Spirax Group

What Spirax Group does

Spirax Group plc is a UK-listed FTSE 100 industrial engineering company headquartered in Cheltenham, with operations spanning nearly 70 countries, 33 manufacturing sites, and approximately 10,000 employees. The company operates three focused business segments: Steam Thermal Solutions (steam system components, boiler controls, traps, and valves), Electric Thermal Solutions (electrified industrial boilers and process heating for decarbonisation), and Watson-Marlow Fluid Technology Solutions (peristaltic pumps and fluid handling systems for process industries). Together these businesses deliver thermal energy and fluid technology 'total solutions' that improve operating efficiency and safety of customers' critical industrial processes, with a stated focus on enabling industrial transition to net zero through proprietary electrified heating technology.

The company serves enterprise customers across Industrial Manufacturing, Pharmaceutical and Healthcare, Food and Beverage, Chemical Processing, and Energy. Its new-to-world decarbonisation solutions — proprietary electrified boilers and process heating systems — eliminate scope 1 and 2 greenhouse gas emissions when connected to green electricity, positioning the product roadmap at the intersection of industrial efficiency and ESG capex demand. Spirax has adopted Autodesk Fusion Manage as a cloud PLM platform to standardise processes across global manufacturing and has partnered with Microsoft to accelerate its digital and AI strategy.

Spirax makes money primarily through direct B2B sales of engineered equipment, aftermarket components, and associated services, with quote-based pricing and multi-year contracts. Pricing is not publicly disclosed and varies by application and scope. Reported FY2025 revenue was £1,702.9 million with 5% organic growth and an adjusted operating profit of £339.9 million (~20% margin). Revenue is split across three streams: Thermal Energy Solutions (steam and electric thermal equipment and services), Fluid Technology Solutions (Watson-Marlow pumps and fluid handling), and Digital and Services. The company distributes exclusively through direct industrial sales, supported by a global field service and engineering footprint.

Name

Spirax Group

Legal name

Spirax Group plc

Website

https://spiraxgroup.com

Company type

Public

Founded year

1959

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Spirax Group plc is a UK FTSE 100 industrial engineering company operating three businesses — Steam Thermal Solutions, Electric Thermal Solutions, and Watson-Marlow Fluid Technology Solutions — serving enterprise customers in pharmaceutical, food, chemical, energy, and general industrial markets across nearly 70 countries.

Ownership category

akta.pro rank

Product category

Industrial Thermal Energy and Fluid Technology Equipment

NAICS

Power Boiler and Heat Exchanger Manufacturing (332410), Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (33341), Heating Equipment (except Warm Air Furnaces) Manufacturing (333414), Pump and Compressor Manufacturing (33391)

SIC

Heating Equipment, Except Electric & Warm Air Furnaces (3433), Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Pumps & Pumping Equipment (3561)

akta.pro primary industry

Heat Transfer Equipment (Heat Exchangers, Boilers, Condensers) (IMAHAEAC)

Keywords

• Industrial steam systems
• Thermal energy solutions
• Fluid technology pumps
• Electric process heating
• Industrial decarbonisation solutions

Headquarters

HQ city

Cheltenham

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Thermal Energy Solutions: Revenue generated from steam and electric thermal solutions including equipment sales, installation services, and ongoing support for industrial thermal energy applications.
2. Fluid Technology Solutions: Revenue from Watson-Marlow fluid handling products including pumps, tubing, and fluid transfer systems for pharmaceutical, food, and industrial applications.
3. Digital and Services: Digital solutions and services supporting customer sustainability and operational efficiency, including consulting and implementation services.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Spirax Group designs, manufactures and sells proprietary thermal energy and fluid technology solutions for industrial customers through three businesses: Steam Thermal Solutions (steam traps, controls, valves and boiler systems), Electric Thermal Solutions (electric boilers and electrified process heating for decarbonisation), and Watson-Marlow Fluid Technology Solutions (peristaltic pumps and fluid handling systems). Its new-to-world decarbonisation solutions use proprietary technologies to electrify boilers for steam raising and electrify other critical industrial process heating applications.

Product overview

Spirax Group is a diversified industrial engineering company operating three distinct business segments: Steam Thermal Solutions, Electric Thermal Solutions, and Watson-Marlow Fluid Technology Solutions (WMFTS). The company provides total thermal energy and fluid technology solutions that improve the operating efficiency and safety of customers' critical industrial processes. Its portfolio includes steam system components (traps, controls, valves), electric heating solutions for decarbonisation, and peristaltic pump/fluid management systems. The three businesses are united under the Together for Growth strategy, offering complementary capabilities in thermal energy management and fluid handling across industrial applications.

