing or replacing a damaged boiler.
Boiler Repairs:
Boiler repairs are the maintenance and minor or major service required to keep a boiler operating safely and efficiently. It includes components such as controls, piping, valves, gauges & sensors along with other mechanical systems that are affected due to aging or by external factors like corrosion & weathering.
Boiler Servicing:
Boiler servicing is the process of periodic maintenance and inspection of boilers used in power plants for thermal power generation. It includes components such as tubes, tubesets, drums, coils & other parts which are exposed to high temperatures. Servicing helps in avoiding expensive boiler repairs due to corrosion or any other structural damage caused by high temperature environment.
Insurance companies provide various types of insurance policies for different sectors depending on the risk factor involved i.e.
Application Insights:
The commercial application segment dominated the global boiler insurance market, accounting for over 60% of the total revenue in 2017. The growth can be attributed to an increase in demand for boilers across power generation plants and industrial units. Boilers are major equipment used in power generation plants and other industrial operations where water is required to produce steam. Hence, boilers are extensively used across such applications as they provide cost-effective protection against various risks associated with them.
Personal boiler insurance policies are designed for individuals who own homes or apartments that have a separate heating system made up of gas or electric heat pumps instead of a traditional coal-fired furnace or boiler system at home.
Regional Analysis:
Asia Pacific dominated the global market in 2017 and is expected to continue its dominance over the forecast period. The region accounted for a share of more than 30% of the total revenue in 2017 owing to high construction activities, coupled with growing industrialization and rising population. Moreover, increasing demand for energy due to rapid urbanization has resulted in an increased need for boilers across various sectors such as residential, commercial, industrial and municipal among others.
The Asia Pacific regional market includes countries such as China, India Japan South Korea among others which are witnessing strong economic growth on account of major industries focusing on electronic products manufacturing services have been shifting their production bases within these countries owing to low labor costs along with easy availability of raw materials & components at hand thus resulting into higher sales volumes thereby driving industry growth over the forecast period.
Growth Factors:
- Increasing demand for energy due to population growth and industrialization in developing countries
- Boiler insurance is a necessary requirement for many businesses, so there is a large potential customer base
- Boiler insurance premiums are relatively low, so it is affordable for many people and businesses
- The boiler insurance market is growing quickly as more people become aware of the benefits of having coverage
- There are many different types of boiler insurance policies available, so customers can find one that fits their needs
Scope Of The Report
Report Attributes
Report Details
Report Title
Boiler Insurance Market Research Report
By Type
Boiler Repairs, Boiler Servicing, Plumbing & Drainage Repairs, Others
By Application
Commercial, Personal
By Companies
British Gas, CORGI Insurance Services, Domestic & General Insurance PLC, HomeServe PLC, Worcester Bosch, INTERGAS, Uswitch Limited
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
236
Number of Tables & Figures
166
Customization Available
Yes, the report can be customized as per your need.
Global Boiler Insurance Market Report Segments:
The global Boiler Insurance market is segmented on the basis of:
Types
Boiler Repairs, Boiler Servicing, Plumbing & Drainage Repairs, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Commercial, Personal
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- British Gas
- CORGI Insurance Services
- Domestic & General Insurance PLC
- HomeServe PLC
- Worcester Bosch
- INTERGAS
- Uswitch Limited
Highlights of The Boiler Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Boiler Repairs
- Boiler Servicing
- Plumbing & Drainage Repairs
- Others
- By Application:
- Commercial
- Personal
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Boiler Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Boiler insurance is a type of insurance that covers the cost of repairing or replacing a boiler if it fails.
Some of the major companies in the boiler insurance market are British Gas, CORGI Insurance Services, Domestic & General Insurance PLC, HomeServe PLC, Worcester Bosch, INTERGAS, Uswitch Limited.
The boiler insurance market is expected to register a CAGR of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Boiler Insurance Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Boiler Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Boiler Insurance Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Boiler Insurance Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Boiler Insurance Market Size & Forecast, 2018-2028
4.5.1 Boiler Insurance Market Size and Y-o-Y Growth
4.5.2 Boiler Insurance Market Absolute $ Opportunity
Chapter 5 Global Boiler Insurance Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Boiler Insurance Market Size Forecast by Type
5.2.1 Boiler Repairs
5.2.2 Boiler Servicing
5.2.3 Plumbing & Drainage Repairs
5.2.4 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Boiler Insurance Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Boiler Insurance Market Size Forecast by Applications
6.2.1 Commercial
6.2.2 Personal
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Boiler Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Boiler Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Boiler Insurance Analysis and Forecast
9.1 Introduction
9.2 North America Boiler Insurance Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Boiler Insurance Market Size Forecast by Type
9.6.1 Boiler Repairs
9.6.2 Boiler Servicing
9.6.3 Plumbing & Drainage Repairs
9.6.4 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Boiler Insurance Market Size Forecast by Applications
9.10.1 Commercial
9.10.2 Personal
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Boiler Insurance Analysis and Forecast
10.1 Introduction
10.2 Europe Boiler Insurance Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Boiler Insurance Market Size Forecast by Type
10.6.1 Boiler Repairs
10.6.2 Boiler Servicing
10.6.3 Plumbing & Drainage Repairs
10.6.4 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Boiler Insurance Market Size Forecast by Applications
10.10.1 Commercial
10.10.2 Personal
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Boiler Insurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Boiler Insurance Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Boiler Insurance Market Size Forecast by Type
11.6.1 Boiler Repairs
11.6.2 Boiler Servicing
11.6.3 Plumbing & Drainage Repairs
11.6.4 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Boiler Insurance Market Size Forecast by Applications
11.10.1 Commercial
11.10.2 Personal
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Boiler Insurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Boiler Insurance Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Boiler Insurance Market Size Forecast by Type
12.6.1 Boiler Repairs
12.6.2 Boiler Servicing
12.6.3 Plumbing & Drainage Repairs
12.6.4 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Boiler Insurance Market Size Forecast by Applications
12.10.1 Commercial
12.10.2 Personal
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Boiler Insurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Boiler Insurance Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Boiler Insurance Market Size Forecast by Type
13.6.1 Boiler Repairs
13.6.2 Boiler Servicing
13.6.3 Plumbing & Drainage Repairs
13.6.4 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Boiler Insurance Market Size Forecast by Applications
13.10.1 Commercial
13.10.2 Personal
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Boiler Insurance Market: Competitive Dashboard
14.2 Global Boiler Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 British Gas
14.3.2 CORGI Insurance Services
14.3.3 Domestic & General Insurance PLC
14.3.4 HomeServe PLC
14.3.5 Worcester Bosch
14.3.6 INTERGAS
14.3.7 Uswitch Limited
