NAICS 332410 Quarterly Industry Report
Power Boiler and Heat Exchanger Manufacturing
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 332410Sector: 33Updated: Q1 2026
About This Report
This report on Power Boiler and Heat Exchanger Manufacturing (NAICS 332410) draws on data from the U.S. Census Bureau NAICS Classification System[5], SBA size standards[7], and Bureau of Labor Statistics[6] employment data. Published by Fair Market Value and updated quarterly, it provides valuation professionals, business owners, and lenders with authoritative industry intelligence on thermal equipment manufacturing. The editorial analysis reflects the independent assessment of FairMarketValue.com's research team.
Industry Snapshot
Key metrics for the power boiler and heat exchanger manufacturing industry.
Industry Definition & Overview
Power Boiler and Heat Exchanger Manufacturing (NAICS 332410) encompasses establishments primarily engaged in manufacturing power boilers and heat exchangers U.S. Census Bureau[5]. Boilers are closed vessels where fluid is heated for power generation or industrial applications, while heat exchangers transfer thermal energy between fluids while keeping them separate. The industry is highly specialized and capital intensive. Establishments may also perform installation services in addition to manufacturing, offering turnkey project delivery to industrial customers.
Heat exchangers and steam condensers represent the largest product segment, followed by power boilers and component parts. Specialized equipment such as aftercoolers, economizers, condensers, and nuclear reactor steam supply systems round out the product mix. Manufacturing involves heavy fabrication, precise welding, and rigorous quality control to meet ASME standards and customer specifications. Companies often serve multiple industries with custom-designed solutions requiring advanced engineering expertise and specialized manufacturing capabilities.
Per Bureau of Labor Statistics data[6], fabricated metals ranks among the largest U.S. manufacturing sectors by employment. Power boiler and heat exchanger manufacturers serve end markets including power generation, petrochemical refining, commercial construction, and vehicle manufacturing. Most firms maintain ASME certifications as a baseline requirement for competitive bidding. Raw material costs, particularly specialty steel and alloy prices, directly affect project economics and bid competitiveness across the sector.
What's Included in This Industry
- Power boiler manufacturing and assembly
- Heat exchanger manufacturing, including shell-and-tube and air-cooled designs
- Steam condenser and aftercooler manufacturing
- Economizer equipment fabrication
- Nuclear reactor steam supply system components
- Component manufacturing including tube sheets and baffle plates
- Installation services for power boilers and heat exchangers
- Waste heat recovery unit manufacturing
- Once-through steam generator (OTSG) fabrication
- Heat recovery steam generator (HRSG) manufacturing
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Subsector | Fabricated Metal Product Manufacturing | 332 |
| Industry Group | Boiler, Tank, and Shipping Container Manufacturing | 3324 |
| NAICS Industry | Power Boiler and Heat Exchanger Manufacturing | 33241 |
| National Industry | Power Boiler and Heat Exchanger Manufacturing | 332410 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 332420 | Metal Tank (Heavy Gauge) Manufacturing | Metal Tank (Heavy Gauge) Manufacturing shares the same industry group, both classified under Boiler, Tank, and Shipping Container Manufacturing, though 332420 focuses on metal storage vessels rather than power boilers and heat exchangers. |
| 333414 | Heating Equipment (except Warm Air Furnaces) Manufacturing | Heating Equipment (except Warm Air Furnaces) Manufacturing includes steam and hot water boilers distinct from the power boilers classified in NAICS 332410 due to different pressure ratings and industrial applications. |
| 333415 | Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing | Air-Conditioning and Warm Air Heating Equipment Manufacturing produces commercial and industrial climate control systems that may use heat exchangers but differ from core manufacturing operations in NAICS 332410. |
| 332313 | Plate Work Manufacturing | Plate Work Manufacturing involves cutting, punching, and bending metal plate into fabricated products, sharing fabrication techniques with boiler and heat exchanger manufacturers but producing different end products. |
| 332312 | Fabricated Structural Metal Manufacturing | Fabricated Structural Metal Manufacturing supplies prefabricated structural components that may be incorporated into boiler and heat exchanger support frames and mounting systems for industrial installations. |
