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Boiler & Heat Exchanger Manufacturing in Canada Industry Data and Analysis
Decarbonization initiatives and industry upgrading have driven volatile but ultimately robust profit growth for the Boiler and Heat Exchanger Manufacturing industry in Canada, as it transitions from rapid expansion into a more disciplined, efficiency-centred phase. Over the past five years, manufacturers have capitalised on consolidation, automation and advanced materials to improve output quality and secure more complex projects. These advancements have also helped increase export exposure, particularly to the United States, even as the industry faces stiff import competition at home. While rising labour and materials costs have strained profit, scale efficiencies, streamlined operations and a shift toward higher-value product mixes, supported by decarbonization-driven demand and strong exports, have largely offset these pressures. These dynamics have driven solid revenue performance, with the industry growing at a 7.4% CAGR to $1.4 billion at the end of 2026, including a 1.1% increase over the past year.
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What's included in this industry analysis
IBISWorld's research coverage on the Boiler & Heat Exchanger Manufacturing industry in Canada includes market sizing, forecasting, data and analysis from 2016-2031. The most recent publication was released February 2026.
About this industry
What's this industry report about?
The Boiler & Heat Exchanger Manufacturing industry in Canada operates under the NAICS industry code 33241CA. This industry manufactures boilers and heat exchangers. In addition to their manufacturing activities, companies also provide installation services for their products. These products include boilers, which are closed vessels where fluid is heated; heat exchangers, which enables thermal energy to be transferred between fluids while keeping them separate; and radiators, which are simpler forms of heat exchangers. Related terms covered in the Boiler & Heat Exchanger Manufacturing industry in Canada include hvac, boiler and heat exchanger .
What's included in this industry?
Products and services covered in Boiler & Heat Exchanger Manufacturing industry in Canada include Heat exchangers and steam condensers, Power boilers and Nuclear reactor boilers.
What companies are included in this industry?
Companies covered in the Boiler & Heat Exchanger Manufacturing industry in Canada include BWXT Canada, Edmonton Exchanger and EIL.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Boiler & Heat Exchanger Manufacturing industry in Canada.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed product and service segmentation, analysis of major markets and international trade data for the for the Boiler & Heat Exchanger Manufacturing industry in Canada.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Boiler & Heat Exchanger Manufacturing industry in Canada.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Boiler & Heat Exchanger Manufacturing industry in Canada. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Boiler & Heat Exchanger Manufacturing industry in Canada. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Boiler & Heat Exchanger Manufacturing industry in Canada. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Boiler & Heat Exchanger Manufacturing industry in Canada. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Boiler & Heat Exchanger Manufacturing industry in Canada.
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Frequently Asked Questions
What is the market size of the Boiler & Heat Exchanger Manufacturing industry in Canada in 2026?
The market size of the Boiler & Heat Exchanger Manufacturing industry in Canada is $1.4bn in 2026.
How many businesses are there in the Boiler & Heat Exchanger Manufacturing industry in Canada in 2026?
There are 71 businesses in the Boiler & Heat Exchanger Manufacturing industry in Canada, which has declined at a CAGR of 3.1 % between 2021 and 2026.
How may import tariffs affect the Boiler & Heat Exchanger Manufacturing industry in Canada?
The Boiler & Heat Exchanger Manufacturing industry in Canada is likely to be significantly impacted by import tariffs with imports accounting for a high share of industry revenue.
How may export tariffs affect the Boiler & Heat Exchanger Manufacturing industry in Canada?
The Boiler & Heat Exchanger Manufacturing industry in Canada is likely to be significantly impacted by export tariffs with exports accounting for a high share of industry revenue.
Has the Boiler & Heat Exchanger Manufacturing industry in Canada grown or declined over the past 5 years?
The market size of the Boiler & Heat Exchanger Manufacturing industry in Canada has been growing at a CAGR of 7.4 % between 2021 and 2026.
What is the forecast growth of the Boiler & Heat Exchanger Manufacturing industry in Canada over the next 5 years?
Over the next five years, the Boiler & Heat Exchanger Manufacturing industry in Canada is expected to grow.
What are the biggest companies in the Boiler & Heat Exchanger Manufacturing industry in Canada?
The biggest companies operating in the Boiler & Heat Exchanger Manufacturing industry in Canada are BWXT Canada, Edmonton Exchanger and EIL
What does the Boiler & Heat Exchanger Manufacturing industry in Canada include?
Manufacturing heat exchangers and steam condensers and Manufacturing boilers are part of the Boiler & Heat Exchanger Manufacturing industry in Canada.
Which companies have the highest market share in the Boiler & Heat Exchanger Manufacturing industry in Canada?
The company holding the most market share in the Boiler & Heat Exchanger Manufacturing industry in Canada is BWXT Canada.
How competitive is the Boiler & Heat Exchanger Manufacturing industry in Canada?
The level of competition is moderate and increasing in the Boiler & Heat Exchanger Manufacturing industry in Canada.
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