According to the research report "Global Power Plant Boiler Market Outlook, 2031," published by Bonafide Research, the Global Power Plant Boiler market was valued at more than USD 23.63 Billion in 2025, and expected to reach a market size of more than USD 32.68 Billion by 2031 with the CAGR of 5.69% from 2026-2031

Top Six Companies Global Power Plant Boiler Market

Mitsubishi Heavy Industries, Ltd: Mitsubishi Heavy Industries Ltd (MHI) manufactures a diverse range of heavy machinery. The company's main activities include the development of energy systems, infrastructure systems, logistics, thermal and drive systems, and products for the aircraft, defense, and space sectors. MHI offers a wide range of products and services, including gas and steam power systems, nuclear power systems, compressors, aero engines, marine machinery, commercial ships, environmental systems, metals machinery, and machinery systems. Mitsubishi Heavy Industries is one of the world's leading suppliers of power plant boiler systems through its energy business, operating under the Mitsubishi Power brand. The company designs, manufactures, and services high-efficiency boilers for coal-, oil-, gas-, and biomass-fired thermal power plants, offering both drum and once-through boiler technologies. Its portfolio includes ultra-supercritical (USC) and advanced ultra-supercritical (A-USC) boilers that deliver higher thermal efficiency, lower fuel consumption, and reduced emissions. Mitsubishi Heavy Industries also integrates its boiler systems with steam turbines, generators, and air quality control systems to provide complete steam power plant solutions. With decades of global project experience and advanced combustion technologies capable of handling a wide range of fuels, including lignite, bituminous coal, and biomass, the company continues to support utilities and industrial customers in improving power generation efficiency while advancing cleaner and more sustainable thermal energy solutions.

• Established: 1884

• Headquarters: Tokyo, Japan

• Employees: 78,793

• Revenue: USD 30,965 Million

Dongfang Electric Corporation: Dongfang Electric Corp Ltd (DEC) specializes in providing integrated solutions for energy, transportation, environmental protection, and infrastructure. The company offers a range of products and services such as energy equipment, electromechanical systems, and engineering contracting. It also offers Chaotan One, which focuses on innovative energy solutions. Dongfang Electric Corporation is one of China's leading manufacturers of power plant boiler systems through its subsidiary, Dongfang Boiler Group Co., Ltd. The company develops and supplies advanced thermal power boilers for coal-, biomass-, oil-, and gas-fired power plants, with strong expertise in supercritical and ultra-supercritical (USC) technologies. Its portfolio includes pulverized coal boilers, circulating fluidized bed (CFB) boilers, and secondary reheat boiler systems designed to improve plant efficiency, fuel flexibility, and environmental performance. Dongfang Electric has achieved several industry milestones, including the development of the world's first 660 MW supercritical CFB boiler and the commercial deployment of a 700 MW ultra-supercritical CFB boiler, demonstrating its leadership in clean coal power generation. The company also provides integrated EPC solutions, lifecycle maintenance, and digital power plant services, supplying boiler equipment for large-scale utility projects across China and international markets.

• Established: 1984

• Headquarters: Sichuan, China

• Employees: 18,753

• Revenue: Estimated USD 8,600 Million

Doosan Corporation: Doosan Corp (Doosan) is a diversified holding company. It carries out various businesses such as energy, water plants, engines, chemical process equipment, construction and engineering, hydraulic components, industrial vehicles, construction equipment and castings, and forgings. The company also includes the manufacture and sale of copper clad laminates, development and maintenance services of information technology systems, advertisement, operations of golf clubs, semiconductor testing, and other activities. Doosan Corporation (via its subsidiary Doosan Enerbility) manufactures large-scale power plant boilers, specializing in subcritical, supercritical, and ultra-supercritical pulverized coal, circulating fluidized bed (CFB), and oil/gas boilers. The company designs, manufactures, installs, and services a broad portfolio of boilers, including large-capacity drum boilers, once-through boilers, and circulating fluidized bed (CFB) boilers, with expertise in supercritical and ultra-supercritical (USC) technologies for high-efficiency power generation. Its boiler systems are engineered to support coal-, biomass-, and other conventional fuel-fired plants while incorporating advanced combustion and air pollution control technologies that reduce emissions and improve operational efficiency. In addition to supplying boiler equipment, Doosan Enerbility provides integrated EPC services, plant modernization, lifecycle maintenance, and digital asset management solutions, making it a key global supplier of complete thermal power generation systems for utilities and industrial customers.