Differentiator

Problem solved

Functional benefit

Brands

• Steam Thermal Solutions: One of three world-leading businesses providing thermal energy solutions focused on steam systems
• Electric Thermal Solutions
• Watson-Marlow Fluid Technology Solutions

Products and services

• Steam Thermal Solutions Steam thermal energy solutions business providing steam system optimisation, boiler controls, steam traps, and steam-related valves and components for industrial steam processes. Served as one of Spirax Group's three core businesses serving food, pharmaceutical, chemical, and general manufacturing customers.
• Electric Thermal Solutions Electric heating solutions business offering industrial electric heating systems, electric boilers, and electrified thermal energy solutions for industrial process heating applications. The portfolio supports industrial decarbonisation and complements the Steam Thermal Solutions business.
• Watson-Marlow Fluid Technology Solutions (WMFTS) Fluid technology solutions business providing peristaltic pumps, fluid management systems, tubing, and specialised fluid handling equipment for process industries including pharmaceuticals, food and beverage, and chemical processing. Focused on precision, sterility, and accurate fluid transfer.
• Decarbonisation Solutions (Electrified Boiler/Steam Technology) New-to-world proprietary decarbonisation solutions using Spirax Group's proprietary technologies to electrify boilers for the raising of steam and electrify other critical industrial process heating applications, eliminating scope 1 and 2 greenhouse gas emissions when connected to a green electricity source. Announced in 2025 as part of the Group's decarbonisation portfolio.
• Digital and Services Digital solutions and services supporting customer sustainability and operational efficiency, including consulting and implementation services that complement the Group's thermal energy and fluid technology equipment portfolio.

Quantifiable outcome

• 62% reduction in scope 1 and 2 carbon emissions by end of 2025 against 2019 baseline
• +5 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• MicrosoftcoreTechnology or Integration · 1 January 2026Spirax Group strengthened its collaboration with Microsoft to accelerate its digital and AI-driven strategy. This partnership focuses on driving AI innovation across the organization's operations and digital transformation initiatives.
• AutodeskcoreTechnology or IntegrationSpirax Group adopted Autodesk Fusion Manage, a cloud-based Product Lifecycle Management (PLM) solution. The implementation addressed challenges in standardizing processes, improving data visibility, and enhancing collaboration across global manufacturing sites, leading to measurable improvements in productivity and operational efficiency.
• Science Based Targets initiative (SBTi)coreStrategic or Co-development PartnerSpirax Group signed up to the Business Ambition for 1.5°C campaign in 2021 and has near- and long-term decarbonisation targets verified and approved by SBTi. Targets include 50.4% reduction in absolute scope 1, 2 and 3 emissions by 2032 and net zero by 2050.
• United Nations Global CompactminorStrategic or Co-development PartnerSpirax Group is a member of the United Nations Global Compact and aligns sustainability focus areas with UN Sustainable Development Goals.
• EcoVadisminorOthersSpirax Group participates in EcoVadis sustainability ratings which evaluate companies on responsible operations across their own operations and supply chains. Ratings help customers and stakeholders assess sustainability performance.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• IDEX Corporation: US diversified fluidics leader with pumps, dispensing, and engineered components. Comparable to Spirax's Watson-Marlow peristaltic pumps and broader fluid technology solutions in pharma, food, and industrial markets.
• GEA Group: German global leader in process engineering for food, dairy, beverage, and pharma. Comparable to Spirax's food/pharma fluid handling and process heating portfolio, though GEA's core is separation and homogenization rather than steam.
• Atlas Copco: Swedish industrial giant with compressors, vacuum, and industrial tools. Compares to Spirax as a fellow large industrial engineering platform serving overlapping customers, though focused on compressed air rather than steam and thermal energy.
• Pentair: Global water solutions and pool equipment company with flow and filtration products. Comparable to Spirax's industrial fluid handling applications, particularly in commercial and light industrial process water.
• Xylem: Global water and wastewater technology company with growing industrial flow and pump portfolio. Comparable to Spirax's fluid handling (Watson-Marlow) and industrial process water/steam applications.

Direct peers

• Alfa Laval: Swedish global leader in heat transfer, fluid handling, and separation equipment. Directly comparable to Spirax across industrial boiler/heat exchanger, hygienic fluid handling (food/pharma), and process industries — competing head-to-head in many of the same end markets.
• SPX Technologies: US supplier of heating, ventilation, cooling, and detection solutions for infrastructure and industrial markets. Overlaps with Spirax's thermal and HVAC-adjacent product lines, particularly in commercial cooling and heat transfer.
• Watts Water Technologies: US-listed manufacturer of water and steam-related products for commercial, industrial, and residential markets. Overlaps directly with Spirax's steam specialty portfolio (traps, valves, controls) and serves adjacent plumbing and HVAC applications.
• Graham Corporation: US designer and manufacturer of heat transfer and fluid handling equipment for energy, defense, and process industries. Comparable to Spirax's thermal solutions portfolio in power boiler, condenser, and heat exchanger applications.
• Armstrong International: Privately held specialist in steam, hot water, and heat transfer systems with a global installed base. Closely comparable to Spirax's Steam Thermal Solutions business in industrial and institutional steam applications.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/spiraxgroup

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Spirax Group