The latest report by IMARC Group, titled “Commercial Boiler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global commercial boiler market reached a value of US$ 1.2 Billion in 2022. A commercial boiler is a pressurized system that produces heat by burning combustible fuel to provide heating in residential and commercial buildings. They consist of burners and electric coils to generate heat that is transferred to the water by heat exchange. The steam or hot water is circulated via pipes throughout the facility. They also include other components such as exhaust stacks, combustion chamber and controls, which are essential for the optimal operation of the system. Commercial boilers usually run-on natural gas, whereas boilers that burn fuel oil or employ electric resistance coils to generate heat from electricity are also available. As a result, they are widely installed in offices, warehouses, educational institutions, retail outlets, and hospitals.
Global Commercial Boiler Market Trends:
The market is primarily driven by the rising number of commercial and residential buildings that mandate safety rules for heating equipment. As a result, they are extensively employed in cold countries for heating water. Besides this, governments across various countries are taking initiatives to encourage the adoption of energy-efficient solutions. They are also aiming to minimize carbon emissions and support green buildings, which is significantly escalating the demand for commercial boilers. In addition to this, commercial boiler manufacturers are integrating safety relief valves in new variants to release excessive pressure and improve performance. They are also developing boilers with compact designs and energy-efficient accessories in accordance with regulatory standards, thereby facilitating market growth. Moreover, the expanding tourism sector, rapid industrialization and heavy investments in research and development (R&D) activities are also creating a positive market outlook. Looking forward, the market is expected to reach a value of US$ 1.6 Billion by 2028, exhibiting a CAGR of 4.11% during the forecast period (2023-2028).
- Based on the fuel type, the market has been segmented into natural gas, oil, coal, and others.
- On the basis of technology, the market has been classified into condensing and non-condensing.
- The market has been categorized based on the capacity into less than 10 MMBtu/Hr, 10-50 MMBtu/Hr, and others.
- On the basis of the end user, the market has been segregated into offices, hospitals, educational institutions, lodging, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Aerco International Inc. (Watts Water Technologies), Ariston Holding N.V., Cleaver-Brooks Inc., Energy Kinetics Inc., Parker Boiler, PB Heat LLC. (NORITZ Corporation), Slant/Fin Corporation, Superior Boiler Works Inc., The Fulton Companies, Vaillant Group, Weil-McLain (SPX Corporation), and Wolf GmbH (Centrotec SE).
|Base Year of the Analysis
||Fuel Type, Technology, Capacity, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Aerco International Inc. (Watts Water Technologies), Ariston Holding N.V., Cleaver-Brooks Inc., Energy Kinetics Inc., Parker Boiler, PB Heat LLC. (NORITZ Corporation), Slant/Fin Corporation, Superior Boiler Works Inc., The Fulton Companies, Vaillant Group, Weil-McLain (SPX Corporation) and Wolf GmbH (Centrotec SE)
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