• Established: 1896

• Headquarters: Seoul, South Korea

• Employees: 40,000

• Revenue: USD 12920 Million

IHI Corporation: IHI Corp (IHI) is a manufacturing company of industrial goods and machinery. The company's main activities include the manufacturing, sales, and provision of services related to power systems, carbon solutions, nuclear energy, bridges, transport systems, vehicular turbochargers, and aero engines. IHI's major products encompass a wide range of technologies such as ammonia combustion technology, biomass combustion technology, carbon capture and utilization technologies, and various machinery and systems for industrial and defense applications. IHI Corporation is a leading Japanese engineering company and one of the world's established suppliers of power plant boiler systems, offering advanced steam generation solutions for utility and industrial power plants. The company designs and manufactures a comprehensive range of boilers, including subcritical, supercritical, and once-through boilers, as well as circulating fluidized bed (CFB) and industrial package boilers capable of operating on coal, natural gas, oil, biomass, waste-derived fuels, and ammonia co-firing. IHI is recognized for developing highly efficient, reliable boiler technologies with world-class steam conditions that enhance thermal efficiency while reducing emissions. Beyond equipment supply, the company provides integrated engineering, procurement, construction (EPC), operation and maintenance (O&M), boiler retrofits, fuel conversion, and flue gas treatment systems to support decarbonization.

• Established: 1853

• Headquarters: Tokyo, Japan

• Employees: 26,224

• Revenue: USD 10,124 Million

Bharat Heavy Electricals Limited: Bharat Heavy Electricals Ltd (BHEL) is an engineering and manufacturing company. It designs, engineers, constructs, tests, commissions and executes various power projects such as HVDC, thermal power, and hydro power. BHEL also offers renovation, modernization, uprating, residual life assessment, health diagnostics and plants' life extension services. It has interests in various projects under execution phase in various countries. Bharat Heavy Electricals Limited (BHEL) is India's largest manufacturer of power plant boiler systems and one of the world's leading suppliers of thermal power equipment, with decades of expertise in designing, manufacturing, installing, and servicing steam generators for utility and industrial applications. Through its High Pressure Boiler Plant (HPBP) in Tiruchirappalli, BHEL produces a wide range of subcritical, supercritical, and ultra-supercritical boilers, including pulverized coal-fired boilers, circulating fluidized bed combustion (CFBC) boilers, bubbling fluidized bed combustion (BFBC) boilers, heat recovery steam generators (HRSGs), and biomass co-firing solutions. The company also offers integrated boiler auxiliaries, air quality control systems, electrostatic precipitators, flue gas desulfurization systems, and complete engineering, procurement, and construction (EPC) services for thermal power plants. With more than 200 GW of installed power generation capacity worldwide and continuous advancements in high-efficiency, low-emission technologies, BHEL remains a key contributor to India's power infrastructure while supporting cleaner and more flexible thermal power generation through advanced boiler technologies and lifecycle service solutions.

• Established: 1964

• Headquarters: New Delhi, India

• Employees: 27,800

• Revenue: USD 2,970 Million

Thermax Ltd: Thermax Ltd (Thermax) a subsidiary of RDA Holdings Private Limited, is an engineering company that provides sustainable solutions in energy and environment. The company's main activities include designing, building, and commissioning large boilers for steam and power generation, as well as turnkey power plants and industrial and municipal wastewater treatment plants. Thermax offers products for heating, cooling, water and waste management, and specialty chemicals. Thermax Ltd is one of India's leading manufacturers of power plant and industrial boiler systems, delivering advanced steam generation solutions through its wholly owned subsidiary, Thermax Babcock & Wilcox Energy Solutions (TBWES). The company designs, manufactures, and supplies a comprehensive portfolio of large boilers, including atmospheric fluidized bed combustion (AFBC) boilers, circulating fluidized bed combustion (CFBC) boilers, heat recovery steam generators (HRSGs), waste heat recovery boilers, biomass-fired boilers, oil- and gas-fired boilers, and waste-to-energy boiler systems. Thermax serves utility and industrial sectors such as power generation, steel, cement, refinery, petrochemicals, sugar, paper, and fertilizers with customized high-efficiency boiler solutions capable of utilizing more than 140 different fuels. In addition to equipment manufacturing, the company provides turnkey engineering, procurement and construction (EPC), boiler renovation and modernization (R&M), lifecycle maintenance, digital monitoring, and performance optimization services.

• Established: 1966

• Headquarters: Pune, India

• Employees: 5,601

• Revenue: USD 1,120 Million