| 332431 | Metal Can Manufacturing | Metal Can Manufacturing uses similar metal forming and joining techniques but produces consumer packaging containers rather than industrial pressure vessels and thermal transfer equipment. |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | Texas | 13.7% | 33 |
| 2 | Oklahoma | 12.0% | 29 |
| 3 | New York | 9.5% | 23 |
| 4 | Ohio | 6.2% | 15 |
| 5 | Pennsylvania | 6.2% | 15 |
| 6 | California | 5.8% | 14 |
| 7 | Wisconsin | 5.4% | 13 |
| 8 | Louisiana | 4.6% | 11 |
| 9 | Virginia | 3.7% | 9 |
| 10 | Florida | 3.7% | 9 |
% Of Establishments
0%
14%
Source: County Business Patterns, U.S. Census Bureau[3]
SBA Lending Summary
32
Total SBA Loans
$15.3M
Total Loan Volume
$478K
Average Loan Size
7 yrs
Average Loan Term
10.19%
Average Interest Rate
872
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[4]
Key Insight: The SBA recognizes power boiler and heat exchanger manufacturing establishments with 750 or fewer employees as small businesses under NAICS 332410 SBA Table of Size Standards[7]. SBA supports small manufacturers through 7(a) loans for equipment and working capital[8] and 504 loans for long-term fixed assets[9]. Small businesses in this industry are also eligible for federal contracting opportunities and set-asides through the SBA's HUBZone and 8(a) programs.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Enterprise Bank | 8 | $8.0M | $1.0M |
| 2 | Lendistry SBLC, LLC | 16 | $4.0M | $251K |
| 3 | BancFirst | 8 | $3.3M | $408K |
Frequently Asked Questions
Common questions about this industry.
What types of businesses are classified as NAICS 332410?
NAICS 332410 includes manufacturing establishments that produce power boilers, heat exchangers, steam condensers, economizers, aftercoolers, and related industrial thermal equipment Census Bureau NAICS 332410[5]. These businesses may be large integrated manufacturers serving the power generation and petrochemical industries, or specialized custom fabricators producing equipment for specific applications.
How is the power boiler and heat exchanger manufacturing industry structured?
The industry comprises specialized manufacturers ranging from large integrated firms serving national markets to smaller regional custom fabricators. Per Bureau of Labor Statistics[6], fabricated metals is one of the largest U.S. manufacturing sectors by employment. ASME certification requirements create barriers to entry, and most firms maintain long-term customer relationships based on technical capability and reliability.
What is the SBA size standard for NAICS 332410?
The SBA establishes 750 employees as the size standard for NAICS 332410 SBA Table of Size Standards[7]. Businesses with 750 or fewer employees qualify as small businesses for SBA lending programs, federal contracting opportunities, and other small business resources.
What NAICS codes are most closely related to power boiler manufacturing?
Related codes include 332420 (Metal Tank Heavy Gauge Manufacturing), 333414 (Heating Equipment Manufacturing), and 333415 (Air-Conditioning Equipment Manufacturing). Code 332420 produces metal storage vessels using similar heavy gauge fabrication, while 333414 covers lower-pressure heating boilers. Code 332313 (Plate Work Manufacturing) shares fabrication techniques Census Bureau[10].
What industries work most closely with power boiler and heat exchanger manufacturers?
Primary customer industries include petroleum refining (NAICS 324110), chemical manufacturing, power generation utilities, and food processing. Engineering services firms (NAICS 541330) provide design specifications. Plumbing and HVAC contractors (NAICS 238220) handle field installation. Equipment repair services (NAICS 811310) maintain installed equipment.
What activities are included in NAICS 332410?
Activities include manufacturing power boilers, designing and fabricating heat exchangers, producing steam condensers and economizer equipment, manufacturing aftercoolers, fabricating nuclear reactor steam supply system components, and precision machining of subcomponents Census Bureau[5]. Many establishments also provide field installation and commissioning services.
Are businesses in NAICS 332410 eligible for SBA loans?
Which states have concentrations of power boiler and heat exchanger manufacturing?
Manufacturing concentrates in industrial states with strong petrochemical, power generation, and manufacturing bases. Per Bureau of Labor Statistics[6], fabricated metals employment clusters in the Midwest and Gulf Coast regions. Companies locate near major end-use markets to minimize transportation costs for large, heavy equipment and reduce lead times for customer service.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [5]U.S. Census Bureau census.gov
- [6]Bureau of Labor Statistics data bls.gov
- [7]SBA size standards sba.gov
- [8]7(a) loans for equipment and working capital sba.gov
- [9]504 loans for long-term fixed assets sba.gov
- [10]Census Bureau census.gov
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